NRB removes cash margin provision on imports of construction materials
KATHMANDU, Dec 3: Nepal Rastra Bank (NRB) has removed the mandatory cash margin provision on imports of a number of construction materials while opening letter of credit (LC) by importers.
The Nepal Rastra Bank (NRB) has scrapped the provision requiring importers to deposit 50 to 100 per cent cash margin while opening letter of credit (LC) following the improvement in foreign currency reserves, which is currently sufficient to cover at least 10 months of imports.
Nepal's central bank, Nepal Rastra Bank (NRB), has barred commercial banks from issuing letters of credit for the import of luxury items citing an impending crisis in the national economy.
The post NRB bars commercial banks from issuing loans for luxury imports appeared first on OnlineKhabar English News.
Citing a decline in the available amount of foreign exchanges, the central bank of Nepal, Nepal Rastra Bank (NRB), wants to reduce imports in the country. However, the Ministry of Finance and the Ministry of Industry, Commerce and Supplies are not impressed.
The post NRB wants to reduce imports, but finance and commerce ministries aren’t happy appeared first on OnlineKhabar English News.
Nepal Rastra Bank (NRB) is moving to reverse a fast-depleting foreign exchange reserve by discouraging the import of non-essential goods and helping enterprises to borrow from abroad.
Nepal Rastra Bank (NRB) is moving to reverse a fast-depleting foreign exchange reserve by discouraging the import of non-essential goods and helping enterprises to borrow from abroad.
