Kathmandu. The government has appointed Dr. Dipu Moni as the 18th Governor of Nepal Rastra Bank (NRB). Bishwanath Poudel has been appointed. Dr. A meeting of the Council of Ministers to appoint Poudel as governor also approved the Economic Reform Implementation Plan 2082 BS formed to implement the report of the High Level Economic Reform Suggestion Commission headed by former Secretary Rameshwor Khanal.
The government has appointed a new governor in the central bank amid banking indicators such as more than Rs 6.5 trillion in investible money in banks, there has not been much increase in the flow of credit even after the interest rate has reached a single point, nepal rastra bank has absorbed about 150 billion liquidity, bad loans of banks have reached a high rate, provision of banks has increased rapidly, non-banking assets of banks have reached around 40 billion. ।
The government has asked the Rastra Bank to complete some important works related to banking, monetary policy, interest rate, inflation, exchange rate, public debt, banking, capital market, business and investment environment on time. These include increasing the demand for credit, maintaining stability in interest rates, stimulating the capital market, and encouraging real estate transactions. If the decision taken by the government is implemented from the cabinet meeting, the government hopes that the economy will be active for the time being and will also catch the right track for the long term.
These are the tasks assigned by the government to the Rastra Bank:
- Effective implementation of the interest rate corridor for monetary management and keeping interbanking interest rates close to the policy rate. Gradually reduce the band of interest rate corridors.
- Reduce interest rate fluctuations by making interest rate management more effective.
- To make foreign exchange management and regulatory arrangements consistent with the objectives of monetary policy.
- Foreign exchange reserves shall maintain a period of 5 to 7 months for sustaining imports of goods and services.
- Provide for stable interest rates for loans disbursed to productive and export-oriented sectors.
- To promote productive industries and exports, the loans going to the area and the first home loan taken by people with fixed incomes will be available at a fixed interest rate for a certain period of time.
- Reducing the interest rate gap on loan deposits to enhance the capacity of the banking system to reduce operating costs and maintain financial stability.
- Adopt an interest rate policy so that the actual interest rate on deposits will be positive and the loan interest rate will remain in single high digit or low double digit within one year.
- Developing a bond market to address interest rate fluctuations in the economy.
- Study and research the exchange rate options with the Indian rupee within one year.
- Keep inflation at a lower rate to avoid real exchange overvalue or devaluation and change the level of the prevailing exchange rate as needed.
- Issuing treasury bills only for short term to bridge the gap between revenue and expenditure.
- Investment by issuing infrastructure bonds for a particular project with high returns.
- To develop the capacity of the Credit Information Center within two years and start the work of extracting personal credit scoring with necessary legal arrangements.
- Provide loans to productive industries, small and micro enterprises and exporters within 6 months at fixed interest rates of 3 to 5 years.
- Take a policy to disburse at least 60% of the credit to the productive sector within a year and encourage the banking sector to provide loans to renewable energy development, forest resource-based industries through information technology.
- The rate of interest on productive loans should be at least one percentage point above the interest rate on consumption loans within six months.
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