NRB Governor Dr. Chiranjibi Nepal speaks in favor of development and changes in the securities market; says all recommendations will be accepted

Nepal Rashtra Bank Governor Dr. Chiranjibi Nepal has stated that the recommendations from the government workforce have been brought into regulation.

The Governor, on a meeting at finance ministry, said that out of 58 point recommendation, 27 points were directed to the NRB which will be completely brought into regulation in coming days while some have already been floated.

Finance Minister, Dr. Yubaraj Khatiwada, had established a workforce to work on the stability of the money market and secondary market. The members of the workforce submitted their report last Wednesday. The members of the workforce had blamed the government for not acting towards the development of the secondary market.

The Governor mentioned that interest rates offered by BFIs were regulated after pressure from the central bank and said that recommendations relating to the securities market will be functioned in one or two days.

He also stated that NRB has requested commercial banks to undertake responsibilities of stock broker as soon as possible, for which the banks do not need to establish a subsidiary company. He added that NRB is working towards bringing more investment in the share market by making loans more accessible.

However, the workforce and the Governor remained silent on the matter of banks not being able to give loans due to liquidity crunch.