KATHMANDU: Nepal Rastra Bank (NRB), the central regulatory authority of banks and financial institutions of Nepal, has announced a reduction in the bank rate, central bank policy rate, and deposit interest rates.

In its quarterly review of the Monetary Policy for the fiscal year 2023/24, released on Friday, the Central Bank of Nepal decreased the central bank policy rate by 1 percent and reduced both the interest rates on deposits and the bank rate by 0.5 percent each.

Previously, the central bank policy rate stood at 7 percent.

On July 7, 2023, NRB had unveiled the Monetary Policy for the fiscal year 2023/24.