June 25, 2021 | Investopaper
Remittance service providers are required to publish exchange rates. Nepal Rastra Bank (NRB) has issued instructions to the banks and financial institutions dealing in remittances as well as remittance companies to publish the average exchange rate twice daily and to conduct business on the same basis.
The directive states that the average purchase rate of foreign currencies should be fixed through the Foreign Exchange Dealers Association of Nepal and the remittance exchange rate should be published at 10 am and 2 pm on the same basis. The remittance exchange rate information should be given to the Foreign Exchange Department of NRB.
The central bank has made such an provision to manage the complaints against remittance companies fixing exorbitant exchange rates while conducting remittance transactions.