Kathmandu, July 23

The monetary policy recently brought by Nepal Rastra Bank for fiscal year 2020-21 has addressed the concerns of the handicraft industry.

The handicraft industry has been annually contributing around Rs 20 billion to the national economy.

The Federation of Handicraft Associations of Nepal said the monetary policy had addressed the problems of the handicraft industry and businesses, which had been dented by the global coronavirus pandemic.

FHAN’s Officiating Director General Rishi Raj Subedi said it was a welcome step that the monetary policy has been issued addressing even the practical aspects and in a way to support the implementation of provisions made in the budget for fiscal year 2020-21.

“Provisions made for issuing loan to small and cottage industries at concessional interest, extending the payment of demand loan and cash credit with the payment period until July 15, and payment of instalments and the interest on loans issued to enterprises affected by COVID-19 until mid-January 202 would help revive the economy hit hard by COVID-19,” he said.

The Federation welcomed the monetary policy saying it had provided relief to entrepreneurs in the context of cancelled export orders and goods already produced remained in stock as they could not be sold.

Similarly, officiating Director General Subedi said the extension of the timeline for issuing the certificate of advance payment in the name of Nepali exporters after receiving foreign currency from one month to four months was a positive provision.

A delegation of FHAN led by its President Surendra Bhai Shakya had met with NRB governor on July 1 and presented suggestions to be included in the Monetary Policy for fiscal year 2020-21.

The handicraft industry and business directly or indirectly employs more than a million people.

A version of this article appears in e-paper on July 24, 2020, of The Himalayan Times.