KATHMANDU, April 30: The Nepal Rastra Bank (NRB) has increased the ceiling for the exchange of the US dollar.
Revising the Integrated Circular, 2079 BS issued for the bank and financial institutions, the central bank increased the ceiling for the exchange of the US dollar. Prior to this, NRB-licensed money exchangers were allowed to make an exchange of the US Dollar up to 500 with a Nepali citizen. Now such a ceiling has been raised up to US$ 5,000.
Revised interest rate corridor system introduced
However, the revised provision will not be applicable for the amount received as gifts and tips from foreign friends and clients. The revised provision is to facilitate the currency exchange for Nepali students going for abroad studies meeting all the required procedures.
Similarly, the provision related to the convertible foreign currency which the foreigners working in Nepal can take home has also been amended. A new provision has been added for foreign citizens working in airlines companies providing service in Nepal.
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