FNCCI critical of monetary policy review

KATHMANDU: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) is worried that the half-yearly review of the monetary policy of the current fiscal year could affect economic activities that have gained momentum. The economy has been hit hard by the Covid 19. Although conducting a study on concessional loans in the productive sector would help assist in industrialisation, the FNCCI has stated that trade, business and investment will be affected as most of the recommendations of the private sector were not addressed. FNCCI on Saturday issued a statement that said chances of crises remained high for businesspersons and financial institutions. Even though banks and financial institutions have increased interest rates on deposits, they have not been able to mobilise deposits as expected as per the statement. The federation has drawn the attention of the central bank towards adverse impacts on production, price hike, revenue collection and employment generation as the review was focused on imports reduction. READ ALSO:

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