NRB directs BFIs not to open LC for importing banned products

Kathmandu / OCT 16: Nepal Rastra Bank (NRB) has asked the banks and financial institutions (BFIs) not to open the letter of credit (LC) for the import of restricted goods.

Amending a unified directive on Sunday, NRB directed the BFIs not to open an LC for the import of banned products.

The government on Friday decided to continue the ban on the import of expensive vehicles, alcohol, mobile phones and motorcycles. The ban on the import of foreign liquor, smart phones worth more than 300 dollars each, motorcycles above 150CC and jeeps, cars and vans will remain in force until December 15 this year.

As per the suggestion of the Ministry of Finance and NRB that there is still pressure on the foreign currency reserves, the Ministry of Industry, Commerce and Supplies recommended to the government to continue the ban until the stipulated time.