Kathmandu: Nepal government has formally banned imports of 10 goods. According to a notice issued in the Nepal Gazette by the Ministry of Industry, Commerce and Supplies, the following 10 items cannot be imported through this fiscal year that ends in mid-July.
Here is the list:
1. Chips and similar snacks
2. Liquor
3. Cigarettes and tobacco products (except raw)
4. Diamond (except raw)
5. Mobile phones priced above USD 600
6. Colour TV above 32”
7. SUVs, cars and vans (except ambulances and hearse)
8. Motorcycles above 250 CC
9. Toys
10. Playing cards
On March 6, Nepal’s central bank slashed the daily import quota of gold to 10 kg to prevent the depletion of foreign exchange reserves.
According to Nepal Rastra Bank, during the eight months of 2021-22, imports increased 38.6 percent to Rs1.30 trillion compared to an increase of 2.1 percent a year ago.
Nepal’s current account remained at a deficit of Rs462.93 billion in the review period compared to a deficit of Rs151.42 billion in the same period of the previous year. The balance of payments remained at a deficit of Rs258.64 billion in the review period against a surplus of Rs68.01 billion in the same period of the previous year.