Nepal bans import of cars, expensive bikes, liquor etc. Know what is the reason

Photo:India TV Nepal Economic Crisis

foreign To save currency reserves, the Nepal government has decided to completely ban the import of 10 types of products by the end of August. According to a notice published in the Nepal Gazette on Sunday, motorcycles, alcohol, tobacco products, diamonds, color TV sets larger than 32 inches, jeeps-cars and vans with an engine capacity of more than US $ 300 and engine capacity above 150 cc, The import of dolls, cards and snacks will remain banned till August 30.

Preparation to prevent any threat to the economy

The government notice states that the ban has been implemented to protect the external financial position and payments balance, so as to prevent any threat to the economy. Keshav Acharya, a senior economist, told Xinhua news agency, since there has been no improvement in foreign exchange reserves, the government has no option but to impose restrictions on non-essential goods. “Despite its impact on revenue, we do not want to bring the country to Sri Lanka status by allowing unrestricted import of goods,” he said.

fast depleting foreign exchange reserves

According to Nepal Rastra Bank, in the financial year 2021-22, Nepal’s foreign exchange reserves declined by 19.6 per cent to US$ 9.45 billion from $11.75 billion in mid-July 2021. Central bank data shows that during the same period, Nepal’s biggest source of foreign exchange earnings improved marginally.

Request was made to open dollar accounts in the country

Earlier, the Nepal government had asked its citizens living abroad to open dollar accounts (foreign currency accounts) and invest in the banks of the country going through economic crisis. Nepal’s foreign exchange reserves have declined due to the tourism sector being affected due to the corona virus epidemic. Opening dollar accounts in Nepal’s banks will help the country overcome the crisis of foreign exchange shortage.

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Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.
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