May 17: With the launch of online reporting of foreign exchange transaction by Nepal Rastra Bank,   firms dealing with foreign currency trading have been released from the hassle of visiting NRB every now and then.  Now onwards, the firms can submit the foreign currency trading report through online from any convenient locations.

“The central bank introduced the online system from mid-April,” said Bhisma Raj Dhungana, Executive Director of Foreign Exchange Management Department, NRB. Nearly 5000 foreign currency traders including banks and financial institutions (BFIs) will be benefited by the system. Dhungana opined that the system will ease the report submission and also saves time.

According to Dhungana, the registered traders required to obtain ‘Username’ and ‘Password’ from Foreign Exchange Management Department, NRB to enter in the system. NRB has made the online reporting mandatory for the foreign exchange traders. “The online service has been launched to make the foreign exchange transaction easy, transparent and manageable.  The system will facilitate easy and fast report submission to the traders,” he added.

NRB, issuing a notice on May 15, has requested all the related parties to submit their monthly transaction report from the last mid-April through online.