Nepal rastra bank, Bank

Kathmandu, July 17 The Nepali government is extending a complete ban on the import of 10 types of products till the end of August, as the country still struggles against a dwindling foreign exchange reserve.As per the notice published in Nepal Gazette on Sunday, mobile phones priced over 300 US dollars and motorcycles with an engine capacity of over 150 cc shall be barred entry till August 30, along with liquor, tobacco products, diamond, color TV sets larger than 32 inches, jeeps, cars and vans, dolls, playing cards and snacks.The ban, first imposed in late April, should have run till mid-July, when the current fiscal year ended, xinhua news agency reported.The government notice said the ban is enforced to safeguard the external financial position and balance of payments in order to forestall any imminent threat to the economy."As there has been no improvement in foreign exchange reserves, the government currently has no other options but to impose a ban on the non-essential goods which had contributed to the outflow of foreign currencies," Keshav Acharya, a senior economist, told Xinhua."Despite its impact on revenue, we cannot let the country slip in the direction of Sri Lanka by allowing unrestricted import of goods," he said.As of the first 11 months of the 2021-22 fiscal year that ended on Saturday, Nepal's forex reserves had decreased 19.6 per cent to 9.45 billion US dollars from 11.75 billion dollars in mid-July 2021, according to Nepal Rastra Bank.The central bank data also show that there had been a slight improvement in the inflow of remittances, the largest source of forex earnings for Nepal, during the same period.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Nepal Rastra BankFOLLOW

Nepal rastra bank, Latest News

Lokmat News Network Aurangabad, Aug 18: ESpees Early Intervention Centre, Seven Hills will organised a free camp for the ... ...

Here is a guide to the week ahead for you. This is your forecast for August 8-14. Aries You'll ... ...

London, Aug 5 In yet another televised debate, Rishi Sunak and Liz Truss, the contenders for the UK's ... ...

Mumbai, Aug 4 Moody's Investors Services has upgraded Yes Bank's long-term foreign currency issuer rating and long-term foreign ... ...

Aurangabad, July 30: The unidentified thieves stole Rs 4.52 lakh from the drawer of the table in Mahrashtra Gramin ... ...

Aurangabad, July 18: As part of the Azadi-ka-Amrit Mahotsav, the Central Bank of India (CBI) organised various programmes. A ... ...

Aurangabad, July 17: The Banking Laws (Amendment) Bill 2021 is being introduced in the monsoon session of the Lok ... ...

Kathmandu, July 17 The Nepali government is extending a complete ban on the import of 10 types of ... ...