Tuesday Sep 28, 2021
Tuesday Sep 28, 2021

Central bank to systematise remittance business

Agencies directed to release exchange rate from 10am to 2pm daily


Nepalnews
2021 Jul 24, 22:22, Kathmandu
As per the macroeconomic report published by Nepal Rastra Bank, the central bank, the year-on-year consumer price inflation stood at 3.02 per cent in the eighth month of fiscal 2020/21.

Nepal Rastra Bank has directed concerned agencies to release the exchange rates from 10am to 2pm daily for the purpose of remittance exchange.

Making some amendments to the Unified Directives 2076, the NRB has asked the banks and financial institutions and remittance companies to determine the exchange rate through the Foreign Exchange Dealers Association of Nepal (FEDAN).

The FEDAN should send the exchange rate to the Foreign Exchange Management Department of the NRB every day, it is said.

Likewise, the companies doing remittance business should take membership of the FEDAN. If the licensed companies have hired sub-agents by taking cash deposits, the companies are expected to opt for alternative provisions for the purpose of bail instead of the cash.

Executive Director of NRB Ramu Poudel said that such a directive was issued to make the remittance transaction more systematic

remittance business Nepal Rastra Bank NRB Foreign Exchange Dealers Association of Nepal FEDAN

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