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Nepal continues import ban on 10 goods items as foreign exchange reserves dwindle
The latest restriction has been imposed on importing mobile sets that are priced over $300 and motorcycles with a capacity of over 150cc.
The government has continued the restriction on the imports of 10 goods, which it considers luxury, for another one and a half months, saying the country has not seen much improvement in its foreign currency reserves.
Nepal’s annual imports bill has been expected to reach close to Rs2 trillion last fiscal year that ended on Saturday.
The latest restriction has been imposed on importing mobile sets that are priced over $300 and motorcycles with a capacity of over 150cc.
These goods have been restricted from importing till August-end, as per the notice published in Nepal Gazette on Sunday.
When the government first announced a complete ban on the import of certain goods in late April, the import of mobile sets worth over $600 and motorcycles with a capacity of over 250CC were banned till mid-July.
Nepal imported mobile sets worth Rs39.13 billion as of the first 11 months of the last fiscal year.
Likewise, the country imported motorcycles worth Rs26.66 billion during the review period, according to the Department of Customs.
Besides mobile sets and motorcycles, the government has continued the ban on the import of liquor and tobacco products [except their raw materials], diamonds, television sets larger than 32 inches, jeeps, car,s and vans [except ambulances], toys, cards, and snacks.
As per the government notice, the import ban was enforced to safeguard the country’s external financial position and foreign exchange reserves that have been depleting at a faster rate posing a potential threat to the economy.
“As key sources of foreign exchanges such as remittance, exports, tourism, and foreign aid have not been received as expected, the government currently does not have any other option,” said Keshav Acharya, a senior economist.
As of the first 11 months of the last fiscal year 2021-22 which ended on July 16, foreign exchange reserves decreased by 19.6 percent to $9.45 billion in mid-June 2022 from 11.75 billion in mid-July 2021, according to Nepal Rastra Bank (NRB).
The NRB data show that there has been a slight improvement in inflows of remittances, the largest source of foreign exchange earnings as of the first 11 months of the country.
The inflows of remittances increased by 1.5 percent to $7.51 billion during the period. It is for the first time that inflows of remittances increased in US dollar terms in the last fiscal year.
However, Acharya said that the country has not received the remittances as expected despite a massive surge in the outflow of Nepali migrant workers.
According to the central bank data, a total of 313,367 Nepali migrant workers obtained labor permits to go abroad from the Department of Foreign Employment as of mid-June in the fiscal year 2021-22, a sharp rise from 62,011 during the same period in the fiscal year 2020-21.
“So, the government does not have many options to keep the foreign exchange reserves at adequate levels,” Acharya said.
The continued ban on the import of these goods, many of which contribute to the revenue significantly, will adversely affect the government’s earnings.
“It is the time of urgency, we have to take all measures to maintain adequate foreign exchange reserves to prevent the country from heading in the direction of Sri Lanka,” said Acharya.
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When you’re trying to lose weight, cutting the calories and upping your workouts can go a long way to helping you achieve your goal, but yoga goes one step further. Not only does it help you tone up all over, but yoga also brings your mind and body back into balance, which can improve your relationship with food.
Firstly, try to identify why you’ve gained weight. Sitting or lying on your mat, take a few deep breaths to quieten your mind and soften unnecessary tension in your body. Next, spend 10 minutes doing a yoga breathing technique, such as full yogic breath or alternate nostril breathing, then reflect on the reasons behind your weight gain. Do you eat when stressed, are you confusing thirst for hunger, or maybe you’ve been missing socializing and eating for comfort? Using these techniques calms and balances your system to help you become more aware of your triggers, enabling you to notice the difference between genuine hunger and emotional eating.
Mindful eating
Research in the journal Evidence-based Complementary and Alternative Medicine found that yoga practitioners in the study had ‘less stress eating, reduced appetite, fewer cravings and a shift toward healthier, more mindful eating. Try a few rounds of yogic breathing before eating, when preparing meals or planning the week’s menu – it can be a powerful way to retune established eating patterns and give you the mental space to care for your deeper needs, instead of finding temporary satisfaction with food.
Yoga to suit you
Find a yoga style that meets your needs, personality, and weight-loss goals. Do you prefer a high-energy class that leaves you breathless and sweaty, or would you prefer a more relaxing yoga class? Whatever you prefer, yoga can help you tone up and lose weight. Here are three yoga styles to get you started…
Astanga – the muscle builder
A strong yoga practice such as Astanga actively contributes toward weight loss by building lean muscle mass. The good news for dieters is as muscle burns more calories than fat– both during and after your workout. Ashtanga is a challenging style of yoga based on vinyasas (where you flow from one posture to the next without a break) – the most familiar being the upper body and core strengthener plank, to low plank (chaturanga), to upward dog, to downward dog. There are six sets of sequences, known as ‘series’ and you learn them in sequential order.
Hot yoga – the calorie burner
The most famous hot yoga style, Bikram, can burn between 500 to 1000 calories in a 90-minute class, and studies show its higher temperatures (up to 40C) reduces body fat percentage more than yoga at normal temperatures. Bikram classes focus on 26 postures (no downward dog or headstand), but if you want to do more poses and still see the weight-loss benefits of practicing in higher temperatures, there are other styles to explore – you can try Hot Power Yoga or Baptiste Power Yoga.
Restorative – the stress buster
Feeling under pressure? Your body shape will tell the tale. Unused cortisol, a by-product of long-term stress with no outlet, is stored as visceral or abdominal fat around your belly. Calming practices, such as restorative yoga – where you deeply relax your nervous system by resting in seated or lying postures supported by bolsters and blocks – can help reduce cortisol levels and weight around your middle. In one study, participants doing restorative yoga lost more than 2.5 times the amount of subcutaneous fat (fat visible just under the skin) compared to a control group.
Odyssey has been the lead content writer and content marketer. He has vast experience in the field of writing. His SEO strategies help businesses to gain maximum traffic and success.
