KATHMANDU: The private sector have urged the Nepal Rastra Bank (NRB) to limit the interest rate on loans to single digit through the Monetary Policy for 2022-21.
The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), on Sunday, summitted its suggestions for the upcoming monetary policy to NRB stating that interest rate on loans should be brought to single digit as businesses across the country have been hit hard by the pandemic.
The FNCCI stated that the restructuring and rescheduling facility mentioned in the Monetary Policy 2020-21 be maintained in the coming fiscal year as well and that some of the businesses that were left out of last year’s directive be included in the list of those most affected by COVID-19.
“The current repayment period of loans should be extended from 3 to 5 years depending on the condition of the Covid-affected industry business,” the FNCCI said, adding, “Restructuring and rescheduling of short term loans including TR, overdraft depending on the nature and condition of the business should be done.”
Similarly, FNCCI has demanded that the provisioning facility given last year should be maintained and the current capital loan, which was started to flow from last year, should be continued in the current fiscal year as well.