Foreign exchange services made easier

Kathmandu: Nepal Rastra Bank (NRB) has now allowed banks to provide foreign exchange related services from their branch offices too without acquiring a separate license for each branch.

According to the new amendment of the Nepal Rastra Bank Foreign Exchange Transactions License and Supervision Bylaws, banks and financial institutions (BFIs) acquiring the license will be able to provide foreign exchange related services from all their branches.

Earlier, they had to obtain a license for each branch separately to provide foreign exchange services. After acquiring the license, BFIs can now provide services of selling and buying convertible foreign currencies.

Due to the requirement of getting a license for each branch, foreign currency exchange services of BFIs were limited to certain branches in the urban areas.

With the relaxation on the licensing policy, BFIs will now be able to provide convertible currency exchange services from all branches, according to bankers.