Kathmandu. The International Monetary Fund (IMF) has sought permission from the Rastra Bank to manage foreign exchange. The IMF has asked for dollars to give more income to the Rastra Bank than it currently is.
At present, the Rastra Bank invests in different countries of the world in the form of foreign currency dollars that the country does not need. Nepal Rastra Bank (NRB) has invested more dollars for the country’s imports. The IMF has informally sought permission from the Rastra Bank for dollar investment, said an executive director of the rastra bank. “The IMF has made an informal proposal to the Rastra Bank to manage the dollar, for which it has also committed to give more returns than the current earnings,” the director told Singha Durbar. We are discussing this proposal of IMF with the Rastra Bank. ”
The Rastra Bank can enter into an agreement with the IMF for dollar investment. According to the Data of the Department of Customs, imports worth Rs 1,309.53 billion have been imported in the nine months of the current fiscal year. In this way, the average import is 145 billion rupees per month. Rastra Bank invests other dollars by accumulating dollars that can sustain the import for a minimum of seven months.
According to nrb data, the reserves stood at USD 17.63 billion as of Mid-March. If it is revised into Nepali rupees, it will be Rs 2426.84 billion. The Rastra Bank invests the remaining amount in the US, Singapore and other countries, depending on the foreign currency required by the country.
Nepal Rastra Bank (NRB) has formulated a procedure for investing dollars. This procedure is used only for internal purposes. According to the procedure, 60 percent of the dollars in the Rastra Bank will be allowed to be invested. In this way, investing dollars should be used only in low-risk countries. Rastra Bank has set up a separate unit to invest dollars in this way. In which employees are working 24 hours a day.
According to the NRB, real-time investment is made by hiring employees in 2-3 shifts to invest dollars in this way. While investing in this way, investment is made for short-term, mid-term and long-term. Rastra Bank says that long-term investment can generate a lot of income.
Employees who invest dollars have set criteria for investment. In order to make a small dollar, the employee can decide and invest. Similarly, as the size of the investment increases, so does the status of obtaining permission. The director of the Rastra Bank, the deputy governor and the governor reach for a decision.
According to the director, the criteria have asked the dollar to invest only in places where the investment is highly secured. The Office of the Auditor General has also raised questions about the dollar investment made by the Rastra Bank. The Auditor General has questioned that the Rastra Bank has earned little by investing a lot of dollars.
प्रतिक्रिया दिनुहोस्