The economy is positive, there is no problem in the banks - Prime Minister KP OLI

Sep Sun 2020 07:38:09

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The economy is positive, there is no problem in the banks - Prime Minister KP OLI

Kathmandu. Prime Minister KP Oli has said that Nepal's economic activities are still positive despite the global epidemic of COVID-19. Addressing the nation on the occasion of the Sixth Constitution Day, Prime Minister Oli said that it was a pleasant aspect for Nepal to have some positive indicators despite the economic activities that have been stalled for almost six months.

There is stability in the banking and financial sector. Stating that there has been a significant expansion in banking services, the PM said, "Additional liquidity of around Rs 200 billion is available in the banking sector for private sector investment." He said the low liquidity in the banking sector has helped keep the economy afloat.

Stating that the price rise is under control, the government is continuing to supply daily necessities to the people even in the face of a ban and prohibition order.

Foreign trade deficit is improving. There is continuity in the inflow of remittances even in the current situation of closure. Remittance inflows have been higher than the monthly average during this period. The remittance inflow has been around Rs 287 billion in the last three months. The balance of payments has been in surplus of Rs 282 billion in the last three years. The total foreign exchange reserves have reached Rs 1,401 billion, the Prime Minister said in his address.