NRNs allows opening bank account in Nepal with $1,000 deposit

Photo Courtesy: Reuters

Kathmandu: Non-Resident Nepalis (NRNs) are now able to open foreign currency accounts in Nepali banks for as little as one thousand dollars. Earlier, a minimum of $5,000 or equivalent was required to open a dollar account.

On Wednesday, the NRB issued a circular to the banks asking them to make arrangements for opening dollar accounts in foreign currency of one thousand dollars or equivalent.

NRB believes that this arrangement, made at a time when the foreign exchange reserves are in a critical state, will benefit both the country’s economy and non-resident Nepalis.

While reviewing the monetary policy of the second quarter of the current Fiscal Year, the NRB had formulated a policy to facilitate the opening of foreign currency accounts.