Nepal Bank Measure Could Hinder Certain Luxury Imports
The central bank of Nepal recently introduced a measure to limit imports of certain luxury goods, the Hong Kong Trade Development Council reported Jan. 5. The Nepal Rastra Bank “set a 100% cash margin when opening letter of credit accounts,”…
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requiring importers to have “funds on deposit” equal to the cost of the import of those goods “as a bank guarantee,” HKTDC said. The new requirement will apply to 18 product codes, which could curtail imports of mineral water, sugar, energy drinks, alcoholic beverages, vinegar, perfumes, footwear, tobacco products, cosmetics and more. The bank set a 50% cash margin for importers of automobiles and motorcycles.