Govt likely to allow NRNs to open Dollar Account

Kathmandu / Nov. 23: Finance Minister Janardan Sharma has informed that discussions were underway to allow Non-Resident Nepalis (NRNs) to open dollar accounts in Nepal.

“We are mulling to allow NRNs to open dollar accounts to ease the balance of payment. It can be utilized in making the investment in Nepal and abroad,” he said while speaking at a programme organised at the Nepal Rastra Bank premises on Tuesday.

According to Minister Sharma, the government has also begun discussions to create an environment to facilitate the NRNs to deposit their money here in Nepal and repatriate the interest.

Minister Sharma said that the country should be fully adopting digital transactions before moving to cryptocurrency.

“We haven’t been able to apply for digital payment in all transactions. We can move to digital currency only after the digitalization of all economic activities,” he said.

He also said that the situation of banks fearing the employees of NRB should come to an end.

“There is a situation, taxpayers are scared of the tax officer, importers are scared of the customs officer and bankers are afraid of NRB’s monitoring staff. We must create a favourable environment to conduct banking and business,” he stated.

He said that such a situation would indicate that the character and mentality of inclusive democracy have not been developed yet.

Minister Sharma said that the government was ready to increase capital expenditure, revive the tourism sector and rehabilitate closed industries to achieve the economic growth target.

He maintained that despite the strategic impact of unseasonal rains on economic growth, work should be done till the last minute to reach the target.

Meanwhile, Minister Sharma said that discussions were underway at the ministry to create a provident fund of the migrant Nepali workers, and control Hundi business.