Nepal’s central bank has announced a ban on the import of vehicles, luxury items as foreign exchange reserves decline

Kathmandu: Nepal’s central bank has announced a ban on the import of vehicles and other luxury items, citing liquidity crunch and declining foreign exchange reserves, despite government assurances that the economy will not go into a tailspin like Sri Lanka.
Nepal Rastra Bank (NRB), the country’s central bank, issued this directive last week after a high-level meeting here consisting of officials from Nepal’s commercial banks.