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Buddha Air conducts successful Surkhet-Kathmandu test flight

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SURKHET — Buddha Air has conducted successfully conducted a test frilght from Surkhet to Kathmandu on Wednesday. Surkhet is the capital of Karnali province.

A 47-seat aircraft with call sign 80 R 42 conducted direct Surkhet-Kathmandu test flight, said Chief of Civil Aviation Authority of Nepal, Surkhet, Binod Kumar Panta.

He said, “Although the aircraft conducted successful Surkhet-Kathmandu test flight, it is still to receive its report.”

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Senior officer Bidhya Shah said that the aircraft made the flight at 11:00 am from Surkhet. Shah said probably Surkhet-Kathmandu regular flight would begin from April 14.

Locals of Karnali province had demanded with provincial government for operation of Surkhet-Kathmandu flight.

Keeping the demand of Karnali province folks in mind, Chief Minister Mahendra Bahadur Shahi drew the attention of the federal government for the same as well as held meetings with private airlines companies.

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NRB to unveil monetary policy today

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KATHMANDU — Nepal Rastra Bank is unveiling the Monetary Policy 2018-19 on Wednesday, introducing a provision whereby domestic commercial banks will be able to hedge against convertible foreign currency by borrowing from foreign banks.

The central regulatory and monetary authority has opened a borrowing facility from foreign banks to meet the credit requirement in the production and infrastructure sectors, according to central bank sources.

The Monetary Policy is expected to bring down the cash reserve ratio from six per cent of the current fiscal to five per cent, eyeing the liquidity scenario.

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The monetary policy for the next fiscal will also narrow down the weighted interest spread rate from five per cent. In the context of commercial banks not being able to meet the priority sector lending mainly in the agriculture sector, the monetary policy is likely to extend a year’s period for banks to meet the priority sector or productive sector lending provision.

The Financial Sector Development Strategy of the government has also envisioned narrowing down the weighted interest rate spread.

According to the sources, the monetary policy would ease the provision of margin lending due to the depression witnessed in the stock market.

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