Grill and Steel Business Association welcomes monetary policy

Kathmandu: Grill and Steel Business Association has welcomed the monetary policy announced by Nepal Rastra Bank (NRB) on Friday.

Mohan Katuwal, president of the association said that the monetary policy is focused on creating employment opportunities and towards developing a self-reliant economy.  He said that the monetary policy emphasizes on the revival of the economy.

According to the association, the scenario is quite challenging for small entrepreneurs due to the lockdown. “In this situation, the policy of rescheduling the loan from 6 months to two years for the ones who have not been able to pay principal and interest amount has been an extreme relief,” he said.

“The business owners who have not been able to pay house rent and employee salary will get refinancing up to 20 per cent in just 5 per cent interest rate. This has motivated us to move at this time of crisis,” added Katuwal “Now, the government must make a work procedure for its implementation soon.”

According to him, it is a positive step to provide the subsidized loan in 5 per cent interest rate. Likewise, he also appreciated NRB’s decision to increase the Credit to Core Capital plus Deposit (CCD) ratio to 85 per cent from 80 per cent to increase liquidity and lessen the interest rate.