July 5: Nepal Rastra Bank’s Governor Maha Prasad Adhikari has stated that the monetary policy for the upcoming fiscal year will bring stability to the troubled economy. Speaking at an interaction program organized on Monday to collect suggestions from stakeholders for the monetary policy, Adhikari said that the economic indicators are under pressure and urged all to work together to keep the economy on track.
Governor Adhikari said that Rs 300 billion flew out of the country this year as the economy was import-oriented, adding to the problem of liquidity crisis in the banking system. He said the banks’ base rate is yet to reach the level as it was before the Covid-19 pandemic. He added that there are signs that the base rate and interest rates will rise further in the coming days.
The governor also urged all the stakeholders to be responsible saying that the monetary policy is not something that will benefit just one individual.
“The monetary policy we introduced last year is proving to be right,” said Adhikari.
The program was attended by directors of banks and financial institutions, Federation of Nepalese Chambers of Commerce and Industry, Confederation of Nepalese Industries, Nepalese Chamber of Commerce and other stakeholders.