KATHMANDU, April 27: The government has imposed a total ban on the import of 10 different types of luxurious goods until mid-July 2022. The goods whose import has been banned include cigarettes and tobacco related products, diamonds, mobile phone sets, color TV’s with screens bigger than 32 inches, automobiles except for ambulances and hearses, motorcycles above 250cc, toys of all kinds, alcoholic beverages and playing cards.
According to the Ministry of Industry, Commerce and Supplies, the ban will not apply to those who have completed the banking process before April 30.
Nepal bans import of luxury items amid depleting forex reserves
The government has decided to impose a ban on the import of these goods so as to ease the crisis of depleting foreign exchange reserves. Similarly, Nepal Rastra Bank has also banned the opening of LCs for 300 different items.
According to NRB, the country has a forex reserve that is enough to meet the country’s import expenses only for the next six months. Currently, the country has a forex reserve of just USD 9 billion.
