The central bank of Nepal on Friday banned the citizens from making investments in foreign nations, issuing a warning that strict punishment would be given in such a case.
The central bank, Nepal Rastra Bank, issued a notice saying that Nepalese nationals cannot purchase houses, debenture, land and property in a foreign land and cannot deposit money in financial institutions and foreign banks abroad.
The notice specified that no one can make any kind of payment in a foreign nation except if the bank specifically mentions it under the provision.
The citizens were appealed by the central bank to not get themselves assigned any work which may require payment from abroad, except according to the prescribed rules.
The notice added that if rules are violated by anyone, the authorities will take strict action under the prevailing laws.
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Last year in April, the central bank of Nepal banned the import of luxury items and vehicles citing receding foreign exchange reserves and liquidity crunch, despite the assurance of the government that the economy will not witness a crisis similar to Sri Lanka.
The total foreign exchange reserves of Nepal increased marginally in mid-December by around 3 per cent to reach USD 9.82 billion, which can be used to manage imports for 8.7 months, as per the central bank data.
(With inputs from agencies)
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