Ban on import of expensive things in Nepal, cash crunch became the reason
Nepal’s central bank has announced a ban on the import of vehicles and other expensive or luxury items. (Representational Image)
Nepal’s central bank has announced a ban on the import of vehicles and other expensive or luxury items. This step has been taken due to lack of cash and depleting foreign exchange reserves.
Nepal (Nepal) central bank of (Central Bank) Import of vehicles and other expensive or luxury goods ,Import, has announced a ban. this move cash (Cash) Due to shortage and depleting foreign exchange reserves. However, the government had assured that the country’s economy (economy) Will not go downhill like Sri Lanka. The central bank Nepal Rastra Bank (NRB) issued these instructions last week after a high-level meeting with officials of commercial banks of Nepal. NRB spokesperson Gunakhar Bhatt said that they are seeing signs of any crisis in the economy, mainly due to increase in imports.
That’s why they are considering stopping the import of those items which are not needed immediately.
Nepal’s foreign exchange reserves continued to decline
Nepal’s foreign exchange reserves have been declining since July 2021 due to increased imports, lack of income from tourism and exports and reduced payment flows. According to central bank data, the country’s total foreign exchange reserves declined by 17 per cent to $9.75 billion as of February 2022, from $11.75 billion by mid-July 2021. Nepal’s Finance Minister Janardan Sharma had assured that the country was not going on the path of Sri Lanka.
Apart from this, let us tell you that in order to give new dimensions to the old relationship between India and Nepal, India is continuously taking steps towards financially strengthening its neighboring country. To take the relationship between the two countries to a new height, PM Narendra Modi and Nepal’s Prime Minister Sher Bahadur Deuba launched the indigenously developed RuPay card in Nepal a few days ago.
It is believed that this will strengthen bilateral tourism between the two countries. Apart from this, there will be a financial link between the people of both the countries. In this way Nepal became the fourth country to issue RuPay card. Apart from Nepal, RuPay cards are operated in Bhutan, Singapore and United Arab Emirates. Let us inform that Nepal’s Prime Minister Sher Bahadur Deuba is on a three-day visit to India from Saturday. He has also met PM Modi.
(with language input)
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