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Nepal Works on New Monetary Policy Are Underway
Source: nepalnews.com
Source Date: Friday, July 09, 2010
Focus: Electronic and Mobile Government, ICT for MDGs, Thematic Website, Knowledge Management in Government, Citizen Engagement
Country: Nepal
Created: Jul 12, 2010

Nepal Rastra Bank (NRB) has said that it is ready to bring out a tight monetary policy in the upcoming fiscal budget in the parliament if the government seriously realises the existing economic problems.

The current economic state is in a fix. The inflation rate is at double digit, balance of payment (BoP) is in deficit owing to swelling imports in contrast to dwindling exports.

Experts have also attributed the current economic problems to policy lapses as seen in real estate and stock markets wherein prices are going up and down.

According to the central bank, the works to draft the new monetary policy are underway.

The new policy should be designed in a way that addresses the burning existing problems in the financial sector of the country, according to experts. It should help boost export trade, substitute imports, increase investment in the productive sectors, help provide access to banking service to rural people, and increase foreign currency reserve, they say.

Monetary and financial policies are the only part of the broad range of policy measures to be taken.

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