BFIs

NRB restrict banks to open LC for businesses to import non-essential goods including vehicles

KATHMANDU: Nepal Rastra Bank (NRB) has instructed commercial banks not to open letter of credit (LC) to industries and businesses for import of non-essential items, including vehicles. NRB on Monday summoned CEOs and representatives of commercial banks to discuss the issue as the country’s currency reserves are depleting and the...

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