Kathmandu, July 26: The Federation of Nepalese Chamber of Commerce and Industry (FNCCI) has reacted positively to the monetary policy for the current fiscal year.
Talking to RSS about the monetary policy that was unveiled by the Rastra Bank on Friday, FNCCI President Chandra Dhakal said the concerns raised by the private sector and its submission to the NRB was addressed in the monetary policy.
However, the implementation of the monetary policy rests on the nature of circulars to be issued by the central bank, he added.
The target of 12.5 percent loan expansion for the current fiscal year, the reduction of bank rates and policy rates, the flexibility in the management of guidelines for current capital loan, and the adoption of lax policies, management of capital fund for banks and financial institutions are positive aspects of the monetary policy, he observed.
Meanwhile, Nepal Chamber of Commerce has said the fresh monetary policy is relatively flexible. However, some issues remained unaddressed by the policy, it said.
Issuing a press statement today, the Chamber welcomed the move to reduce a bank rate and a policy rate.
Through the policy, the central bank abated the bank rate from 7 percent to 6.5 percent and the policy rate from 5.5 percent to 5 percent. This provision helps reduce the interest rates, according to the Chamber.
Likewise, the provisions meant for promoting the real estate business is also positive, Chamber added.
