सिंहदरबार संवाददाता
Kathmandu. NADA Automobiles Association of Nepal has expressed dissatisfaction with the semi-annual review of monetary policy. NADA has also issued a statement urging that the loan-to-value ratio (LTV) of electric vehicles be maintained at 80 percent.
Nepal Rastra Bank has decided to limit the LTV to 60 percent for personal and all types of electric vehicles in the semi-annual review of monetary policy for the fiscal year 2081-82. NADA has stated that this arrangement will hurt the electric vehicle business and discourage entrepreneurs.
In order to revitalize the sluggish automobile business in Nepal, the association has been requesting Nepal Rastra Bank to increase the loan-to-value ratio limit for petrol and diesel vehicles from 50 percent to 75 percent. However, the Rastra Bank, through its semi-annual review of monetary policy, has set the loan-to-value ratio limit for personal vehicles and all types of electric vehicles at 60 percent. Although this is commendable in the case of petrol and diesel vehicles, it has created a situation that is very detrimental to electric vehicles, NADA has said.
In a statement, NADA said, ‘The government has decided to give high priority to green energy as a policy and has implemented the same.’ Accordingly, although the government has been providing special facilities to electric vehicles since the past, the current half-yearly review of the monetary policy seems to have ignored the government’s policy. This policy of Nepal Rastra Bank has definitely led to a decrease in the use of electric vehicles.’
NADA has urged the government to adhere to its declared policy and to maintain the previous policy, i.e. the loan-to-value ratio limit of 80 percent, in order to secure the investment of entrepreneurs in electric vehicles.
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