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Nepal curbs imports of foreign liquor among dozen "non-essential items"

Nepal curbs imports of foreign liquor among dozen "non-essential items"

Nepal curbs imports of foreign liquor among dozen "non-essential items"
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By CNBC-TV18 Apr 28, 2022 10:04:47 AM IST (Published)

Nepal recently banned imported liquor among a dozen other "non-essential" goods amid the widening trade deficit and declining foreign currency reserves. Earlier this month, Nepal’s central bank had banned import of vehicles and other luxury items citing the same issue.

Nepal recently banned imported liquor among a dozen other "non-essential" goods amid the widening trade deficit and declining foreign currency reserves. A commerce ministry directive on Tuesday also prohibited several import items including mobiles, diamonds, tobacco, and large televisions until July.

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Similar to Sri Lanka, the Covid-19 pandemic hit Nepal's foreign remittances and tourism earnings denting Nepal's fiscal position. The central bank has said reserves are now down from covering 10 months to just over six months of imports.
Earlier this month, Nepal’s central bank had banned import of vehicles and other luxury items citing the same issue.
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