Agreements with China, Sri Lanka on digital payment in the final stage
Kathmandu, July 9: Governor of Nepal Rastra Bank (NRB), Maha Prasad Adhikari, has said that the agreements with China and Sri Lanka on digital payment have reached the final stage.
At an interaction on coming year's monetary policy organized by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Tuesday, the Governor said that agreements are expected in the near future with China's Ali Pay and Sri Lanka's Lanka Pay for digital payment transactions.
Adhikari stated that the volume of transactions with India has increased after the beginning of the cross-border digital payment.
On the occasion, Governor Adhikari said that talks with the officials of the Indian Reserve Bank are ongoing to open the transaction of Indian notes in denominations of 500 and 1,000.
He promised that objective analysis of facts, statistics and practice will be carried out while unveiling the coming fiscal year's monetary policy.
On the occasion, FNCCI President Chandra Prasad Dhakal urged the Governor to bring the monetary policy that would encourage the industries to increase their production capacity and boost up demand in the market adding that loan expansion is not exciting despite sufficient liquidity in the banks and financial institutions.
Dhakal viewed that some provisions should be introduced in the monetary policy for the implementation of the announcement to reduce the interest rate for the industrial sector.
"Industries' capacity to repay loan has reduced due to shrink in the demand. This should be addressed. Our demand is to introduce (monetary) policy to encourage investment," the FNCCI President said.
