Sunday, July 23, 2023

    NRB Monetary Policy 2080-2081; Highlights and Download Monetary Policy 2023- 2024

     The Nepal Rastra Bank (NRB) has published the monetary policy for the ongoing fiscal year 2080-81 (2023-2024).The central bank issued the policy after approving it at the board of directors meeting held in the morning.

    Monetary policy refers to the steps taken by a country's central bank to control the money supply for economic stability.Monetary policy strategies include revising interest rates and changing bank reserve requirements.

    On Sunday, Nepal Rastra Bank (NRB) unveiled the monetary policy for the current financial year 2023/24, making significant adjustments to key interest rates. The policy rate has been reduced from 7 percent to 6.5 percent, a move aimed at stimulating economic growth.With the policy rate decrease, banks accessing short-term loans through the central bank will benefit from reduced costs. This, in turn, is expected to exert pressure on banks to lower overall interest rates for borrowers.However, the bank rate limit remains unchanged at 7.5 percent. The bank rate is the rate at which the central bank lends money to banks for liquidity management purposes.Additionally, deposit collection rates have seen a revision, dropping from 5.5 percent to 4.5 percent.

    Under the new monetary policy, Nepalis going overseas will now have the option to withdraw up to 2500 US dollars.Previously, passport facilities were provided to Nepali citizens visiting countries other than India twice a year, with a limit of 1,500 US dollars. However, the new monetary policy has raised this withdrawal limit to 2500 US dollars, providing travelers with increased access to foreign currency.

    click [ HERE ] to view complete details Monetary Policy 2080-81 (2023-2024)