NRB says new monetary policy will boost private sector confidence – Radio Nepal

Kathmandu: Nepal Rastra Bank (NRB) has commented on the monetary policy for the upcoming fiscal year. NRB said the policy is being prepared to boost confidence in the private sector, ensure market vitality and end the country’s economic slowdown.

During a discussion meeting of the House of Representatives (HoR) Finance Committee on Monday, NRG Governor Maha Prasad Adhikari said the upcoming monetary policy will support the government’s fiscal policy and promote market confidence. He said the monetary policy will contribute to the government’s target of achieving 6 per cent annual economic growth rate.

“Now business confidence has gone down. We need to take some positive interventions to boost it and ensure positive results,” said NRB Governor Adhikari.

On this occasion, the governor said that the construction and industrial sectors have recorded negative growth in recent times. The governor said that the economy, which has been hit by the COVID-19 pandemic, has not yet come to life, the demand for loans has not increased despite reduced interest rates, and loans have not expanded in the manufacturing sector.

Similarly, Finance Secretary Madhu Kumar Marasini expressed confidence that monetary policy would help implement the government’s policies, policy paper and budget.

“Monetary policy should create an enabling environment to achieve the targeted rate of economic growth through capital mobilization, which we already have,” said Secretary Marasini.