KATHMANDU: Confederation of Banks and Financial Institutions Nepal (CBFIN) has welcomed the monetary policy for the fiscal year 2022/23 unveiled by Nepal Rastra Bank (NRB). It has also urged all stakeholders to cooperate on the implementation of the policy.
The central bank unveiled the monetary policy by analysing the targets set by the fiscal policy of 2022/23 and the expectations of the common people.
According to CBFIN, the monetary policy has adopted timely policies to maintain economic and financial stability and to bring the declining economy back to rhythm in order to ease the current situation in which the country's important indicators of the economy are moving in a negative direction.
CBFIN has said the policy has been issued with the objective of building a self-sufficient economy with special emphasis on increasing production and productivity remains positive overall.
The umbrella organisation of commercial banks, development banks, and finance companies has said some of the measures adopted for the improvement of the current economy will be challenging. It has also expressed gratitude to the central bank for addressing some important issues presented by it in the monetary policy.
CBFIN had made following suggestions:
- To classify the loans flowing from the banks and financial institutions (BFIs) and maintain different interest rates for loans going to the productive sector and trade, the development of the productive sector
- To flow loans to the productive sector
- To prioritise export promotion
- To coordinate the provision of exemptions this year itself for services and facilities based on evidence that the remittances have been brought into the country through formal channels
- To make necessary amendments to the Foreign Investment and Foreign Credit Management Regulations, 2078
- To review the existing arrangements related to remittances to widen the scope of remittances inflow into the country
- To make arrangements to open a bank account mandatory for currency exchange for Nepalis going abroad
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Published Date: July 28, 2022, 12:00 am
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