KATHMANDU: The House of Representatives’ Finance Committee has decided to amend the Nepal Rastra Bank Act to make it mandatory for Nepal Rastra Bank to issue its monetary policy on the first day of every fiscal year, July 16.
The committee made the decision at its meeting on Monday, agreeing that the monetary policy should be made public on the first day of the new fiscal year. Necessary amendments to the Nepal Rastra Bank Act will be proposed to implement the provision.
Nepal Rastra Bank has not previously been required to announce its monetary policy on a fixed date. As a result, delays in the policy announcement have sometimes created uncertainty in the implementation of the annual budget and financial-sector policies after the start of a new fiscal year.
With the proposed amendment setting July 16 as the deadline, the monetary policy and annual budget are expected to come into effect from the first day of the fiscal year, providing greater policy clarity and facilitating more coordinated fiscal and monetary management.
