NCC to continue protest against increased interest rate after election

KATHMANDU: Nepal Chamber of Commerce (NCC) has urged its organisations to postpone the protest against the interest rates increased by banks and financial institutions (BFIs) and Nepal Rastra Bank's guidelines related to the current capital loan until the election. The NCC has also requested the organisations including the District Chamber of Commerce to postpone all agitation till the election to the House of Representatives and Province Assembly members. The chamber will continue its peaceful campaign programme and take initiatives to solve the problem through talks with the new government. In the press statement, NCC President Rajendra Malla said though industrialists were greatly disturbed by the BFI's high-interest rates, there will be another problem if they carried on with the protest before the elections. "Increased interest rates have greatly damaged industries. Despite having various options to reduce the increased interest rate, the government has not paid heed to the demands of businesspersons," he said and added there is no alternative to the agitation. The Chamber has drawn the attention of the central bank to nine different points. According to NCC, the increasing interest rate has created a situation where the commercial activities of the country will come to a standstill." If high-interest rates are maintained in deposits, investment in the industry will be discouraged and this will increase the risk of financial imbalance. Moreover, NCC President Malla has urged Nepal Rastra Bank to remove various types of unnecessary service charges imposed by BFIs while granting and renewing loans.