Nepal banned imports of vehicles, alcohol, tobacco and different luxurious gadgets Wednesday and shortened its workweek to assist preserve its dwindling provide of international trade.
A discover printed within the authorities gazette stated solely emergency autos could be imported. No imports of any kind of alcohol or tobacco merchandise, large-engine bikes and cellphones costing over $600 {dollars} can be allowed.
The ban, in impact till the tip of the fiscal yr in mid-July, additionally forbids imports of toys, taking part in playing cards and diamonds.
Without such drastic measures, the international foreign money reserves wanted to import nearly all the things will final just a few extra months, officers stated.
Nepal’s most important sources of international foreign money are tourism, remittances from abroad employees and international assist.
Hundreds of 1000’s of international vacationers normally go to the Himalayan nation yearly, however the variety of guests plunged in the course of the coronavirus pandemic.
Rising costs for oil have added to strain on Nepal’s international reserves. So to preserve gasoline, Information Minister Gyanendra Karki introduced Wednesday that the federal government would scale back the work week from 5 and a half days to 5.
However the disaster is already easing, he stated, as vacationers resume visits and extra Nepalese go abroad to work, sending their earnings residence.
Source: www.financialexpress.com”