{"id":35024,"date":"2022-04-10T15:10:42","date_gmt":"2022-04-10T09:40:42","guid":{"rendered":"https:\/\/tradebrains.in\/features\/nepal-import-ban\/"},"modified":"2022-04-10T17:50:57","modified_gmt":"2022-04-10T12:20:57","slug":"nepal-import-ban","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/nepal-import-ban\/","title":{"rendered":"Nepal bans import of luxury items as foreign exchange reserves decline"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-699067918\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>Kathmandu, Apr 10 (PTI) Nepal\u2019s central bank has announced a ban on the import of vehicles and other luxury items, citing liquidity crunch and declining foreign exchange reserves, despite government assurances that the economy will not go into a tailspin like Sri Lanka.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2020423623\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p> Nepal Rastra Bank (NRB), the country\u2019s central bank, issued this directive last week after a high-level meeting here consisting of officials from Nepal\u2019s commercial banks.<\/p>\n<p> \u201cWe have been seeing symptoms that there may be some kind of crisis in the economy, mainly because of growing imports. Therefore, we have discussed halting the imports of those items which are not immediately necessary,\u201d NRB spokesperson Gunakhar Bhatta said.<\/p>\n<p> Since July 2021, Nepal has seen a decline in forex reserves due to the surging imports, declining inflows of remittance and meagre earnings from tourism and exports.<\/p><div class=\"trade-content_5\" id=\"trade-2188186957\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> By February 2022, the Himalayan country\u2019s gross forex reserves had decreased 17 per cent to USD 9.75 billion from USD 11.75 billion in mid-July 2021, according to central bank figures.<\/p>\n<p> The forex reserves are now only enough to sustain the import of goods and services for 6.7 months, below the central bank&#8217;s target for at least seven months.<\/p>\n<p> However, despite the high balance of payment deficit, Nepal\u2019s Finance Minister Janardhan Sharma assured that the Himalayan nation is not headed in the direction of Sri Lanka.<\/p>\n<p> Addressing &#8216;National Conference on Economics and Finance&#8217; organised by Nepal Rastra Bank (NRB) in Kathmandu on Friday, Sharma quelled rumours that Nepal&#8217;s economy was on the verge of collapse like that of Sri Lanka.<\/p>\n<p> &#8220;Instead of creating  panic by comparing Nepal&#8217;s economy with that of Sri Lanka, we need to focus on improving it,\u201d Sharma said.<\/p>\n<p> Nepal&#8217;s economy is comparatively in a better position in terms of the production and revenue system and the country is not affected by a huge foreign debt burden, he explained.<\/p><div class=\"trade-content-10\" id=\"trade-2856784749\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> Sharma, however, admitted that the country&#8217;s foreign exchange reserves was under stress due to the high imports of petroleum products, vehicles and luxury items and underlined the need to promote domestic production to curb imports. PTI SBP VM  VM<\/p>\n<div class=\"trade-after-content\" id=\"trade-2487152399\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Kathmandu, Apr 10 (PTI) Nepal\u2019s central bank has announced a ban on the import of vehicles and other luxury items, citing liquidity crunch and declining foreign exchange reserves, despite government assurances that the economy will not go into a tailspin like Sri Lanka. Nepal Rastra Bank (NRB), the country\u2019s central bank, issued this directive last [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1697,31],"tags":[],"class_list":["post-35024","post","type-post","status-publish","format-standard","hentry","category-economy","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nepal bans import of luxury items as foreign exchange reserves decline - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/nepal-import-ban\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nepal bans import of luxury items as foreign exchange reserves decline\" \/>\n<meta property=\"og:description\" content=\"Kathmandu, Apr 10 (PTI) Nepal\u2019s central bank has announced a ban on the import of vehicles and other luxury items, citing liquidity crunch and declining foreign exchange reserves, despite government assurances that the economy will not go into a tailspin like Sri Lanka. 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