Finance Minister Janardan Sharma has urged Nepali expats to open dollar accounts in Nepali banks and invest in the home land.
Speaking at a virtual interaction organised by the Non-Resident Nepali Association (NRNA), the minister said that opening dollar accounts in the Nepali banks by NRNs will help the country’s economy. “There will be no shortage of liquidity, if 100,000 NRNs open bank accounts in Nepal with 10,000 dollars,” he said, adding that the government has enough foreign currency reserve 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.”
“As the price of petroleum products has increased, millions of dollars have to be sent out from the country to buy fuel,” the minister said, adding that the proper policy process for the dollar account has been prepared to benefit NRNs.
Likewise, the minister also said that discussions are underway on providing free visas to tourists coming to Nepal, which will make it easier for NRNs as well. He also informed the diaspora that the government is planning to formulate a policy to allocate certain percentage of primary issue.
On the occasion, president of NRNA Kul Acharya said that opening dollar accounts is also a means of connecting NRNs with Nepal. He also thanked the government for amending the policy to make it easier for Nepalis living abroad to open foreign currency accounts in Nepal.
Currently, the banks are offering one percentage interest rate more to the NRNs, if they open a remittance account in Nepal.
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