NRB toughens measures on foreign currency exchange


August 17, 2022


NRB toughens measures on foreign currency exchange

Nepal Rastra Bank, Baluwatar in Kathmandu/File Photo

KATHMANDU: Nepal Rastra Bank (NRB), the central bank, has tightened the facility provided for foreign currency exchange for import-export.

With this arrangement put in place, the central bank has toughened money laundering that can be promoted through import and export.

The central bank obligated the licensed banks and financial institutions (BFIs) to formulate necessary work procedure to discourage money laundering.

The integrated guidelines stated that an internal mechanism will be created to deal with money laundering and the exchange facility can be provided if it is found realistic after comparative analysis between the prices mentioned in the international market of the goods.

The central bank has placed tough measures when there was the trend of putting one thing in paper and another in practice while importing goods and increasing transactions in foreign currency.