KATHMANDU: The Central Bank, Nepal Rastra Bank (NRB) has further tightened its noose on the import of goods into the country.
NRB, expanding its scope on import restriction, added additional 27 types of goods to the list of controlled imports requiring 50 percent to 100 percent cash margin. Earlier, there were 20 items that required cash margin.
Issuing a statement on Wednesday, the Central Bank tightened the import of 27 types of goods that include beans, flour, cloth, metal and dried fruits, among others.
The move comes amid rising imports and declining remittances, putting pressure on foreign exchange reserves of the banking sector, said NRB Spokesperson Gunakar Bhatta. “We have provisioned for at least 50 to 100 percent cash margin on the import of 27 additional commodities besides the formerly disclosed 20 items,” he said.
According to the latest statement of NRB, importers will now have to keep cash margin on the import of 27 types of goods in addition to the previously mandated 300 types of goods.
Of the additional 27 items, 50 percent cash margin has been provisioned for four types of goods and 100 percent margin for the remaining 43 items.
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