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Tuesday, October 26, 2021
    Nepal Breaking NewsEconomy | FinanceNepal Rastra Bank makes foreign exchange rules stricter

    Nepal Rastra Bank makes foreign exchange rules stricter

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    NepalR7;s central bank has tightened the criteria and conditions for foreign exchange transactions following a decline in the value of the countryR7;s foreign exchange reserves.

    According to the Rastra Bank, reserves are depleting as a of a recent surge in imports.

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    The regulatory agency issued a circular to all banks in the country indicating that an individual may only convert foreign worth up to USD 2,000 per transaction. The circular states that the individual must produce proof demonstrating their journey.

    As of the conclusion of the first month of the current fiscal year, the countryR7;s foreign exchange reserves were sufficient to import commodities for nine months and for eight months (mid-August 2021). As a result, the central bank believes that restrictions are necessary to safeguard consumers.

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    The countryR7;s foreign exchange reserves were Rs 1.399 trillion as of the middle of July 2021.

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