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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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Economy

Nepali Ambassador to Bahrain calls for investment in Nepal

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KATHMANDU — Nepali Ambassador to Bahrain Padam Sundas has appealed to Nepali organizations in Bahrain to help bring investment to Nepal.

In an interaction with representatives of various organisations including the Non-Resident Nepalis Association at the Nepali Embassy in Manama on Friday, he called for efforts to utilize the income generated by Nepalis in Bahrain for proper investment in Nepal, according to a statement issued by the Embassy.

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Deputy Chief of Mission Khagaraj Adhikari facilitated the interaction where Chartered Accountant Ramesh Dhital shed light on Nepal’s economic indicators, areas of strategic advantage, investment procedures, existing tax provisions and new areas of creative investment.

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