Central Bank Directs Remittance Companies to Determine Uniform Foreign Exchange Rate

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Central Bank Directs Remittance Companies to Determine Uniform Foreign Exchange Rate

July 25: Nepal Rastra Bank (NRB) has directed concerned agencies to release the foreign exchange rate from 10:00 am to 2:00 pm every day for making remittance exchange more systematic.    
Amending the Unified Directives 2076, the central bank has instructed banks and financial institutions and remittance companies to determine a uniform exchange rate through the Foreign Exchange Dealers Association of Nepal (FEDAN).    
The FEDAN should send the exchange rate to the Foreign Exchange Management Department of the NRB every day, NRB said in a notice issued on July 23. 

The central bank has also instructed FEDAN to make the exchange rate available to all the licensed BFIs and remittance companies two times a day.  
Likewise, the central bank has made it mandatory for companies involved in remittance business to take membership of the FEDAN.    
The notice issued by NRB Executive Director Ramu Poudel further states that such a directive was issued to make the remittance transaction more systematic.    
 

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