KATHMANDU, JULY 20
Nepali citizens travelling abroad can now exchange a maximum of $200 from the country's licensed money changers.
Issuing a circular today, Nepal Rastra Bank - the central bank of the country - stated that only money changers licensed to carry out foreign currency trade can provide US dollars not exceeding $200 per passport to Nepali citizens with valid visa for overseas travel.
According to Gunakar Bhatta, spokesperson for NRB, the main objective of this new rule is to facilitate Nepali overseas travellers to convert Nepali rupees to US dollars even on public holidays.
"There was a similar provision in place earlier, though the ceiling was different, but the provision was later cancelled. Because of this, Nepali travellers were unable to exchange the currency in case they needed to make an emergency trip," Bhatta said. "With this, they can directly get up to $200 from the money changers even if the banking institutions are closed."
There is a provision whereby Nepali overseas travellers can avail exchange facility up to $1,500 whereas the ceiling for migrant workers is $200.
However, only commercial banks were permitted to provide foreign currency to Nepali travellers.
"Actually there is no change in the threshold for foreign currency exchange for Nepali travellers.
"The current facility can be availed only under the previous ceiling," he added.
This basically means that if a person has already acquired $1,500 through a commercial bank, s/he will not be able to get an extra $200 from the money changers. Also, the new provision is not applicable for Nepali migrant workers.
A version of this article appears in the print on July 21, 2022, of The Himalayan Times.
