KATHMANDU, July 2: Former Governor of Nepal Rastra Bank (NRB) Dipendra Bahadur Chhetri has said that the situation in Nepal's economy was not like that of Sri Lanka. However, according to him, if the political rights are given to the wrong person like in Sri Lanka, then there is a possibility of Nepal becoming the next Sri Lanka.
Speaking at an interaction program on the current economic situation of Nepal held in Kathmandu on Friday, former Governor Chhetri said that the current situation in Sri Lanka is due to arbitrary tax rates from the same family as the president, prime minister and finance minister. He also mentioned that Nepal should not be associated with Sri Lanka as it has just held local elections and is now preparing to hold federal and provincial elections.
Similarly, the former governor said that Nepal's foreign exchange reserves, SDRs and gold in foreign currency accounted for seven months of imports to meet the growing imports and consumption of petroleum products.
Likewise, he doubted that the forthcoming monetary policy to be introduced by the NRB would be as extensive as in the past. He said that the loans given by the banks to expand the capacity of the industry were used to import.