Central bank toughens measures on foreign currency exchange

KATHMANDU

Nepal Rastra Bank (NRB), the central bank, has tightened the facility provided for foreign currency exchange for import-export.

With this arrangement put in place, the central bank has toughened money laundering that can be promoted through import and export.

Issuing an integrated directive of the central bank on Tuesday, the central bank obligated the licensed banks and financial institutions (BFIs) to formulate necessary work procedure to discourage money laundering.

The integrated guidelines stated that an internal mechanism will be created to deal with money laundering and the exchange facility can be provided if it is found realistic after comparative analysis between the prices mentioned in the international market of the goods.

The central bank has placed tough measures when there was the trend of putting one thing in paper and another in practice while importing goods and increasing transactions in foreign currency.

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