KATHMANDU, Nov 10: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has requested all its chapters to stop the protest against the high interest rates. Keeping in mind that the House of Representatives and provincial assembly elections are going to be held on November 20, the FNCCI has requested all province chapters and member organizations to suspend the currently ongoing protest programs.
FNCCI published a statement on Wednesday, urging all its chapters and members organizations to provide support to make the elections successful. The FNCCI has requested the government and Nepal Rastra Bank (NRB) to suspend the stability of interest rate and working capital loan guidelines due to the lack of liquidity.
The federation said that the private sector is suffering due to the increase in interest rates and the guideline implemented by NRB from this October at a time when the business is being affected due to the low demand of the market. The federation has also expressed solidarity with the demand made by the member District/City Industry and Commerce Associations and objective associations of the federation for liquidity management, interest rate stabilization and suspension of working capital loan guidance.
During the period leading up to the election, the leadership of the federation will be in constant dialogue with the government and NRB. The federation is confident that the problems in the private sector will be resolved through dialogue. Even after the elections, if the demands of the private sector are not addressed by the bodies concerned, the federation said that it will announce more programs for economic stability and the rights of the private sector.