Non-Resident Nepalis (NRN) can now open foreign currency account in Nepali bank for as little as one thousand dollars. Earlier, a minimum of $5,000 or equivalent was required to open a dollar account.
On Wednesday, the NRB issued a circular to the banks asking them to make arrangements for opening dollar accounts in foreign currency of one thousand dollars or equivalent.
NRB believes that allowing NRN bank account, made at a time when the foreign exchange reserves are in a critical state, will benefit both the country’s economy and non-resident Nepalis. This will have a positive impact not only for the immediate but also in the long run, says Ramu Poudel, Executive Director of NRB. This will benefit the country’s economy and non-resident Nepalis as well, says Executive Director Poudel.
While reviewing the monetary policy of the second quarter of the current Fiscal Year, the NRB had formulated a policy to facilitate the opening of foreign currency accounts. When opening and operating an account in the name of a non-resident Nepali, a copy of the updated identity card of the non-resident Nepali issued by the concerned body of the Government of Nepal should be submitted.
Banking expert Anal Raj Bhattarai says that this system is very good and it will also help in attracting investment in Nepal. He said that this arrangement should now be explained to non-resident Nepalis around the world. But he says it will take some time.
