Circulars to BFIs requested for implementation of changes in Monetary Policy
KATHMANDU, MAY 16
The Hotel Association Nepal (HAN) has welcomed the decision taken by the Nepal Rastra Bank to allow banks and financial institutions (BFIs) to restructure all loans up to Rs 50 mill i o n through the third quarterly review of the Monetary Policy until next month.
A meeting held between the executive members of HAN has requested for the procedures and guidelines to be circulated to banks and financial institutions in order to implement the provisions made through the Monetary Policy review in a clear and simple manner.
Stating that there is a delay in the process of issuing circulars and guidelines to implement the policies and instructions announced in the Monetary Policy review, the HAN has pointed at the need to coordinate closely with the Nepal Bankers' Association.
'The demand made by the Hotel Association Nepal to lower interest rates to a single digit, recognise the hotel as a national priority industry for the reform and development of this sector, as well as the formation of a national strategy for the sector's development are necessary to uplift the hotels and tourism sector, which is gradually recovering from adverse effects of the COVID-19,' a statement released by the HAN reads.
Also, the meeting of executive members of the association held under the chairmanship of the newly elected President Binayak Shah, office bearers and members of the working committee representing from all over the country have formed nine different sub-committees including women and young hotel entrepreneurs to take prompt decisions on contemporary issues in addition to passing the upcoming annual policy, budget and programme of Hotel Association Nepal. The meeting has also decided to organise Nepal Hospitality Day in January.
The meeting paid special respect to the outgoing president Shreejana Rana for her contribution to the progress of the association.
The association has awarded the honorary membership of the association to Shashikant Agrawal and Ravi Bhakta Shrestha, two eminent personalities of the hospitality, industry and commerce sector.
A version of this article appears in the print on May 17, 2023, of The Himalayan Times.