Central bank introduces measures to control foreign currency exchange

Published On: August 17, 2022 09:30 AM NPT By: Republica  | @RepublicaNepal

KATHMANDU, August 17: Nepal Rastra Bank (NRB), the central bank, has tightened the facility provided for foreign currency exchange for import-export. 

In an integrated directives issued on Tuesday, the central bank has made it mandatory to all the licensed-banks and financial institutions (BFIs) to formulate necessary work procedures to discourage money laundering in import and export businesses. 

The integrated guidelines stated that an internal mechanism will be created to deal with money laundering and the exchange facility can be provided if it is found realistic after comparative analysis between the prices mentioned in the international market of the goods. 

The central bank has placed tough measures when there was the trend of putting one thing on paper and another in practice while importing goods and increasing transactions in foreign currency.

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