KATHMANDU: Nepal Rastra Bank (NRB) today made public the monetary policy for the current fiscal year 2023/24.
The central bank through the policy has dropped the policy rate, and kept intact the mandatory cash ratio and the statutory liquidity ratio of banks and financial institutions (BFIs).
Similarly, the bank rate has remained unchanged, and the bidding rate in deposit collection has been decreased.
In view of the internal and external economic scenario, the policy rate has reduced 50 base points to 6.5%. The bank rate has been kept intact at 7.5% while the bidding rate in deposit collection has dropped to 4.5% from 5.5%.
The secondary market transaction and the bidding in the deposit collection will remain open if the weighted interbank interest rate considered the operation target by the Rastra Bank is higher than the bank rate and lower than the deposit collection rate.
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Similarly, the provision of the permanent liquidity facility in the bank rate and the overnight liquidity facility in the policy rate has been kept unchanged.
There will be a provision of providing the permanent deposit collection at the lower limit of the interest rate corridor for making the interest rate corridor effective, according to the central bank.
A meeting of the Board of Directors of NRB this morning endorsed the monetary policy. The monetary policy is the policy formulated by the central bank to support economic expansion by maintaining macroeconomic stability.
Central bank to facilitate digital payments Nepal Rastra Bank will offer additional facilitation in digital payments in a bid to stop financial anomalies and facilitate revenue collection, according to the monetary policy. "Revenue collection will be facilitated by maximally utilising the digital payment system by the offices offering public services," it is said. On the introduction of digital currency, additional work will be carried out based on a study on the matter. Similarly, the inflow of foreign currencies by exporting services including information technology will be made more effective, said the policy. READ ALSO:
Central bank to facilitate digital payments Nepal Rastra Bank will offer additional facilitation in digital payments in a bid to stop financial anomalies and facilitate revenue collection, according to the monetary policy. "Revenue collection will be facilitated by maximally utilising the digital payment system by the offices offering public services," it is said. On the introduction of digital currency, additional work will be carried out based on a study on the matter. Similarly, the inflow of foreign currencies by exporting services including information technology will be made more effective, said the policy. READ ALSO:
Published Date: July 23, 2023, 12:00 am
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