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Fri, April 19, 2024

NCC welcomes NRB’s decision to remove cash margin on imports

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KATHMANDU: Nepal Chamber of Commerce (NCC) has said the economy will continue to operate progressively as Nepal Rastra Bank has removed the cash margin system. The NCC had been lobbying the central bank to remove the cash margin system imposed on imports, for the past year. In a press statement, the NCC expressed its gratitude as NRB immediately scrapped the arrangement of cash margin on imports after it made suggestions to Deputy Minister and Finance Minister Bishnu Prasad Paudel about the existing problems of the private sector at an interaction programme organised on January 18. Minister Paudel was the chief guest at the programme organised by the NCC. [caption id="attachment_32604" align="alignnone" width="1000"] Deputy Minister and Minister for Finance Bishnu Prasad Paudel speaks at an interaction on 'Economy: The Way Forward' organised in Kathmandu, on Wednesday, January 18, 2023. Photo: RSS[/caption] The private sector's organisation has welcomed the revision of 'Working Capital Loan Guidlines, 2079' issued by NRB and extending it to June/July 2025. The NCC has suggested that both big and small debtors should be kept at 40% in working capital loans and single-digit interest rates should be maintained to achieve double-digit economic development. It is also expected that the economy will accelerate if the increase in capital expenditure and interest rate can be controlled to make it effective for liquidity management. The NCC has also suggested that 90.5 to 95.5% of the capital expenditure that has not been made at the central, provincial and local levels can be mobilised through banks and financial institutions to prevent liquidity crunch in the market. READ ALSO:  
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