CIM delegation meets NRB governor, calls for ending liquidity crisis

This image shows a signboard outside the office of the Chamber of Industries, Morang in October 2016. Photo courtesy: Madan K Pradhan

BIRATNAGAR: The Chamber of Industries (CIM), Morang, has drawn the attention of Nepal Rastra Bank (NRB), citing that a liquidity crisis in the financial sector has its implications in the operation of business sector.

A delegation led by Chamber President Suyash Pyakurel on Tuesday met with NRB Governor Maha Prasad Adhikari and made request for the central bank’s intervention in the crisis to build a conducive atmosphere for the trade and industrial sector.

Pyakurel informed Governor Adhikari that banks and financial institutions were finding it hard to issue a letter of credence for industrial raw materials for some time and they feared that a day would come when they will have to suspend the production due to lack of raw materials.

In response, the NRB Governor pledged to address issues hampering to open the Letter of Credit (LC) for the regular supplies of raw materials required for industries.

Responding to the delegation’s voice for discouraging the import of luxury goods, the NRB Governor said the central bank would bring several fiscal measures into practice to save the nation’s economy from the impact of a liquidity crisis.

A single-digit interest rate in loans for the productive sector, and the effective implementation of provisions of re-finance and soft loans were among the demands put forth by the delegation before the NRB Governor.

The delegation comprised senior vice president Pradeep Murarka, vice-presidents Raj Kumar Golchha, Nanda Kishor Rathi and executive committee member Sushil Rijal among others.

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