 NRB’s New Policies
The Nepal Rastra Bank (NRB) has been very
aggressive these days. Soon after announcing
the plan to liquidate the denounced Nepal
Development Bank (NDB), it has announced more revolutionary plans and policies for the coming days.
Pump Money into Pubs
In one such revolutionary step, NRB has pumped Rs. 50 billion into Thamel Pubs to ease the ongoing liquidity crunch. “Rs. 50 billion has been put behind the dry bars of Thamel pubs and major hotels and restaurants,” said the NRB governor in a press conference held to mark the governor’s ten months in the apex bank. He said: “It will increase the liquidity not only in the Thamel market but also across the banks. This is also likely to help the drunkyard bankers who are more exposed to bad debts. Hopefully, all the bankers will now start lending to each other because at the current high interest rate no one else will be interested to borrow from the banks.”
 All the economists have hailed the governor’s ‘Pub-Priming Solution’. And the breweries all over the country are now rushing supplies to all the distributors in anticipation of a massive rise in consumption. This sudden increase in production is expected to solve the employment problem of the country.
Print More Money
Another revolutionary plan unfolded by the governor unfolded in the press conference was that the NRB is starting to increase tenfold the amount of money it prints each year.
The governor said that many of the country’s current woes were due to the lack of hard cash, and many people were “feeling the pinch”. He told that if more money were printed, “even the poor could be made rich”, and everyone would be happier.
Asked by one journalist how the freshly printed money would reach the poor, the governor said the Rastra Bank is hiring a fleet of helicopters that will be flown out to various places of the country liberally dropping bundles of cash over the areas identified as infested by the poor. “The poverty map prepared recently will help us to identify such places,” he clarified.
When it was pointed out that this might result in “pandemonium”, the governor replied, “There will always be teething problems, but it will be the duty of each and every progressive citizen to act responsibly,and not get carried away.”
Peg Rupee to Yuan
About another revolutionary plan of the NRB, the governor said “We are looking for a new and stable Nepali rupee (NR) as we are going to make a new Nepal. Therefore we are thinking to de-peg Nepali rupee from Indian Rupee and peg it with Chinese Yuan.”
Continuing to peg the NR with Indian Rupee (INR) even now is not only irrelevant but also disastrous, said the governor. “I don’t think we still need to peg NR with INR. Rather we should peg it with Yuan which is known as RMB which literally means people’s money. The currency of the People’s Republic of Nepal must be pegged with people’s money, not with Indian money,” he said.
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