KATHMANDU: Nepal’s central bank on Friday barred Nepalese nationals from investing in foreign countries, warning that such a move would invite strict punishment. According to a notice issued by Nepal Rastra Bank, the country’s central bank, Nepalese nationals are not allowed to purchase land, house, property, debenture and deposit money in foreign banks and financial institutions abroad.
Except under the provision specifically mentioned by the bank, no one shall engage in making this kind of payment in a foreign country, the notice said. The bank urged citizens not to do any work related to payment abroad. The notice also warned that if anyone is violating the rules, strict action will be taken under the prevailing laws.
In April 2022, Nepal’s central bank announced the ban on import of vehicles and other luxury items citing liquidity crunch. Nepal’s foreign exchange reserves rose by about 3% in mid-December to touch $9.8 billion – enough to cover 8.7 months of imports – from mid-July levels, according to central bank data.
Except under the provision specifically mentioned by the bank, no one shall engage in making this kind of payment in a foreign country, the notice said. The bank urged citizens not to do any work related to payment abroad. The notice also warned that if anyone is violating the rules, strict action will be taken under the prevailing laws.
In April 2022, Nepal’s central bank announced the ban on import of vehicles and other luxury items citing liquidity crunch. Nepal’s foreign exchange reserves rose by about 3% in mid-December to touch $9.8 billion – enough to cover 8.7 months of imports – from mid-July levels, according to central bank data.
