Kathmandu. Acting Governor Neelam Dhungana has said that the economic indicators are gradually improving.
Addressing a program organized on Sunday on the occasion of the 70th anniversary of Nepal Rastra Bank, he said that inflation has improved, total foreign reserves are also sufficient, and private sector credit expansion is becoming effective. Stating that despite the increase in non-assets in banks and financial institutions, banks have increased their credit flow, he said that regulatory concessions have been given to make investment environmentally friendly.
He said that the Rastra Bank has worked to secure the payment system and that financial literacy programs have been effectively carried out.
He said that the Rastra Bank has also taken forward the domestic payment system. Policy arrangements have been made by the regulatory body to secure the payment system.’
Deputy Governor Bam Bahadur Mishra said that although there are some problems in the economy due to some internal and external reasons, the economy is becoming dynamic due to the successful implementation of the policies taken by the Rastra Bank in the recent past. He said that the inflation rate is under control, foreign reserves are in savings and other economic indices are also becoming positive.
He said, ‘Inflation has been decreasing recently. Foreign exchange reserves are in a position to cover more than 14 months. Although there is no possibility of an increase in credit flow due to internal and external reasons seen in the economy, there is no need to be disappointed. Currently, the country has enough foreign exchange reserves for 14.4 months of imports.’
He said that problems and challenges can be solved. He said that those problems falling within the scope of work of the Rastra Bank will be identified and solved. Stating that the Rastra Bank has emphasized financial literacy, Mishra also said that the Rastra Bank’s initiatives are becoming effective.
The Rastra Bank has also honored economist and former governor Dipendra Bahadur Chhetri on the occasion of the annual festival. Speaking at the program, former governor Chhetri said that since rulers adopt certain financial policies for cheap popularity, it is necessary for the Rastra Bank to control them through monetary policy. He said that the propaganda that loans do not have to be paid is being spread, and it is necessary for the National Bank to dispel it.
He said, “The rumor that is being spread that loans are not being paid institutionally should be dispelled. There are also complaints about bad loans, and the National Bank should pay attention to that too.”
In the changing situation, the National Bank should be able to adopt a digital system for its work in a timely manner in accordance with the law. He said that the National Bank should take the initiative to come out of the grey list by making an action plan as the country is in the money laundering case.
Since India is the country that trades the most gold, the National Bank should be vigilant as there is a risk of smuggling it to India via Nepal, he said. Chhetri said that employment should be created within the country by increasing investment through practical policies. At the program, representatives of the National Bank employees’ union have demanded that the government appoint a governor quickly, saying that the appointment of a new governor has become complicated and that it will affect autonomy.
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