Kathmandu, November 10
NADA Automobiles Association of Nepal, an umbrella organisation of auto dealers across the country, says the ongoing luxury import ban has closed 58 businesses in the auto sector. Likewise, 100 others are on the verge of closure.
Here is the province-wise distribution of closed businesses:
|Province||Number of businesses closed|
Currently, there are 1,025 vehicle dealers in operation across the country.
NADA General Secretary Surendra Kumar Upreti says the government’s decision to extend the ban has further put the auto dealers’ business in difficulty. “We have been frequently urging the government to remove the ban,” he says.
With the closure of the businesses, more than 1,000 staff across the country were removed from their jobs, according to NADA.
The government has banned the imports of vehicles, except electronic ones, in a bid to save foreign exchange reserves.
Meanwhile, the association says increasing interest rates on loans by banks and financial institutions have also added to their problems.