A team led by Navin Rijal, president of Morang Trade Association, has staged a sit-in in front of Biratnagar Rastra Bank today against the high-interest rate. The industrialists and businessmen of the Sunsari Industrial Corridor, including the association, have demanded that the interest rate on institutional deposits should be maintained at six per cent to curb the sharp rise in interest rates of banks to reduce the liquidity crunch in the country.
The government has so far shown only 20 to 30 per cent capital expenditure, the total deposit is Rs 18 billion, institutional deposits and the bank's interest rate has increased to 11 percent and investment in unproductive sectors will create a more dire situation, said industrialists and traders. Former president of the association Prakash Mundada said that the government should be aware of the current situation in time. Another businessman, Pawan Kumar Sarda, said that it was not good for the country that the overall economy was weakening due to lack of liquidity and an increase in bank interest rates.
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