The Nepal Rastra Bank (NRB) has announced that the current Rs 60 billion refinancing fund would be increased in near future to manage capital to mobilise in the coronavirus-affected businesses reports The Rising Nepal.

“The central bank will amend the Refinancing Procedures to mobilise the facility efficiently to the COVID-19 affected areas, including small and medium enterprises (SMEs) and tourism,” said NRB Governor Maha Prasad Adhikari in a speech delivered on the occasion of 63rd Anniversary of the bank.

He said that the provincial balance would also be maintained while leveraging the refinancing facility. According to Adhikari, concession would be granted in the interest of fourth quarter payment of loan in the current fiscal year and additional measures would be applied to simplify the process of bank loan mobilisation.

Saying that even the developed countries are in a situation of confusion and uneasiness due to the sudden outbreak of the deadly virus across the world, Adhikari noted that banks and businesses in Nepal should move ahead with caution.

“This is a hard time but the central bank is committed to maintain economic stability by expanding the economy and reducing the impacts of the pandemic on tourism, trade, foreign employment, financial sector and infrastructure development,” he said.