Nepal Rastra Bank Raises Ceiling for US Dollar Exchange
Date: May 7, 2023
The Nepal Rastra Bank (NRB) has increased the exchange limit for US dollars to $5,000 in an effort to ease the pressure on the country’s foreign exchange market.
The Nepal Rastra Bank (NRB) has updated a circular that was previously limiting the exchange of US dollars to $500 for banks and financial institutions. However, the revised provision does not apply to the amount received as gifts and tips from foreign friends and clients. Nepali students going abroad for studies will have access to the exchange facility after meeting all required procedures.
The provision related to the exchange facility of convertible foreign currency for Nepali citizens has also been amended. Before this change, the maximum amount allowed for exchanging such currency was $1,000 or its equivalent in other convertible foreign currency.
However, the amended provision states that the cap of $1,000 will not cause any obstruction in the case of visa applications.
Furthermore, the regulation pertaining to the exchange of convertible foreign currency that foreigners employed in Nepal can carry back to their home country has also been modified.
The NRB believes that the increased ceiling will help to ease the pressure on the foreign exchange market and make it easier for Nepali citizens to travel abroad and meet their other foreign exchange needs. This decision was taken in view of the current economic situation in the country.
Conclusion: The Nepal Rastra Bank has raised the ceiling for US dollar exchange to $5,000 in an effort to ease pressure on the foreign exchange market and make it easier for Nepali citizens to travel abroad and meet their foreign exchange needs.
Attribution: NRB(Nepal Rastra Bank)
Tags: Nepal Rastra Bank, US dollars, foreign exchange market, Nepali citizens, exchange facility, financial institutions