4 years ago
Dissatisfaction with the instruction given to the Nepal Bankers Association to give interest waiver by the National Bank
Nepal Bankers’ Association has said that the directives by the government instruction the banks to reduce interest rates by 2 percent was inappropriate.
This view was expressed at the meeting of the Financial Committee under the Federal Parliament.
Stating that they were ready to help entrepreneurs who were really in need they added that not all were in need of relief assistance.
He added that not all the sectors were affected in a similar manner and categorization of the industries according to the impact faced was necessary.
He pointed out that because of the policy of the Rastra Bank, even those collecting regular revenues without disruption were also receiving discounts on interest rates.
He also informed that there was an availability of about 10 billion dollars of spare foreign currency which could sustain imports for about 10 months.
Also speaking at the meeting, former president of the association, Anil Keshari Shah questioned if the relief provided to the borrowers would eventually be transferred to their customers.
The discussion in the committee was aimed at receiving suggestions from the bankers on what could be included in the upcoming budget.
