सिंहदरबार संवाददाता
Governor of the Nepal Rastra Bank, Mahaprasad Adhikari, is nearing the end of his term. Before leaving the National Bank with a successful leadership, he will conduct a third quarterly review of the current year’s monetary policy. As the impact of the fiscal policy issued by the Ministry of Finance is decreasing, monetary policy has started to attract most of the attention. Governor Adhikari, who has just completed the first quarterly review of the monetary policy, was asked by Singha Durbar’s Editor-in-Chief Narayan Prasad Poudel for the program ‘Banks and Enterprises’ –
Amidst great anticipation, the Nepal Rastra Bank issued the first quarterly review of the monetary policy. There were many expectations, but nothing came of it. Banks are sitting with 700 billion rupees. Where should we invest it? They are asking where to invest it. Nothing came of it? What is your answer to those who ask why this happened?
Thank you. First of all, the television series that you have started here is. Banks and Enterprises. I would also like to express my heartfelt wishes for its success. Coming to the question here, we have completed the first quarter review only last Friday. The board has reviewed it after extensive discussions. Just saying review does not mean that something has to change. The monetary policy that we have taken annually. We had announced this time on 11th of July.
At that time, we did what we could. We had touched on the instruments of monetary policy and also on some parts of macro prudential at that time. Whatever policy we took at that time. We did not see the need to change that policy in the first review. The main reason behind this is that the Advisory Committee had given us recommendations even then.
We had issued the monetary policy based on various assumptions, assumptions, the state of the economy, the strength of the external sector, the state of inflation, whatever. Those assumptions are still exactly the same. Therefore, since the assumptions have not changed, we did not see the need to change the basis either.
But the banks have taken around 750 billion rupees. Instead, they are asking me to pay them back at 3 percent interest. The market has not moved. We still have that basic understanding that real estate and shares drive the market. Will the NRB itself continue to bear the ‘burden’ of interest expenses? Banks are collecting money at a higher price and sending it at a lower price. What would have happened if they had opened it a little more?
This is how it is. What we are saying here is exactly this much money is liquid. The things we say are a little different when they come to the market and in reality. The figure that we are currently ‘mopping up’ from banks, if we say yesterday, is 305 billion. That means we have mopped up the axis liquidity. We have also refined this mop up a lot and since last Falgun, we have also brought in the provision of STF.
That has actually done a great job in giving autonomy to depositors and the overall interest rate. If we did not have that instrument, you could have guessed by now. The interest rate of depositors would have been below 1 percent. There would have been no protection for depositors. They would have had to think about other things. We gave it a big relief, even though we spent a little. Ours may have spent 8, 10 billion in a year. But we have given a kind of relief to the total of 40-50 million depositors through it, we are happy with that. We are happy with that. Even though it was spent.
As far as access liquidity is concerned, it did not go to the market. The question is whether it was spent. The entire ecosystem has to work on this. Monetary policy is everything, we do not give money to any sector. Let it go or not here. If we start giving it to see if it will go, where will it go? What kind of bubbles will be formed. What kind of situations will we have to face tomorrow?
Therefore, we should be aware of such things. Our hope is that economic activities will increase here. The state’s spending will also gradually increase. The private sector should also be active in this way. Even if the spending increases in the future, the resources we have are not that great.
The National Bank is also an advisor to the Government of Nepal. In the meantime, it has been 4-5 months since the new government came. It is not like you people are asking us to do this here and there. Monetary policy is becoming more dominant than Nepal’s fiscal policy. You must have told the government to run it this way, right?
There is not much to say. It is not a matter of walking around saying everything is out of place. The advice we give is in its place. It is on its route. Now that the budget has been made, it is not so easy to say new things, new programs, keep these programs. But even before the budget is made, we have clearly given programs, pre-budget sessions, and the National Bank. We do not publish that. But if you look at the pre-budget, we have given many kinds of suggestions.
How can we grow in the real sector? How can we advance the industry? How should industrial areas be developed? How should real estate and housing be advanced. Similarly, how should we go about hydropower development? How should we go about tourism? How should we promote agriculture? We have given our overall suggestions on those matters as suggestions even before the budget.
The suggestions given in between are not very meaningful, as the session seen after the budget is made. It is a matter of addressing it on a case-by-case basis if a problem arises. For example, on the issue of cooperatives, we clearly said from the beginning that the solution is STI (Second Tier Institution), which should be monitored by a separate body as a secondary institution.
## There are thousands of cooperatives, saving credits. We have already been saying that a dedicated supervisor, regulator is needed for their monitoring. Also about the composition within it, how to address it if there is a problem within it. A cooperative resolution mechanism should be created similar to the resolution of troubled banks. Similarly, even if there are savers, large savings there, etc., how to protect small savings? How will their credit information flow? Discussions are held on such and such topics.
How well is the economy moving in Nepal? It is said that if the stock market and real estate move a little, it will have a multiple effect. The National Bank was seen as rigid there. For example, it was said that the personal limit on share collateral loans was not removed. Banks were told to give loans of this percentage of core capital but not to sell for one year. There is a similar thing in real estate. What do bankers say again? They say that loans made in the stock market fall under our ‘less risk’, in our practice? But the National Bank?
We have all the data even more than that less risk. Where, how much? In which area are the loans made having to be called back? We see that from time to time. Let’s not object to that now. Our banking is where it is easy. That’s where we finance. Yesterday, imports were easy. We tried to do it in imports. It would have been easy in shares, we tried to do it in shares. There is a little hassle in the industry in production. You have to work hard. You have to analyze a lot. What is its capital requirement? What is the working capital requirement? There may be other hassles in monitoring it. We see that we are not trying to go there. That is why we should adopt the concept of direct lending and make it mandatory to invest at least 10 percent in energy and 15 percent in agriculture. Therefore, regardless of what anyone says, what is the need of the economy? We should go that way.
In the meantime, a wonderful incident has come up, banks in Nepal are being crushed by NPAs. If we look at this in India, they say that you can go through your process only after 1 year, 2 years, 3 years. We say sell after looking at 3 months, 6 months, 9 months and a year. That is why the huge debt that was created came here and was added. And there is a case where we, the bank, have become like selling NBA and sitting around. There is another thing in parallel opposite to this. The way we are making public the data on bad loans. The reality is much bigger than that. There is also another team that we are managing. How do you see these two things together?
Increasing NPA or NBA is not unusual in this type of economic cycle. It increases anywhere. One is that we, Nepal, are doing a bit of conservative prudent banking in our region. And ours is collateral-based financing. Because of that, many people are safe in loans. As far as this is concerned, the question is whether banks are being squeezed. To address this, there is also a practice in some countries of creating special purpose vehicles for a certain period of time. For example, during the crisis of 1997 and 1998, most countries in Southeast Asia, such as Malaysia, Thailand, and Korea, also created asset management companies. We see that corporate credit was the base and that it was restructured through an asset management company and given special management and recovered. We have also brought that concept. The concept of a bad bank, a good bank. Therefore, when the NPA is managed by a separate organization, the bank can focus on its regular work. We are also drafting it. It is also included in this year’s action plan.
It is also a topic that we mentioned in the monetary policy. Now, as NPAs are increasing, we need to expedite it a little and bring in such organizations. Which will save the banks from being overwhelmed by NPAs-NBAs.
As if in the meantime, if we could do risk-based pricing, we would get a little bit of leverage, right?
We have given risk-based pricing tentatively. You can only do it within that bracket, not that you can’t. That’s it, they had to disclose it. Initially, after I did this kind of pricing to this consumer, they would be interested, and they would work within that publicized price.
Until mid-November, some leverage was given to construction entrepreneurs. Do you think that banks will face any difficulties after that?
If we look at the general situation, it seems that the industry and construction sectors have been continuously contracting. In every quarter of the previous year. And providing them with some help will help our economic growth and development. With the intention of helping development, we have provided them with facilities like blacklisting while introducing monetary policy in Shrawan.
That is until mid-Mansir. There is a little time left. We are watching. What are their payments? If we need to do anything more, we will do it later, if we see anything necessary, by the time of the review.
There are 45 million bank accounts in Nepal. But the loan accounts are only 1.8 million, looking at this data, there is a kind of debate that many people did not choose entrepreneurship. Adding to that, the question is whether the lending (loan investment) we have done is concentrated on a limited number of people? You are watching day to day. What is the situation?
The data given here is not that wrong. Due to multiple accounts, there are more savings accounts (deposit accounts) than the population, 45 million plus. But if you look at the credit here, it is in the range of 1.8 and 1.9 million. That is the same for A, B, C classes. Here, we have separated the category D. It is a micro-financing that was licensed by the National Bank and established specifically targeting the small and very poor groups.
Now, there are about 3.3 million borrowers through that micro-financing. And even after netting everything, we get 2.7 million borrowers. Therefore, micro-finance has covered the lower level citizens to a large extent. Therefore, the number is not that bad. Instead of 1.8 and a half million and 2.7 million, there are about 4.5 million people in debt here. Directly looking at it. Then another issue comes up, some borrowers are taking too much debt, becoming big debtors, and being concentrated.
My point is that we should not think otherwise just because someone has taken too much. Because those who have taken too much have taken on business. They have taken on employment. They have taken on production and are working for the economy. Such people are the ones who will make a big contribution to the economy. Only people who can take a lot of risk will take too much debt and run businesses and industries.
Therefore, we should not think otherwise just because they have taken too much debt. The issue is that if a person who wants to do something is not getting what they deserve, that is a matter of concern for us.
Is it a bit of a stretch to take money from one subject to another?
That happens. Somewhere, it doesn’t happen. They may have done it, but in our eyes, if someone is seen to have misused it in this way, we have a different way to treat it. Either we take action against the bank. Or we recover that loan, as far as our supervision shows. Where we practice is that at any time, the loan taken by an industrialist is also taken towards land. But it is not a matter of taking it for real estate.
But if it is taken for other business and then taken elsewhere, we consider it misuse. And where do we have such prudent practices as immediate callbacks and provisioning?
The Wafia amendment process is currently underway. I don’t know how much you will say? But there is a lot of opposition to the 1 percent cap. Did this come about on your own initiative or under pressure from multinational agencies?
How much have you remembered here? We have been saying for a long time that Nepal’s bankers and businessmen should be separated. The compulsion of our banking system is that businessmen and bankers are not separated. Both are the same community. They are the same individuals. It has been said that it should be segregated. This has not been done despite many initiatives. This is also a bit complicated. The issue that has been raised in the Wafia is purely a matter of the wishes of the National Bank. We want to separate it. Whether we can or cannot is in our place. We have given this information to the parliament that has to pass it. The problem that we face in the long run in the banking system is this conflict. Because the businessman and the banker are one and the same, because one person has two hats, there is always a problem in banking.
That is why it has to be separated. We have proposed this provision to separate it. While proposing that provision, the respected parliament has to approve it. It can be done in 5 years. It can also be said that it should be done in 10 years. But what we mean is that this is entirely our matter. It is not a matter of where, where, which agency as you said.
If this is understood, what will happen, Governor? They got married, their children have covered the hills. But the marriage was declared invalid?
That’s not the case. Where can we compare everything with examples? No.
In Nepal, the returns of banking have started coming in single digits. Why should a person invest only in a bank? Even today, many bank promoters have reached the point where they say that if they get money from the bank, they will sell it and leave. You have already mentioned the time cap. That’s how we will leave. That is to say, who will bear the risk? That should also be looked at, shouldn’t it?
If someone wants to exit, they can give a way out. It’s not impossible. If there are things to earn money again in the process of exiting, it’s difficult. Here it comes, even now IPOs are given at a premium price. If we start doing that to the general public, if we start saying that we should sell the institution that we have been running for so many years at a basic price, then it will be difficult. No, if we start saying that we should give 100 rupees or give it at par value, that way out will come out.
You have set a spread of 4 percent for commercial banks. After that, we will be able to charge a service fee of 0.75 percent. That is the core banking income. What will we eat and what will we earn by covering all the hurdles and covering operating expenses at this percentage? What will we earn? Bankers are saying. For this reason, the number of people who say that we will sell and run away if we get it has increased. How have you seen it?
You can analyze this. Banks and financial institutions have the balance sheets of all banks in their hands. Financials, profit and loss are all in their hands. The pressure that is currently putting banks under a little pressure is the pressure of NPAs. As a result, they have had to make excessive provisions. Financials are being affected. Their return on assets has decreased. Their return on equity has decreased.
This is because the NPA has been increasing continuously for the past 2 years, adding billions to the provision. That is the effect of that. It is not because of the 4 percent spread or the 75 percent service charge allowance. If you look at it here, there is also a benefit of scale for bank financial institutions. If you look at it 10 years, 15 years ago, there was no portfolio of 10 trillion. Today, there is a portfolio of 53 trillion. So there is that kind of benefit.
You should also look at other countries. If you look at a small country like ours, you can get a 4 percent spread. Now look at a country like Japan. How much is the spread? You see it even below 1 percent there. So this is a relative matter. There are no rules in this. It does not mean that it should be that much. The bank must be sustainable. The bank must be profitable. How many people here will only earn from the bank? They say. For financial stability, the bank should earn a certain level of profit. I completely agree with you.
The bank should have a reasonable return. But saying this does not mean that this rate is not always achieved. You can compare it here. What we have given. It is very reasonable.
What we have given is that after exercising the leverage you have given, the ROE of the banks is 10, 11 percent. Is that right?
It is more than that. That is reasonable. But banks have to be able to show their efficiency as well. We do not think of promoting in-efficiency. Even today, if you look at efficient banks, these are the banks that give 26 percent dividends. These are the banks that give 20 percent dividends. That is why we promote efficiency. We do not promote in-efficiency.
They said they would encourage you to go for mergers, did you pay taxes in the end?
That is a bit unpleasant. I shouldn’t say that much from a position, but we also saw it unpleasant.
It seems like they tried to play the parental role, but what did they do?
The role has been played thoroughly. We have also told the banker. What happened? How is everything?
Have you seen the post merger effect in the meantime?
There has not been a separate study this year. But we are closely watching what is happening. Our related desk is watching all the mergers. Mergers in themselves are challenging. Nepal’s merger is very encouraging. When we go to many countries, they are surprised when we tell them our experience. That we have reduced to such a level. Microfinance, which was at number 100, came to 52. Similarly, we reduced 32, 33 commercial banks to 20. They are a little surprised. That it is a very challenging task.
In this, it was seen that HR issues were coming up a lot. Things like NPA management and governance WB of each other have been exposed more automatically after the merger. There will be some disputes in some places. Such things happen, that is also a kind of management. Merger itself is a separate management. But banker friends are doing well. I want to appreciate that. We are watching closely.
In the Ministry of Finance, the administration had submitted some suggestions to the Finance Minister a few months ago. Such is the situation. There was an important point in which Nepal’s private sector lending did not grow the GDP appropriately. It did not increase production. It did not create many jobs either. That we should be aware?
Nepal’s growth did not happen properly. The economy did not grow. What if we think about the fact that credit did not draw down? Whoever made that point. They said that if our activity had increased, government spending had increased, and the private sector had also worked in the same way, bank loans would also have been used. The National Bank would not have had to keep ‘mopping up’. If they had thought about it, it would have happened.
But the money that went out did not contribute. Couldn’t it have been possible to send more?
That is something that is always talked about outside. The money that goes to the market is always contributing something. Even if you are spending it on food, it is still contributing. Even if someone goes to a hotel and eats, he promotes that tourism. So after the money goes, it has contributed somewhere or the other. Somewhere, he said in one place, he will go to another place. That is a separate matter. We have a place to look at it. It is not always the case that the money that goes has not worked.
In this part, you regulate whomever you see in Nepal. They play the role of financial intermediaries. After playing the role of intermediaries, the money that goes should promote entrepreneurship. If you want to increase employment, then the government should think about all the programs that have been launched in this regard. Whatever it takes, it should be used appropriately. Big corporates also operate like this. Isn’t there something to be done in this way to create an entrepreneurial atmosphere?
Yes. We are even sitting in the Ministry of Finance with the Honorable Deputy Prime Minister and Finance Minister in meetings. What is this? There is an ecosystem everywhere. When a bank gives a loan, it seeks some kind of protection for the loan it has given. Insurance is provided for that. Even in small agriculture, there is a lot of risk in giving loans. Such people are also insured.
If the flood and landslides happen, the place where the loan was taken is affected, and tomorrow he will not be able to pay. If he has to re-establish it, it will cost more, and if the bank starts giving another loan on top of the loan, then that project is not viable. Whatever is damaged to make that project viable, whatever is damaged. There should be compensation for that.
Insurance should compensate in time. Then it can regularize its work. What the bank should do is, it took time to rebuild it. It should postpone the time it has to pay. So there are many things here. There is an ecosystem within that too. It should work. I see that in many places in such ecosystem, bridges (broken) are there.
I see it broken. I see it torn. The Ministry of Finance is doing the work of managing and organizing it. It is doing so. Because all our agencies are not that efficient, there are many delays in such work.
CSR has such a huge fund. To whom the bank gives loans. Can we also ask them to spend that money on skill development through another channel?
We have made rules for spending CSR. You have to set aside 1 percent from the profit. We have told you where to put the area. It has to reach all the provinces. We have said not to focus on one place. We have said to spend at least 10 percent in all the provinces. We have said to go deeper than that and spend on digital as well, CSR. We have said to spend on awareness, literacy as well.
Make the matter of spending public, what you have done. Put it on the website. People who want to see should be able to see it. We have also said where we have done it. Now if we go deeper than that and do more, it will be like doing unwanted intervention again.
The National Bank does not spend on financial literacy. Is it said that the National Bank is a bit greedy in this part?
No. We are working on awareness. We have created a separate dedicated division for consumer protection and financial inclusion. How much will that division cost? Think for yourself. We have 22-23 staff in the division. We are listening to the complaints that come in, processing them, and working on literacy. So there is investment. Not that there is none.
There is a case of CBDC. Countries all over the world have run. We are also going to go, to what stage have we reached?
We have dedicated divisions. There are teams too. We are working on it. A prototype has also been developed. We are exercising on it. Our plan is to roll it out by 2026. We are working accordingly. Recently, an IMF mission came and they have done all the studies and given us some additional guidance on this subject.
We have different stages. We have to create our own divisions, assign staff and we are also working on two or three projects with the resources there. Called Ambridge, called Emridge. We are also onboard in BIIS projects. Friends are active. They are late. Now in the process of project preparation. The next stage is that we have also consulted with the IMF. Consultations are also being held with other stakeholders. Now we have almost reached the stage of procurement. First, we will look at the prototype cases. Then we will move forward. Which is our road map, the stage in which we have to work, the work to be done by 2024 is almost complete.
There is a case of digital banks. Along with that, there is a complaint that 10-11 rupees were deducted when buying goods worth 50 rupees or sending 50 rupees to someone else’s account. A statement by the Honorable Prime Minister also came in this context. What exactly happened in this? Is this a lack of understanding or have we created such a structure?
First of all, the kind of adaptation that Nepalis have made in this digital adaptation. That is really commendable. Nepal is behind Singapore in the popularity of digital adaptation in QR codes. I think most people don’t need to carry cash anymore. We can settle anywhere. This is a great achievement. This is a kind of revolution.
As far as the charges are concerned, it is about 10 rupees. You gave me an example of 50 rupees. Someone transferred 10 rupees and showed me that 11.30 rupees were charged. My answer to that is that you did not do this transaction. You did this stunt to show me. You could have shown that you paid 11.30 even if you sent 2 lakhs. If you had 2 lakh transactions, I would have called it a transaction.
Now what is the issue here, there are about 1.6 million merchants here just for QR. The transaction done on the merchant’s stand does not cost a single penny. It does not cost even 10 rupees. Those who transact with each other except merchants and do transfers from one bank to another, are being charged. So far, we have not made arrangements to pay in MBR or that merchant, we have not made allowances. This is actually the generosity of technology providers. We have been providing this facility for 3 years. We are still getting it.
Forgetting all the facilities we have received, we did not make the transaction done in that non-merchant an issue. That was a miss leading. Another thing that happened was that in the last budget, 13 percent VAT was introduced to be imposed on digital. After this, 1 rupee 30 paisa was added. After that, I see that people have made it an issue. It would have been better if the government had not done that. It was not our suggestion to impose VAT on it. We also objected. Verbally because it should not have been done. We are promoting digital. It is something that needs to be incentivized.
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## The state should invest in building digital public infrastructures, and the government should not have sought anything from within where the private sector is investing and creating an ecosystem at this level and creating a digital economy. That is a different matter, but whoever has made the issue. That issue is just a razor. There is no fee for people who do the right thing and do it in the right way with that merchant.
It is also a matter of great interest which modality the digital bank will become, isn’t it?
In the case of digital banks, a long journey has to be covered. As I see it, after the arrival of CBDC, the first step will be easy. The second act also only contains definitions now. Nothing else. Like licensing provisions. People have decided what is what. Even in the world, digital banks have not occupied that much market size. It is not a very mature concept in our case.
A few days ago, a news story went viral. How many billions of money did Bhutan earn by mining crypto? There is pressure in Nepal to legalize crypto at various stages. The issue of only mining is another issue that must be clarified. Looking at this, what is the stand of the Central Bank today?
We have clearly said that cryptocurrency is a risky product for a country like ours. And none of us, the central banks, call it a currency. We define it as crypto assets. That has many negative effects. Countries like ours, even emerging countries, do not have much of a problem. Even because of their currency position, etc. There is a lot of risk for a country like ours. We have not taken it.
As far as the example of Bhutan is concerned. I also asked my counterpart there, in the meeting yesterday. Can you bring this into your results? He said that it is possible. If his reserve position increases sharply, we will see it. It is also not clear what that is. It is a company that has invested in a subsidiary of the government rather than the government. That is to say, since it was done by a part of the government, the government has approved it. In many countries, they have remained silent about it. They have allowed it to be traded. But except for one central bank in the world, no central bank has recognized Bitcoin or crypto as a medium of exchange, store of value and currency.
In the case of central banks, no central bank in the world has recognized these crypto assets as currency except for the Central Bank of El Salvador.
There are companies that make digital payments in Nepal, but their doors have gone towards digital gambling. What do you want to say about this?
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## We are regulated institutions that conduct digital transactions. Since some new institutions are emerging institutions, it will take more time to organize the governance or internal operations there. But our rules and regulations have clearly stated that we should not go down that path. And if someone is seen doing business somewhere, they are also coming under the scope of action. We have already revoked the licenses of two just yesterday. The business will be closed and then the license will be revoked.
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## Therefore, even being a regulated institution, we cannot go down that path. Even if we go, we will bring them back on track one day or another.
Are you all smiling after the country rating?
Not so. There is nothing to laugh about. We are now the second country in South Asia after India in all other economic fundamentals. We are above all countries. That is why the rating came out the same way. There is nothing to be considered otherwise. But what was the prediction of many? Then it was that we would not get such a rating. We got this rating. We should protect it. We should improve it further. We should continue to do more reform work. I think.
Many people expect. The Central Bank has money through its governor. The government also has such good foreign exchange reserves. The banks have such good loanable funds. What is the Central Bank saying to do this and that to run it? There is a lot of desire to hear this. What has the government said?
After the budget is made, many things cannot be touched in between. One is when you start from Kathmandu Valley. Set up a settlement of 5-5 thousand in some corner, low-cost housing. Houses available for 40 lakhs, 50 lakhs, 60 lakhs. Fifth, after the settlement of 1000 is settled, there will be a separate school there. A separate health center. There is a separate departmental store.
There is nothing that the state cannot do if it wants to build a shuttle service highway bus from that location to the city. But it will be given to the private sector to build it. That consumes cement. Steel, bricks are consumed. Thousands of engineers work. That project should be immediately carried out so that it can be completed within 1 or 2 years. It should not be used for ten years. It had to be used immediately to consume. By doing this, cement from 2 or 3 cement companies is consumed throughout the year.
Currently, cement industries are running at 30 percent capacity. We are giving these kinds of suggestions. I have given it not only now, but since 1 year ago. But now, I have not been able to meet the Prime Minister and say it. There are many other issues. There is no way to say anything about development there. The state does not have to do anything about activities that can increase activity. It only shows the way. All these are tasks that the private sector can do.
The state will be involved in facilitation and clearance work. How should the state also be involved? If the local government and the relevant ministries of the government join hands and form a team, these are tasks that can be done. This will increase activity.
In Nepal, not a single industrial area has been developed well for 50 years. The industrial area beyond that is not enough for even one industry. Let’s say Balaju. If a slightly larger industry comes there, it will not be able to accommodate it. There is no space. If an industrial area cannot accommodate even one industry, is it ours? The industrial area should be made such that thousands of industries can come and settle from outside.
Like the current Damak plan, that type. If we are to build a completely new industrial area, I think a cement industry consumes the same amount of cement in a year. It consumes two years. But it has to be built quickly. There are many such plans. For example, seeing the power of evacuation with us, I see people hesitating in electricity production. We can now plan as much as we can for evacuation. Almost all countries in the world have concepts of net zero in a certain year. There is some kind of demand for clean energy.
You mentioned clean energy. I added this. I wonder if there were any questions about the financing done on EVs?
The National Bank is not looking at everything. It is just a matter of how to say it. Should it be said in writing or verbally? It is just a matter of whether there should be awareness in that. Because the bank had to take care of the repayment issue. Other individuals also had to be taken care of. The state, the concerned ministry, and the department had to take care of the overall environment and the battery replacement of tomorrow. As for us, regarding the repayment issue of the bank, if the early earnings are high, keep the early repayment good. If the long-term earnings are good, keep the later payments. It is natural to say that. We are aware of that.
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