Nepal has announced a restriction on the imports of non-essential goods.



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Deccan Herald - Nepal curbs import of vehicles, other non-essential goods

Reuters - Nepal restricts imports to save cash, suspends central bank governor

Xinhua - Nepal curbs import of vehicles, other non-essential goods

myRepublica - Commercial banks unite to implement NRB’s instruction to stop opening LCs to import non-essentials

Inception date: 11 Apr 2022 | Removal date: open ended

Trade payment measure

According to several news reports, on 11 April 2022, Nepal Rastra Bank (NRB) directed commercial banks to not issue letters of credit for non-essential goods. The reports mention that importers will be issued letters of credit for 50 luxurious goods only against full upfront payment to the banks. The 50 goods have not been named but according to the reports include cars, cosmetics, and gold.

The reports have mentioned the following statements from representatives of the bank -

NRB spokesperson Gunakhar Bhatta - “We 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."

Chief of the economic research department at NRB Prakash Kumar Shrestha - "We told the top officers of the commercial banks to stop issuing letters of credit for the import of vehicles and other goods which they consider as non-essential goods."