Nepal Rastra Bank limits foreign exchange for outbound to $1500

KATHMANDU, Nov 7: Nepal Rastra Bank (NRB) has reduced the maximum amount of foreign currency that a Nepali national can buy while going abroad.

A circular issued by NRB to commercial and development banks authorized to sell foreign currency, the central bank reduced the limit of foreign exchange to US $1,500 per passport for Nepali nationals going abroad. This means a Nepali bound for a foreign country (other than India) mainly for vacation or personal purposes will get foreign exchange up to the limit of $1,500. The limit was $2,500 earlier. The restriction on the purchase of foreign currency comes at a time when the foreign currency flight is rising, putting pressure on the foreign exchange reserves of the country. The central bank also introduced other measures on Tuesday aimed at easing the growing pressure on the balance of payments position as well as forex reserves.

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