First Business News Portal in English from Nepal
KATHMANDU: The Nepal Rastra Bank (NRB) has tightened the foreign currency exchange from banks and financial institutions (BFIs) amidst declining foreign exchange reserve.
As the import has surged notably in recent months, this has put country’s foreign exchange reserve in pressure.
As of the end of the first month of the current fiscal year (mid-August 2021), the country’s foreign exchanges are only sufficient for the import of goods for the next nine months and the import of services for the next eight months. As of mid-July 2021, the country had Rs 1.399 trillion in foreign exchange reserves.
The central bank recently issued a circular to BFIs discouraging them to to provide foreign currencies worth more than US $ 200 in hard cash to their clients visiting abroad.
As of now, NRB has allowed an individual bound for foreign employment to carry US $ 200. The limit is $ 1,500 for a person going to foreign land on a tourist visa. However, the banks have been asked not to provide the amount in cash despite the legal provision.
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