Govt mulling to allow Non-resident Nepalese open their bank accounts in foreign currencies: FinMin Sharma

Published On: November 23, 2021 06:59 PM NPT By: Republica  | @RepublicaNepal

KATHMANDU, Nov 23: Finance Minister Janardan Sharma said the government is considering allowing Non-resident Nepalese (NRN) to open their USD bank accounts inside the country.

Speaking at a program organized by Nepal Rastra Bank on Tuesday, Minister Sharma said the government is holding talks with stakeholders concerned to introduce the policy also to maintain the foreign currency reserves in the country. Currently, Nepal is facing pressure to maintain the foreign currency reserves due to the worsening balance of payments. “The talk is going on to ease NRNs for depositing their money and repatriate the interest earnings out of their deposited amounts,” he said.

Sharma also expressed his concern over the ongoing talk to permit transactions of digital currency inside the country. “First, it is essential to switch financial transactions fully to a digitalized system and then only it will be suitable to enforce the digital currency mechanism,” he added.   

According to him, the government is also holding discussions with stakeholders concerned to facilitate depositing money of the migrant workers in the Employees Provident Fund. “The provision could also check the hundi transaction, which is widely being used by the migrant workers to send their money back home,” Sharma said. 


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