KATHMANDU: Nepal’s information technology (IT) firms can now invest abroad for the first time as the central bank has fixed the maximum amount for overseas investments.

The Nepal Rastra Bank on Wednesday evening set norms, standards and limits on overseas investments for IT firms as per a law amendment in January relaxing the ban.

The maximum amount was set at 1 million U.S. dollars for one company, or an amount equivalent to 50 percent of the average foreign currency earnings by the company from IT service exports over the past three fiscal years, whichever is lower.

The move is aimed at facilitating global expansion for Nepalese IT businesses, noted the bank. (Xinhua)