“We are soon finalizing the directives,” said NRB Governor Yubaraj Khatiwada. He noted that the central bank is tightening knots against the dealers, including money changers, hotels, travel agencies and other firms that are authorized to carry out currency exchange facility, after its recent supervision dug out instances of anomalies.[break]
Speaking at a function organized to mark the 57th anniversary of NRB, Khatiwada also said the next phase of financial sector reforms package, which the central bank was negotiating with the World Bank and other donors, will go beyond the focus of regaining the health of public sector banks.
“It will also have components on financial sector stability and reconsolidation, and financial inclusion,” said Khatiwada.
According to macroeconomic outlook that the governor highlighted on the occasion, country´s inflation stood at less than seven percent, export grew by 14 percent and import also expanded by 17 percent as of mid-March 2012.
“The trade deficit has widened to 17 percent as increased consumption of petroleum products caused imports to soar drastically,” said Khatiwada. He said the balance of payment over the first eight months of 2011/12 has jumped to Rs 80 billion.
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