Effective implementation of monetary policy necessary to revive economy: Rajendra Malla
KATHMANDU: Rajendra Malla, Immediate Past President of Nepal Chamber of Commerce (NCC), has said the implementation of the monetary policy for upcoming fiscal year must be effective to maintain financial stability and revive economic activity.
Commenting on the monetary policy unveiled by the Nepal Rastra Bank (NRB), Malla said, "The monetary policy is overall positive for stimulating economic activity, but its implementation needs to be made more effective." He welcomed measures aimed at boosting private sector confidence and strengthening the financial system.
Malla called for more concrete steps to reduce the cost of doing business, lower loan interest rates and other financial costs, and ensure easier and more effective credit flow to productive sectors. "More concrete steps are needed to reduce the cost of doing business as expected by the private sector, to lower loan interest rates and financial costs, and to ensure easy and effective credit flow to productive sectors," he said.
Highlighting support for startups and innovative enterprises, Malla urged expansion of concessional loan programmes and introduction of one‑door KYC system to simplify banking processes. He said effective use of digital technology in the financial sector would remove unnecessary paperwork and delays.
Malla, who is also president of Non‑Life Insurance Business Association, emphasised that the success of monetary policy will depend on its effective implementation. He stressed the need for strong coordination and cooperation between the central bank and private sector to stimulate economy.
He expressed confidence that policy stability, investment-friendly environment, and improved morale in private sector would help accelerate investment, production, job creation and overall economic growth.
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