Nepal Rastra Bank has launched its monetary policy for fiscal year 2021/22 with the aim of revitalizing and promoting COVID-19-affected industries and businesses.
NRB Governor Mahaprasad Adhikari unveiled the policy to continue the revival of loans for businesses affected by COVID-19. The current monetary policy for the new fiscal year covers the hotel, tourism and airline sectors, which have been most affected by the pandemic outbreak in the country since January 2020.
It is also focusing on sectors that have experienced cash flow problems due to COVID-19. The policy provides a standby credit of up to Rs. 2 trillion for public transport, which has also been affected by the pandemic.
The new monetary policy has expanded the mobilization of financial resources.
Remittances flooded into the country, boosting consumption and increasing the purchasing power of the people. Those who deposit their remittances in banks and financial institutions also get an additional 1% interest, informed Governor Adhikari.