Kathmandu, August 8
Nepal Rastra Bank (NRB), the central bank, has started selling currencies of Sweden, Denmark, Hong Kong, Kuwait and Bahrain. Currently, NRB only purchases currencies of these countries.
Issuing a directive today, NRB instructed all institutions engaged in foreign exchange business to start selling Swedish and Danish kroner, Hong Kong dollar and Kuwaiti and Bahrain dinar.
“We made this decision, as demand for these currencies started growing, especially from returnee Nepalis working in these countries. We hope the latest decision that we took will cater to the needs of these people,” said a senior NRB official on condition of anonymity. “We hope this move will also lower demand for US dollars, which is in short supply, as those visiting these countries can purchase currencies of those nations instead of greenback.”
With enforcement of this decision, NRB from now onward will start publishing selling rates of these currencies.Currently, NRB only publishes buying rates of these currencies. As per the latest exchange rate, NRB buys every Swedish kroner for Rs 12.43 and every Danish kroner for Rs 15.90. Similarly, NRB purchases every Kuwaiti dinar for Rs 352.78 and every Bahrain dinar for Rs 282.62. Likewise, NRB buys every Hong Kong dollar for Rs 13.74.
With the latest addition, NRB will start buying and selling currencies of 21 economies. Till now, NRB had been buying and selling currencies of India, the US, EU, the UK, Switzerland, Australia, Canada, Singapore, Japan, China, Saudi Arabia, Qatar, Thailand, United Arab Emirates, Malaysia and South Korea.
A version of this article appears in print on August 09, 2016 of The Himalayan Times.