KATHMANDU, APRIL 30

The Nepal Rastra Bank (NRB) has increased the ceiling for the exchange of US dollars.

Revising a circular issued to the banks and financial institutions, the central bank has increased the ceiling for the exchange of the US dollars.

Earlier NRB-licensed money exchangers were allowed to provide exchange services of up to $500 to Nepali citizens.

Now such ceiling have been raised to up to $5,000.

However, the revised provision is not for the amount received as gifts and tips from foreign friends and clients. The revised provision has also ensured the exchange facility for Nepali students going for abroad studies after meeting all the required procedures.

Apart from this, the provision related to exchange facility of convertible foreign currency except the Indian currency allowed to the Nepali citizens for various purposes has also been amended. The provision before its amendment stated that such exchange facility could be provided to maximum of $1,000 or other convertible foreign currency equivalent to this.

However, the amended provision states the cap of $1,000 will not cause any obstruction in the case of visa application.

Similarly, the provision related to the convertible foreign currency which the foreigners working in Nepal can take home has also been amended.

A version of this article appears in the print on May 1, 2023, of The Himalayan Times.