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KATHMANDU, MARCH 8
Nearly a week ago, I saw a media interview post on my Facebook. The interviewee, a former minister in the Marxist-Leninist communist shades, mocked the citizens of this grand Republic for their penchant for bank interest, house rent and jobs.
I cannot hide my glee at the Karma catching faster than we reckon these days. The banks have failed to lure deposits despite hiking the interest rates. Why didn't the public bite the interest baits for higher income? Is it that they have lost faith in the banking system? Or are they hoarding cash at home? Whatever, it does not augur well for the country's money market and circulation. Desperate for money, rumours abound that the government is going the Indian way in banning currency notes of 500 and 1000 denominations to discourage hoarding. Is the government sure that people have money? People may have lost their spending and saving capacity as joblessness hit them in the last two years as COV- ID-19 ruled the roost. Without a spike in consumer spending, the money dries.
Our remittances must have gone down, which is the fulcrum of our economy. However, the government suspects that people may be investing in illegal cryptocurrencies, which is unlikely. So we cannot rule out traders and politicians purchasing cryptocurrencies to trade in shares for quick bucks with borrowed money.
Whatever the truths, the government must wean the people from relying on bank interest as income. The glut of housing in the market has spawned 'To-let' garlands and confetti, especially in Kathmandu. Soon people might have to give up the rent as a regular, reliable and viable income. Like bank interest, it will fade away.
As for jobs, we have read about the 'great resignation' in the US. Nearly 20 million people have reportedly quit their jobs. While impoverished Nepalis cannot splurge in such luxury, the writings are on the wall –young Nepalis will not accept any jobs you throw at them. And there is no harm in taking jobs that come with pay and perks equal to or more than what one can earn by indulging in politics and business.
The bank interest, house rent and jobs that the communist minister of yore paints as the banes are, in fact, the saviour of the people of the Federal Democratic Republic of Nepal. With no social security worth the name, people have to fend for themselves during rainy days.
Greed for interest will flood the banks with money, hankering for rents will create a glut of rooms for tourist accommodation, and obsession for jobs will produce skilled workers like bartender Freddie, who served drinks to the royalties.
The then ministers were afraid to go anywhere near Freddie, the barman.
A version of this article appears in the print on March 9, 2022, of The Himalayan Times.
