Nepal bans imports of luxury goods amid dwindling forex reserves Asia News Network (ANN) is the leading regional alliance of news titles striving to bring the region closer, through an active sharing of editorial content on happenings in the region.
Kathmandu, Apr 27 (EFE).- Nepal on Wednesday imposed a ban on the import of 10 goods it considers luxury, in a bid to stop the country’s foreign exchange reserves from further depleting amid a deteriorating economic situation. The government issued a formal notice in the Nepal Gazette which would remain in place until the end …
The Association of Nepalese Rice, Oil and Pulses Industry on Sunday asked the Ministry of Finance to put up import restrictions on rice and pulses after Nepal's central bank asked commercial banks to stop issuing letters of credit for importing luxury goods, including automobiles. "Nepal has been importing rice and lentils worth billions," said Subodh Kumar Gupta, president of