Nepal Bans Tobacco Imports
- Featured Markets News This Week
- April 28, 2022
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- 2 minutes read
Nepal has banned the import of tobacco, cars, alcohol and other luxury items and shortened its workweek to conserve its dwindling supply of foreign exchange, according to the South China Morning Post.
Under the ban, only emergency vehicles can be imported, and imports of alcohol or tobacco products, large-engine motorcycles and mobile phones costing more than $600 are prohibited. Import of toys, playing cards, diamonds and other “nonessential” goods are also banned.
The ban is in effect until mid-July, which marks the end of the Himalayan nation’s financial year.
According to officials, without the ban, foreign currency reserves necessary to import goods will only last a few more months.
Nepal’s main sources of foreign currency are tourism, remittances from overseas workers and foreign aid.