Nepal government urges non-residents to open dollar accounts

Kathmandu: The Nepal government has urged Nepalese residing in foreign countries to open dollar accounts in banks in the country and make investments amidst the economic crisis in the Himalayan nation.

Nepal’s foreign reserves have been hit by a slump in tourism during the pandemic, a problem that has also hit Sri Lanka which is going through a crippling economic crisis since gaining independence from the UK in 1948.

Speaking at a virtual interaction organised by the Non-Resident Nepali Association (NRNA), Nepal’s Finance Minister Janardan Sharma on Thursday said that opening dollar accounts in Nepalese banks by Non-resident Nepalese (NRN) would help the country to get rid of the current foreign currency crunch.