If 100,000 NRNs open bank accounts in Nepal, there will be no liquidity crisis: FinMin

If 100,000 NRNs open bank accounts in Nepal, there will be no liquidity crisis: FinMin
By Chiran Sharma
Published: April 14, 2022 07:30 PM

LONDON, April 14: Finance Minister Janardan Sharma has urged Nepalis around the world to open dollar accounts in Nepali banks and invest in them.

Speaking at a virtual interaction organized by the Non-Resident Nepali Association (NRNA), Finance Minister Sharma said that opening dollar accounts in the Nepali banks by NRNs would help the country’s economy. “There will be no shortage of liquidity if 100,000 NRNs open bank accounts in Nepal at the rate of 10,000 dollars,” Sharma said.

“We have enough foreign currency to buy goods and services for 6-7 months. According to a report published by the Nepal Rastra Bank (NRB) only yesterday, we have 9.58 billion dollars,” Minister Sharma said. “As the price of petrol has increased, millions of dollars have to be sent out from the country.” He also said that the proper policy process for the dollar account has been completed for the benefit of Nepalis living abroad.

Similarly, Sharma said that discussions are underway about providing free visas to tourists coming to Nepal, which will make it easier for NRNs as well. He also said that there is a plan to formulate a policy on IPO by allocating a certain percentage.

Likewise, Kul Acharya, executive president of NRNA, said that opening dollar accounts was a means of connecting NRNs with Nepal. He also thanked the government for changing the policy rules to make it easier for Nepalis living abroad to open foreign currency accounts in Nepal.

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