KATHMANDU, July 11: Federation of Nepalese Chamber of Commerce and Industry (FNCCI) has welcomed the monetary policy presented by Nepal Rastra Bank (NRB) for Fiscal Year 2017/18 as very positive for the private sector.
Issuing a press statement on Monday, the Federation has appreciated the provision by which commercial bank has to invest 25 percent of total deposit on productive sector. "The private sector can be benefitted from the decision.
Likewise, the decision by NRB to allow banks and financial institutions (BFIs) to provide loans of up to 65 percent of total valuation on the purchase of automobiles will also give much needed relief for the private sector," the statement reads.
Earlier, BFIs were allowed to provide loan of up to 50 percent of total valuation on the purchase of automobiles.