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FNCCI hosts 'Pre-Monetary Policy Interaction with NRB Governor'

B360 July 10, 2024, 5:17 pm
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KATHMANDU: Federation of Nepalese Chambers of Commerce and Industry (FNCCI) organised a pre-monetary policy interaction programme with Nepal Rastra Bank (NRB) Governor Maha Prasad Adhikari on Tuesday. Governor Adhikari was the chief guest at the event.

FNCCI President Chandra Prasad Dhakal addressed the programme, highlighting economic challenges over the past two years. Despite a 4.40% inflation decrease, market prices surged due to the Covid 19 pandemic, impacting common people's purchasing power.

Dhakal stressed the need to boost manufacturing capacity and address income decline from limited investments. Remittance inflow reached a record Rs 1.2 trillion in 10 months, but its overall impact remains uncertain.

Manufacturing industries operate at 30% to 40% capacity, while foreign exchange reserves stand at Rs 1.95 trillion — sufficient for 12.5 months of merchandise imports.

FNCCI urged the central bank to take corrective measures, including interest rate reduction, investment encouragement, and tourism infrastructure promotion.

Loan disbursement increased by only half compared to deposits, hindering new investments. Dhakal emphasised extending credit facilities to villages and addressing microfinance challenges.

FNCCI President Dhakal also called for arrangements to close non-compliant industries and reconsider import policies.

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JUNE 2024

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