The finance ministry has extended the moratorium on the import of vehicles for another six months. In a notification issued yesterday, the finance ministry stated that after careful consideration, the ban on vehicle import issued in August of last year will continue.
According to the notification, the decision has been made after considering the country’s current foreign reserve position.
Article 14 of the Constitution states that “a minimum foreign currency reserve that is adequate to meet the cost of not less than one year’s essential import must be maintained.”
However, utility vehicles costing less than Nu 1.5 M or equivalent to 20,000 USD will be exempted from the moratorium.
The exemption also includes vehicles imported for tourism and public transportation purposes such as taxis and buses, be it fossil fuel run or electric.
The finance minister said that the government at the moment has no plans to impose a ban on the import of other non-essential goods.
The moratorium will remain in effect until August.
Edited by Sherub Dorji
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