Entrepreneurs react to Monetary Policy for FY 2019/20
July 24, 2019 07:48 PM NPT
By: Ajit Rai
KATHMANDU, July 24: Entrepreneurs have reacted to the monetary policy unveiled by the country’s central bank Nepal Rastra Bank(NRB) on Wednesday differently.
The president of the Federation of Nepali Chambers of Commerce and Industry (FNCCI) Bhawani Rana told media persons that she would comment on the monetary policy unveiled today in detail only after studying its contents.
According to her, measures related to liquidity management and interest rate are positive aspects of the monetary policy for the fiscal year 2019/20. However, she expressed dissatisfaction with the measure regarding service charge that she claimed is incompatible with entrepreneurs’ demands.
Senior vice-president of Nepal Chamber of Commerce(NCC) Kamalesh Kumar Agrawal has said it is too early to criticize the monetary policy unveiled today since it is intended to address the challenges that might prevent the government from achieving 8.5 growth.
He warned that the monetary policy would be detrimental to the economy if it was not implemented effectively.
Likewise, the president of Nepal Bankers’ Association Gyanendra Prasad Dhungana has said that the monetary policy for the fiscal year 2019/20 matches his expectations.
Dhungana claimed that the measures related to bank merger, liquidity merger and interest rate were incorporated into the monetary policy unveiled by the country’s central bank as per their demand.
He also expressed a commitment to assisting the government in implementing the monetary policy unveiled by the NRB.
Likewise, he also claimed that the measure related to interest rate would lay the foundation for economic growth.