- The Nepal Rastra Bank (NRB) has increased the ceiling for the exchange of US dollars.
- The central bank has revised a circular issued to banks and financial institutions, raising the ceiling from $500 to $5,000.
- The revised provision does not apply to the amount received as gifts and tips from foreign friends and clients.
- The NRB has taken this decision in view of the current economic situation in the country.
The Nepal Rastra Bank (NRB) has increased the ceiling for the exchange of US dollars. The central bank has revised a circular issued to banks and financial institutions, raising the ceiling from $500 to $5,000.
The revised provision does not apply to the amount received as gifts and tips from foreign friends and clients. However, it does ensure the exchange facility for Nepali students going abroad for studies after meeting all the required procedures.
The provision related to the exchange facility of convertible foreign currency, except the Indian currency, allowed to Nepali citizens for various purposes has also been amended. The previous provision stated that such exchange facility could be provided to a maximum of $1,000 or other convertible foreign currency equivalent to this. However, the amended provision states that the cap of $1,000 will not cause any obstruction in the case of visa application.
Similarly, the provision related to the convertible foreign currency which the foreigners working in Nepal can take home has also been amended.
The NRB has taken this decision in view of the current economic situation in the country. The central bank believes that the increased ceiling will help to ease the pressure on the foreign exchange market and make it easier for Nepali citizens to travel abroad and meet their other foreign exchange needs.
