Central Bank tells BFIs to Submit Financial Report

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Central Bank tells BFIs to Submit Financial Report

April 20: Nepal Rastra Bank (NRB) has instructed banks and financial institutions (BFIs) to present their financial report regularly as the central bank has to study the impacts of coronavirus on the country’s economy.

On March 25, after the government imposed a nationwide lockdown, the central bank had asked BFIs to present their financial report a week after the lockdown is lifted and the country returns to normalcy. However, the lockdown has been extended continuously since then and many businesses and industries have completely shut down.

Executive Director at the BFI Regulatory Department of NRB, Dev Kumar Dhakal, informed that the banks and financial institutions have been instructed to submit their financial reports as the central bank requires data for analysis.

NRB Governor Maha Prasad Adhikari had formed a committee to study the impacts of coronavirus soon after his appointment to the post of central bank’s governor. The committee is headed by Executive Director the Research  Department of NRB, Dr Gunakar Bhatta.

The committee has been asked to study the impacts of coronavirus on the tourism, hotel, aviation, and industrial sectors.

“Coronavirus and the lockdown will have impacts on the overall economy of the country and therefore we have already started the study,” said Bhatta.

 

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