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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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Lady Susan Hussey, who has stepped down from her role as a senior palace aide, was a key and trusted figure in the British royal household for decades.
The 83-year-old is godmother to Prince William, the Prince of Wales, and was one of Queen Elizabeth II’s closest confidantes.
She was her longest-serving lady-in-waiting – with the title Woman of the Bedchamber – having first been recruited in 1960. Lady Hussey was also portrayed briefly in the current season of the popular Netflix series, The Crown.
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Susan Katharine Hussey, Baroness Hussey of North Bradley, was born in 1939, the fifth and youngest daughter of the 12th Earl Waldegrave and Mary Hermione, Countess Waldegrave.
She is the sister of former Conservative cabinet minister, William Waldegrave, and her late husband, Marmaduke Hussey, was a former chairman of the BBC.
She has two children – one of whom, daughter Katharine, followed her mother into royal service, and serves as an official companion to Camilla, the Queen Consort.
Lady Hussey started working for the Royal Family in the same year the Queen gave birth to her third child, Prince Andrew.
At first, her role was to help answer letters, eventually becoming part of a close-knit inner circle of ladies-in-waiting with unrivaled knowledge of the workings of the palace.
The role of lady-in-waiting was typically given to wealthy aristocrats who were not paid a salary but becoming Woman of the Bedchamber was considered an extremely prestigious role.
Lady Susan was promoted to Dame Grand Cross of the Royal Victorian Order (GCVO) in the 2013 Birthday Honours, and also received several long service awards for her faithful service to the Queen.
She sat alongside the Queen in the royal Bentley on the journey to the funeral of Prince Phillip, the Duke of Edinburgh, in 2022, and led members of the royal household at her funeral at Westminster Abbey in September of the following year.
Buckingham Palace announced last week that Lady Hussey and the other former ladies-in-waiting who served the Queen would help King Charles III to host events and would be known as “ladies of the household”.
She resigned from that role, and apologized, after she repeatedly asked a black British charity boss where she was from at a palace event for campaigners against sexual violence against women.
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