Commercial banks, which have been facing liquidity problems for a long time, have raised interest rates for the month of February. As per the announced interest rate, the maximum interest rate of commercial banks has reached 11.03 per cent.
The Nepal Bankers Association had agreed to raise interest rates on deposits from February. As per the decision of the meeting of the association, the interest rate of commercial banks will be 11.03 per cent for individual term and 10.03 per cent for institutional from February 13. Also, the general savings account has been fixed at 5 per cent and the call deposit has been fixed at 3.015 per cent.
The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has requested to postpone the decision of raising interest rates after commercial banks raised interest rates. The federation has urged not to increase the interest rate on deposits, saying that all kinds of industries, big and small, are going through a very difficult situation due to COVID.
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