Tuesday Sep 27, 2022
Tuesday Sep 27, 2022

NRB to tighten foreign currency exchange


Nepalnews
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2022 Aug 16, 19:12,
File Photo: NRB Building

Nepal Rastra Bank has tightened the foreign currency exchange facility provided for import and export. It has made arrangements to control the work of money laundering that can be done through that means.

The Central Bank issued the integrated guidelines today and the licensed banks and financial institutions have to make necessary procedures to help discourage and control the activities of 'money laundering' through import and export.

For that purpose, it is mentioned in the integrated directive that the same facility can be issued only if it is found to be realistic after making a comparative analysis between the prices mentioned in the international market price of the goods by creating an internal structure.

The central bank has said that a strict policy has been adopted after the trend of having one for paper and another for importing goods and dealing more in foreign currency. It is mentioned that for the purpose of hedging the foreign exchange risk, 'A' class banks that have taken foreign loans of one year or more will not be required to purchase derivatives up to the amount equal to the outstanding principal and interest of the said loan and for the duration of the loan.

The National Bank has made arrangements to bring remittances up to Rs. 1.5 million per day by depositing them in the respective beneficiary's accounts through licensed companies. It has been arranged that the licensed remittance company should take the customer identification document in accordance with the prevailing regulations while collecting and paying the amount. Details related to such transactions must be submitted to the department within seven days of the end of each month on a monthly basis in the attached format.

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NRB Foreign currency forex Nepal Rastra Bank
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