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July 17: Confederation of Nepalese Industry (CNI) doubts on achieving monetary policy target announced by Nepal Rastra Bank (NRB). According to CNI, although NRB has addressed many suggestions recommended by CNI, other many important issues have been left unattended resulting difficulty in achieving economic growth and price stability as targeted by monetary policy. Earlier, after the announcement of monetary policy, CNI had declared that NRB has addressed many suggestions recommended by it.
CNI opined that the monetary policy contains some strong issues including increase in ceiling for conversion of mandatory consortium loan to Rs 1 billion from Rs 500 million. Similarly, increase in the frontier amount for importing goods from the third country through draft and TT to Rs 50,000 USD from Rs 40,000 USD has been also considered positive by CNI. Likewise, establishment of Infrastructure Development Bank, increase in ceiling for mandatory loan extension of commercial banks towards agriculture and energy sector and execution of BASEL-3 for upgrading banking system are some strong areas of monetary policy. Additionally, CNI has expressed its contentment on attention given to financial stability through expansion of financial services and foreign exchange management. CNI also believe that the banking system will further strengthen through interest rate corridor, quarterly evaluation and review of monetary policy and utilisation of 3 percent of total employee expenditure on training, skill and career development.
According to CNI, despite the policy has brought some new mechanisms, it has failed to address key issues required to develop industrial sector and promote investment. It said that the monetary policy has not taken significant step on diverting excess liquidity towards productive sector, accelerate industrial pace and increase investment along with creating employment opportunities. “The NRB move of controlling broad money supply without timely modification of mandatory cash reserve ratio, statutory liquidity ratio and bank rate and reloan rate has created imbalance between monetary policy tools, internal target and final target,” said CNI.
The policy also failed in addressing utilisation of excess foreign exchange reserve on infrastructure development and industrialisation. Similarly, CNI explained that the monetary policy has not brought clear provision on promotion of export, increase in purchasing power of domestic currency and expansion of competitive capacity building of export.
CNI claims that the provision of mandatory investment of 2 percent out of 5 percent total loan extension to deprived group will increase workload, administrative chaos and increase in operating cost of commercial banks. CNI suggested on rearrangement of some key issues having direct affect on the economy during the quarterly review of the monetary policy.
The monetary policy has targeted 6.5 percent economic growth and limit inflation on 7.5 percent. For this, growth in broad money supply should be limited to 17 percent through effective monetary and liquidity management.
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'summary' => 'July 17: Confederation of Nepalese Industry (CNI) doubts on achieving monetary policy target announced by Nepal Rastra Bank (NRB). According to CNI, although NRB has addressed many suggestions recommended by CNI, other many important issues have been left unattended resulting difficulty in achieving economic growth and price stab',
'content' => '<p>July 17: Confederation of Nepalese Industry (CNI) doubts on achieving monetary policy target announced by Nepal Rastra Bank (NRB). According to CNI, although NRB has addressed many suggestions recommended by CNI, other many important issues have been left unattended resulting difficulty in achieving economic growth and price stability as targeted by monetary policy. Earlier, after the announcement of monetary policy, CNI had declared that NRB has addressed many suggestions recommended by it.</p>
<p>CNI opined that the monetary policy contains some strong issues including increase in ceiling for conversion of mandatory consortium loan to Rs 1 billion from Rs 500 million. Similarly, increase in the frontier amount for importing goods from the third country through draft and TT to Rs 50,000 USD from Rs 40,000 USD has been also considered positive by CNI. Likewise, establishment of Infrastructure Development Bank, increase in ceiling for mandatory loan extension of commercial banks towards agriculture and energy sector and execution of BASEL-3 for upgrading banking system are some strong areas of monetary policy. Additionally, CNI has expressed its contentment on attention given to financial stability through expansion of financial services and foreign exchange management. CNI also believe that the banking system will further strengthen through interest rate corridor, quarterly evaluation and review of monetary policy and utilisation of 3 percent of total employee expenditure on training, skill and career development.</p>
<p>According to CNI, despite the policy has brought some new mechanisms, it has failed to address key issues required to develop industrial sector and promote investment. It said that the monetary policy has not taken significant step on diverting excess liquidity towards productive sector, accelerate industrial pace and increase investment along with creating employment opportunities. “The NRB move of controlling broad money supply without timely modification of mandatory cash reserve ratio, statutory liquidity ratio and bank rate and reloan rate has created imbalance between monetary policy tools, internal target and final target,” said CNI.</p>
<p>The policy also failed in addressing utilisation of excess foreign exchange reserve on infrastructure development and industrialisation. Similarly, CNI explained that the monetary policy has not brought clear provision on promotion of export, increase in purchasing power of domestic currency and expansion of competitive capacity building of export.</p>
<p>CNI claims that the provision of mandatory investment of 2 percent out of 5 percent total loan extension to deprived group will increase workload, administrative chaos and increase in operating cost of commercial banks. CNI suggested on rearrangement of some key issues having direct affect on the economy during the quarterly review of the monetary policy.</p>
<p>The monetary policy has targeted 6.5 percent economic growth and limit inflation on 7.5 percent. For this, growth in broad money supply should be limited to 17 percent through effective monetary and liquidity management.</p>
<p> </p>
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