Exchange rates must be published by remittance service providers. The Nepal Rastra Bank (NRB) has issued instructions to remittance banks and financial institutions, as well as remittance companies, to publish the average exchange rate twice daily and conduct business on that basis.
The Foreign Exchange Dealers Association of Nepal should set the average purchase rate of foreign currencies, and the remittance exchange rate should be published on the same basis at 10 a.m. and 2 p.m., according to the directive.
The information on remittance exchange rates should be given to the NRB’s Foreign Exchange Department.
To deal with complaints about remittance companies fixing exorbitant exchange rates while conducting remittance transactions, the central bank has made such a provision.