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According to the Morang Udyog Trade Association, the monetary policy of the fiscal year 2082/83, announced by the Nepal Rastra Bank on Friday, has addressed the important demands of the private sector.
In a statement issued by the president of the association, Anupam Rathi, he welcomed the bank for making the policy flexible and realistic by considering the suggestions presented in the past. We expect that the monetary policy will improve access and quality of credit while maintaining financial stability, support private capital formation and increase economic mobility, the statement states.
Association has said that in case of individual and family investors, the limit of share mortgage loan has been increased from 15 crores to 25 crores. The association has expressed the belief that this will add enthusiasm to the stock market. It is expected that the slow real estate business will speed up with the increase of the private residential house loan limit from 20 million to 30 million and provision of loan up to 80 percent of the house valuation.
The credit limit of small and medium industries has been increased from 20 million to 30 million, and the provision of adding only 2 percent premium will give relief to such category of businessmen. According to the association, provision of loans up to 10 lakhs for agricultural crops, land and business mortgages, setting a grace period, arranging minimum losses and improving current capital loan guidance are welcome .
Similarly, the association believes that the 3 percent premium rate limit for microfinance loans is encouraging for small and domestic enterprises. The Union has expressed its belief that the monetary policy will help in the implementation of the subsidized credit programs mentioned in the budget statement of the current financial year and will facilitate the achievement of the economic growth rate of 6 percent expected by the government.
