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Economy

NOC slashes fuel prices

Gorkha Post

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KATHMANDU — Nepal Oli Corporation (NOC) has slashed the fuel prices effective from Sunday midnight. According to NOC Spokesperson Birendra Goit, NOC has reduced the price of petrol by Rs 3 per litre and diesel and kerosene by Rs 2 per litre.

As per the revised price, petrol will now cost Rs 110/ltr down by Rs 3. Similarly, the price of kerosene and diesel will be Rs 92 per litre each.

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The state owned oil monopoly, however, has not revised the price of aviation fuel and Liquefied Petroleum Gas (LPG).

After the revision, NOC still incurs a fortnightly loss of Rs 70.86 million, it said.

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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.

ALSO READ :  NOC hikes price of petrol, diesel and kerosene

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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