Kathmandu, April 20:The Nepal Chamber of Commerce has hailed the recent reduction in the bank refinance rates by Nepal Rastra Bank (NRB) describing the move as a positive step in the banking sector.

Nepal Rastra Bank (NRB) had reduced the current rate of bank refinancing on concession loans provided to rural sectors and the exporters by development banks such as the Agricultural Development Bank and Nepal industrial development corporation as well as Rastriya Banijya Bank by 1.5 and fixed the bank rate at 7.5 per cent from the earlier 9 per cent effective April 14.

In a press release, the Nepal Chamber of Commerce said the measure will bring economic stability in the country and help in alleviating poverty through more loan disbursement and  increase in employment opportunities.

The Chamber has also called on the NRB to formulate a long-term policy, increase  the rate of interest on savings, reduce bank liquidity and increase investment in industries and business sector.

Earlier a five member delegation led by Prabhakar Shamsher J.B. Rana, co-chairman of the joint Economic Council constituted by the Federation of Nepalese Chamber of Commerce and Industry (FNCCI) and Confederation of Indian Industries (CII) left here a few day ago for New Delhi to take part in the joint Economic Council (JEC) meeting.

Other members of the delegation are FNCCI second vice-president Diwakar Golchha, president of the Export Promotion Committeee Kishor kumar Khanal, president of the Social Services Committee Shashi Kant Agrawal and FNCCI general secretary Badri Prasad Ojha.

Discussions on the definition of additional production, the special additional tariff levied on Nepalese goods exported to India, import of goods under D.R.P., standard and tourism will be held at the joint economic council meeting.