President Birendra Raj Pandey of the Confederation handed over suggestions for the upcoming monetary policy to Governor Bishwanath Poudel.
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The Confederation of Nepalese Industries has suggested bringing a monetary policy that will keep the economy moving, which has been sluggish for a long time. While suggesting to the Nepal Rastra Bank for the monetary policy for the fiscal year 2083/84, the Confederation suggested bringing a monetary policy keeping in mind the situation where the external sector's macroeconomic indicators are encouraging and strong, but domestic economic activities have been out of sync for a long time.
Chairman Birendra Raj Pandey from the Confederation handed over suggestions for the upcoming monetary policy to Governor Bishwanath Poudel. The Confederation has suggested focusing the upcoming monetary policy on three aspects. The statement mentions that it has suggested increasing economic activity to boost the current low market demand, improving monetary policy practices, and moving towards structural reforms of the Rastra Bank.
Similarly, the Confederation has suggested reducing the limit of directed credit in a phased manner on a percentage basis, implementing the working capital guidelines on a sectoral basis, modernizing the interest rate determination system, extending the time limit for classification and blacklisting of secured loans, establishing a special credit facility for startups associated with the government's industrial facilities, and forming a empowered monetary policy committee within Nepal Rastra Bank.
Chairman Pandey said that the monetary policy is expected to boost market demand and investor confidence and help revive the economy.
Governor Poudel said that the upcoming monetary policy will mainly focus on ensuring interest rates and financial stability. He stated that the private sector is the main driver of the economy and said that close coordination between the regulatory body and the industry sector will remain indispensable in the coming days to promote investment and economic activities.
