Nepali central bank makes public monitory policy
Wednesday, 25 July 2007
KATHMANDU, July 24 (Xinhua): Nepal Rastra Bank, central bank of the country, has made public the Monitory Policy for the current fiscal year started from July 17, the National News Agency, RSS reported today.
According to the RSS, the policy has aimed at maintaining money inflation below 5 per cent without any change in compulsory cash ratio and bank rate.
The policy has made provisions for refinancing with concessions to industries that had been affected by the 10-year conflict.
Similarly, the policy has made provisions to seize passports of willful defaulters by withholding fixed and movable properties of their ownership and also withholding payment to them from domestic and foreign investment.
The policy has stressed that present exchange rate should be maintained to address problem of over-invoicing stating that such valuation will create negative impact as economic growth of the country has remained minimum.
According to the RSS, the policy has aimed at maintaining money inflation below 5 per cent without any change in compulsory cash ratio and bank rate.
The policy has made provisions for refinancing with concessions to industries that had been affected by the 10-year conflict.
Similarly, the policy has made provisions to seize passports of willful defaulters by withholding fixed and movable properties of their ownership and also withholding payment to them from domestic and foreign investment.
The policy has stressed that present exchange rate should be maintained to address problem of over-invoicing stating that such valuation will create negative impact as economic growth of the country has remained minimum.