Central bank bars Nepalis going abroad from exchanging over $1,500
Kathmandu, November 10
Nepalis visiting foreign countries will not be able to acquire foreign exchange facility of more than $1,500 from now onwards, as against $2,500 in the past, as the central bank has educed the threshold following a hike in capital flight.
Earlier, Nepalis visiting foreign countries, other than India, were allowed to exchange $2,500 worth of foreign currency.
But Nepal Rastra Bank, the central bank, has recently revised the facility, as the outflow of money from the economy has continuously exceeded inflows.
In the first two months of the current fiscal year, the outflow of money from the economy surpassed inflow by Rs 25.5 billion. The balance of payments deficit in the same period a year ago had stood at Rs 5.9 billion.
Nepalis visiting abroad sought foreign exchange facility of Rs 19 billion in the first two months of the current fiscal year, shows the central bank data. This amount was higher than Nepal’s income from tourism, which stood at Rs 9.2 billion in the first two months.