Nepal Limits Imports As Foreign Currency Reserves Drops
Apr 12, 2022 ·
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Nepal has restricted imports of non-essential goods including cars, cosmetics and gold after its foreign currency reserves dropped. The country's central bank, Nepal Rastra Bank, says foreign currency reserves fell...
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Nepal has restricted imports of non-essential goods including cars, cosmetics and gold after its foreign currency reserves dropped.
The country's central bank, Nepal Rastra Bank, says foreign currency reserves fell by more than 16% to 1.17tn Nepali rupees in the seven months to the middle of February.
Narayan Prasad Pokharel, the deputy spokesperson at the central bank, told the Reuters news agency that the institution believed the country's foreign currency reserves were under pressure.
He added that importers were allowed to bring in 50 luxurious goods if they paid for them in full.
show less
The country's central bank, Nepal Rastra Bank, says foreign currency reserves fell by more than 16% to 1.17tn Nepali rupees in the seven months to the middle of February.
Narayan Prasad Pokharel, the deputy spokesperson at the central bank, told the Reuters news agency that the institution believed the country's foreign currency reserves were under pressure.
He added that importers were allowed to bring in 50 luxurious goods if they paid for them in full.
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