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NAC’s first wide body A330 lands at TIA

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KATHMANDU — Nepal Airlines Corporation (NAC)’s first wide body jet aircraft, the Airbus A330-200 has touched down at Tribhuvan International Airport (TIA) at 8: 15 AM on Thursday.

The new aircraft, powered by Rolls-Royce Trent 700 engines, features a two-class cabin configuration and seats a total of 274 passengers—18 in business class and 256 in economy class.

NAC has named the aircraft after Annapurna, the world’s 10th highest peak in the world. The arrival of the A330-200 jet will put the national flag carrier in the company of long-haul airlines.

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The national flag carrier paid US$4,800,000 for the aircraft. Annapurna will commence commercial operations within a month, NAC has stated.

NAC ordered two 274-seater jets through Portuguese leasing company Hi Fly. The second jet is expected to arrive by July-end.

The NAC board, on Oct 26, 2009, had decided to purchase two aircraft from Airbus-an A320-200 (narrow body) and an A330-200 (wide body) to expand its international fleet.

“After 10 years, the A330 jets will finally arrive,” NAC Managing Director Sugat Ratna Kansakar wrote on his Facebook page.

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Economy

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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