Kathmandu. The Nepal Chamber of Commerce has requested the Nepal Rastra Bank to extend the deadline until mid-June 2080 for borrowers who cannot pay the principal and interest of banks and financial institutions by January.
While suggesting 9 points for the mid-term review of the monetary policy, the chamber said that the principal and interest should be realigned by the end of 2080. The chamber is of the view that most of the borrowers are in trouble as business activities are often halted due to high-interest rates along with the liquidity crisis that occurred earlier.
The chamber has requested to maintain a single rate interest rate in bank financial institutions saying that financial stability will be maintained if principal and interest rates are rescheduled through monetary review. Chemwar has emphasized that single-digit interest rates should be maintained to achieve double-digit economic growth.
In relation to working capital loans, the chamber has requested that both small and large businessmen should be allowed to use 40 percent on an equal basis and use them according to the needs of the industry and business sector, and keep the premium charged by banks and financial institutions at the base rate up to a maximum of 2 percent.
In the suggestion given by the Chamber to the National Bank, it is said, “Premium charged on the base rate is currently between 0.5% and 6%.” The unequal system should be removed and the premium should be maintained at the base rate only up to a maximum of 2%. The chamber has suggested that an attractive package should be brought to create an environment where remittances come only through banking channels.
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