KATHMANDU, SEPTEMBER 26

A delegation led by Pawan Kumar Golyan, chairman of the Confederation of Banks and Financial Institutions Nepal (CBFIN), today met Nepal Rastra Bank Governor Maha Prasad Adhikari to discuss various issues related to building a strong and self-sufficient economy through equitable and sustainable development.

During the discussion, CBFIN Chairman Golyan acknowledged that despite notable improvements in the external economic situation in the first month of the current fiscal year, concerns persist due to challenges in domestic production, investment in the productive sector, capital expenditure, imports, employment, and inflation.

In the current scenario of economic downturn, Golyan presented a written recommendation letter to the governor with an emphasis on fostering a trusting environment and implementing timely policy measures to instil hope, enthusiasm, and motivation while boosting overall economic activities. The letter has covered various topics, such as the conversion of founders' shares into ordinary shares in accordance with the Bank and Financial Institutions Acts, enhancement in current capital loans, addressing the double interest rate arrangement in the region, addressing the rising operating expenses of banks and financial institutions, and expanding dividends.

Additionally, Golyan presented a multi-purpose study book titled 'Self-reliant Economy and Areas of Export Potential' to the governor and invited the Nepal Rastra Bank to participate in a business summit being organised in all seven provinces under the CBFIN's initiative.

Acknowledging the role of Nepal Rastra Bank in safeguarding Nepal's economy during past crises, Golyan made a special request to the governor for continued support and arrangements.

Governor Maha Prasad Adhikari responded by highlighting the positive improvements in external economic indicators and the gradual return of the country's economy to normalcy.

He assured that the central bank would implement policy reforms based on assessments of needs, the current context, and the actual situation.

Governor Adhikari underscored the heightened responsibility of bolstering the economy and the growing trust in Nepal Rastra Bank, urging all stakeholders to be equally committed to enhancing economic dynamism while expressing concerns about potential policy misuse in crises. He assured that the NRB would make timely decisions on the recommendations discussed during the meeting.

Other attendees at the meeting included NRB's Deputy Governor Neelam Dhungana Timsina, NRB Executive Director Bam Bahadur Mishra, NRB Director Gunakar Bhatt, NRB Director Mukti Sapkota, CBFIN Senior Vice-President Bhoj Bahadur Shah, CBFIN Secretary Kush Prasad Malli, and CBFIN Executive Members Upendra Prasad Paudel, Leela Prakash Sitaula, Motilal Dugad, and Dinesh Raj Joshi, among others.

A version of this article appears in the print on September 27, 2023, of The Himalayan Times