KATHMANDU: The Nepal Rastra Bank has unveiled the new Monetary Policy for the fiscal year 2024/25, introducing several key provisions to support the implementation of the current fiscal year’s budget.
Governor Maha Prasad Adhikari announced that the new policy will streamline the process of obtaining loans secured by agricultural products as collateral.
Additionally, it facilitates easier access to loans without collateral for individuals working abroad with labor permits, based on remittance assurances.
This move aims to encourage banks and financial institutions to increase their lending for innovative projects.
To address issues within the cooperative sector, the policy includes a provision for the government to refund up to Rs 500,000 to saver members of cooperatives.
This refund is secured against the assets owned by the cooperative’s proprietor or family members.
The policy also includes special measures to promote entrepreneurship, offering aspiring entrepreneurs simplified access to loans.
These initiatives are part of the government’s broader efforts to stimulate economic growth and innovation.
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