Kathmandu, July 26
Prime Minister KP Sharma Oli has said that the Monetary
Policy of the current Fiscal Year 2024/25 has well received by the market.
"It is good to
have this support. We now have to work with a greater speed and increase the
capacity of all Nepali people," he said while administering oath to the
newly appointed officials of the National Planning Commission (NPC), including
Vice Chairman Shiva Raj Adhikari on Friday.
Meanwhile, Deputy Prime Minister and Finance Minister Bishnu
Prasad Paudel said that the Monetary Policy would help address the existing
problems in the country's economy.
"The Monetary Policy has come flexibly to help solve
the problems seen in the economy. It will help expand credit and increase
investment in the production sector," DPM Paudel said in a meeting with
the Governor of the Nepal Rastra Bank (NRB), Maha Prasad Adhikari.
He also expressed his belief that the Policy will facilitate
solving the problems of private sector industrialists and increase morale for
further investment.
Meanwhile, the Nepal Chamber of Commerce (NCC) said that the
NRB had introduced a comparatively cautious and flexible monetary policy for
the current financial year.
It said that the reduction in the bank and policy rates would
facilitate in bringing down the interest rates. It also appreciated the
measures announced to support the construction business and increment on
foreign currency exchange facility on draft/TT while importing goods. The limit
is raised to US$50,000 from the existing $35,000.
The NCC also said that the reduction of the existing 1.20
per cent loan loss provision for good loans to 1.1 per cent is positive.
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