Fiscal Nepal
First Business News Portal in English from Nepal
Nepalese rupee is the official currency of Nepal.
KATHMANDU: Over the past week, Rs 58 billion has been deposited in various commercial banks across the country. This comes as a small relief for the banking industry that is going through a liquidity crunch and had been unable to issue loans.
According to Nepal Bankers Association, even though banks have collected over Rs 58 billion in deposits, they have only been able to issue Rs 9 billion in loans over the past week. It means, things are looking good.
Gunakar Bhatta, Nepal Rastra Bank’s spokesperson, says that this was positive news for the country’s economy and for banks that were worried about falling into crisis. Bhatta also adds that the past few weeks had seen a lot of refinancing which also helped with the deposits.
“The interbank rate is also going down. It’s gone down from 5 per cent to 3. Things are looking promising,” says Bhatta.
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