Nullify the increment of interest rates of loans, FNCCI demands
KATHMANDU, SEPTEMBER 22 : The Federation of Nepalese Chamber of Commerce and Industry (FNCCI) has decried the move on the part of banks and financial institutions (BFIs) to raise the interest rates of deposits and credits from September 17.
“The increment of the interest rate of loans, in particular, will deal a further blow to the Nepali business sector already hit by the COVID-19 pandemic and weak external sector of the economy. It could not only jeopardize the running companies/ industries but also stifle potential business investment,” states a press release issued by the apex body of Nepali business fraternities.
It also argues that the burden of more interest rates will fuel the inflation rate that has already reached above a shocking 8 percent. Apart from this, the economy is also suffering from a decline in revenue collection by as much as 20 percent. Against this backdrop, the decision to increase interest rates is sure further worsened the situation, so it should be annulled immediately, the FNCCI demands.
Ache country’s revenue collection has declined by 20 percent, clearly alluding to the shrinking economy. “
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