Citing new monetary policy did not address export sector problems, the Confederation of Nepalese Industries (CNI) on Tuesday has expressed dissatisfaction over the newly announced monetary policy for the current fiscal year.
CNI stated that the policy has failed to address eroding competitiveness of Nepali exports due to the appreciation of the domestic currency against the dollar.
At a time when neighboring countries have announced various packages to minimize such problems, it is pessimistic that the new monetary policy didn't bring out any measures in that direction, states a press release issued by the CNI.
In addition, there is also a need to lower the existing gap between buying and selling rates of the US dollar, states the release.
The release further states, since the past policy of extending concessionary loans to sick industries have not been able to improve their financial health, continuation of such policy is worthless and will not serve the purpose.
CNI release has also suggested that instead of making a long list of goods permitted to import from India paying US dollars, the government should come out with a negative list that includes goods that can't be imported under such facilities.
However, CNI has welcomed the announcement that the government is soon bringing out a bill to allow Nepali entrepreneurs to invest in foreign lands and has also urged the concerned authority to scrap the laws that obstruct the effective implementation of the proposed act.
Likewise, the CNI release also appreciated the announcement of the policy to lift single borrowing limit while making investments in huge infrastructure projects like hydropower.
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