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FNCCI concerned about cash crunch

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KATHMANDU, Sept 22: Federation of Nepalese Chambers of Commerce and Industry has expressed serious concern on the banks´ failure to issue cash as demanded by customers on the eve of the Dashain festival.



"Customers have been forced to return empty-handed after queuing up at the banks for hours. We request the Nepal Rastra Bank to seriously take up the issue," FNCCI said, in a statement issued Tuesday.



FNCCI also said the shortage of cash has halted operations of many industries and that they have not been able to pay salary to their staff. "It is unfortunate that people have not been able to withdraw their deposits on the eve of the major festival," the statement added.



FNCCI also stated that it has serious taken the central bank´s lackluster attitude in cash management. Realizing the gravity of the situation, FNCCI has requested banks and financial institutions to issue cash as demanded by people even during Dashain holidays.



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