FNCCI critical to H1 monitory policy review of current FY

KATHMANDU: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has worried that the first half-year review of the monetary policy of the current fiscal year unveiled recently by Nepal Rastra Bank (NRB) could affect the economic activity that has grasped momentum, struggling with the COVID-19 pandemic. 

Although conducting a study on concessional loans in the productive sector would help assist in industrialisation, the FNCCI has stated that trade, business and investment would be affected as most of the recommendations of the private sector were not addressed. 

Releasing a viewpoint of FNCCI today, it said chances of crises remain high for businesspersons and financial institutions despite knowing the fact that deposits collection on the banks and financial institutions could not increase amid the interest rate in the deposit. 

The FNCCI has drawn the attention of the central bank towards adverse impacts on production, price hike, revenue collection and employment generation as the review was focused on imports reduction. RSS