monetary policy 2072 mid term review

8/17/2019 Monetary Policy 2072 Mid Term Review

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cflys jif{ @)&@÷& sf] df}lb|s gLltsf]

c4{ jflif{s ;dLIff


2/37

ueg{/ 8f= lr/+hLla g]kfnn]@)&@ kmfu'g !^ ut] ;fj{hlgs ug' {ePsf]

cfly{s jif{ @)&@÷ sf] df}lb|s gLltsf] c4{–jflif{s ;dLIff


3/37

ljifo ;"rL

ljj 0f ki7

ki7e"ld

cfly{s nIox?sf l:ylt

cGtl/d nIox?sf l:ylt @

dflbs pks/0f tyf t/ntf Joj:yfkg #

ljQLo Ifqsf sfg"gL, lgofdsLo tyf k"jfwf/ ;DaGwL ;wf/ #

ljQLo /fxt tyf ;xlnot %

ljQLo kxr ^

ljb]zL ljlgdo Joj:yfkg &

cGt/fli6o cfly{s kl/bZo / dflbs Joj:yfkgdf blvPsf r'gftLx? &

cfly{s tyf dflbs kl/bZo *


4/37

cfly{s jif{ @)&@÷ sf] df}lb|s gLltsf] c4{–jflif{s ;dLIff

ki7e"ld

1. @)&@ j}zfv !@ sf] ljgfzsf/L e" sDksf sf/0f * xhf/ * ;oeGbf a9Ln] hLjg u'dfPsf tyf@@ xhf/eGbf a9L JolQm 3fOt] eO{ 7" nf] dfgjLo Pjd\ ?= &)^ ca{ a/fa/sf] ef}lts Iflt ePsf]

ljj/0f ljkb\kl5sf] cfjZostf klxrfg k|ltj]bgn] pNn]v u/]sf] k[i7e" lddf cfly{s jif{ @)&@÷ sf] df}lb|s gLlt @)&@ ;fpg & ut] ;fj{hlgs ul/Psf] lyof] .

2. e" sDkn] k'¥ofPsf] dfgjLo Pjd\ ef}lts Ifltsf sf/0f ;+s'lrt x'g k'u]sf] cfly{s j[l4nfO{ tLa|tflbFb} k'glg{df{0f Pjd\ k'g:yf{kg sfo{df ;xof]u k'¥ofpg] tyf o; qmddf d" No l:y/tf, jfXo;Gt'ng Pjd\ ljQLo :yfloTjdf kg{ ;Sg] hf]lvdnfO{ Go" gLs/0f ug] { p2]Zon] cfly{s jif{ @)&@÷ sf] df}lb|s gLlt th' {df ul/Psf] lyof] .

3. ljQLo If]qsf] pbf/Ls/0fkZrft\ a} +s tyf ljQLo ;+:yfx?sf] ;+VofTds j[l4sf sf/0f ljQLo:yfloTjdf kg{ ;Sg] hf]lvdnfO{ ;Daf]wg ug] { pkfosf] ?kdf a} +s tyf ljQLo ;+:yfx?sf] k" FhLut

cfwf/ j[l4 u/L ljQLo If]qnfO{ ;'b[9, k|lt:kwL{, ;dfj]zL / pTkfbgd'vL agfO{ d'n'ssf] cfly{sljsf;df 6]jf k'¥ofpg] ljifonfO{ ;d]t df}lb|s gLltn] k|fyldstfdf /fv]sf] lyof] .

4. cfly{s jif{ @)&@÷ sf] df}lb|s gLlt hf/L ePkZrft\sf] ^ dlxgfsf] cjlwdf cfGtl/s / ljZjcy{tGqnfO{ k|efj kfg] { s]xL 36gfqmd ljsl;t ePsf 5g\ . cfGtl/s cy{tGqdf ljgfzsf/Le" sDksf] cGt/fn k|efj cg'dfg ul/PeGbf a9L b]vf kg{ yfNof] . dw]z cfGbf]ng tLa| x'g k'Uof]

] ] ] +l L l l L L ] {l


5/37

2 g] kfn /fi6« a} + s

dlxgf;Dd ljsf; lgdf{0fsf ultljlwx? ck]lIft ?kdf cufl8 a9\g ;s]gg\ . o; l:yltdfcf}Bf]lus pTkfbg, ;fj{hlgs vr{ nufot lghL If]qsf] shf{ nufgL lj:tf/ x'g g;Sbf ck]lIftcfly{s j[l4b/ ;+s'lrt x'g] hf]lvd a9]sf] xf] .

9. cfly{s jif{sf] k|f/Deb]lv g} d'n'sdf pTkGg ck|Toflzt kl/l:yltsf sf/0f df}lb|s gLltsf] k|fylds nIosf] ?kdf /x]sf] d" No l:y/tf sfod ug{' r'gf}tLk" 0f{ b]lvPsf] 5 . k]6«f]lnod kbfy{ nufot cGo cTofjZos j:t' tyf ;]jfsf] cfk" lt{df b]lvPsf] cj/f]wsf sf/0f d" Nodf yk bjfj

;[hgf x'g uO{ @)&@ ;fpgdf ^=( k|ltzt /x]sf] jflif{s ljGb'ut d'b|f:kmLlt b/ @)&@ k';df!@=! k|ltzt sfod x'g k'Uof] . kmn:j?k, cfly{s jif{ @)&@÷ sf] klxnf] ^ dlxgfdf cf};td'b|f:kmLlt b/ jflif{s nlIft *=% k|ltzteGbf dfly cyf{t\ (=$ k|ltzt /x]sf] 5 .

10. df}lb|s gLltsf] csf] { k|fylds nIo d'n'ssf] zf]wgfGt/ l:ylt eg] ;dLIff cjlwdf ck]Ifful/PeGbf pNn]Vo artdf /x]sf] 5 . 36\bf] cfoft / a9\bf] j}b]lzs ;xof]u tyf ljk| ]if0fcfk|jfxsf sf/0f ;dLIff cjlwdf d'n'ssf] zf]wgfGt/ art ?= !#( ca{ &% s/f]8 /x] ]sf] 5 .

11. zf]wgfGt/ art pNn]Vo /x]sf] kl/0ffd:j?k ljb]zL ljlgdo ;+lrlt @)&@ k'; d;fGtdf?= (** ca{ $) s/f]8 k'u]sf] 5 . cfly{s jif{ @)&@÷ sf] df}lb|s gLltdf slDtdf *

dlxgfsf] j:t' tyf ;]jf cfoft wfGg] nIo /flvPsf] ljb]zL ljlgdo ;+lrlt ;f] nIoeGbf w]/} dfly /x]sf] 5 .

12. ljQLo If]qtk{ m :yfloTj sfod /x]sf] cj:yf 5 . lgIf]k kl/rfng, ljQLo k|uf9tf, ljQLo kx' Frlj:tf/, ljQLo ;r]tgf nufot ljQLo ;" rsx? ;'wf/f]Gd'v /x]sf 5g\ . ljQLo If]qsf] :yfloTjPjd\ ;'b[9Ls/0fsf nflu cufl8 a9fOPsf sfg" gL ;'wf/, a} +s tyf ljQLo ;+:yfsf] k" FhL j[l4 Pjd\

l L { ] ]


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cfly{ s jif{ @)&@÷ sf] df} lb|s gLltsf] c4{ – jflif{ s ;dLIff 3

17. ef/tLo ?k}ofF;Fu cfj4 ul/Psf] sf/0f g]kfnL ?k}ofF ef/tLo ?k}ofF;Fu k|rlnt d" Nodf l:y//x]sf] 5 . g]kfnsf] d'b|f:kmLlt b/ ef/tsf] d'b|f:kmLlt b/eGbf s]xL pRr /x]tfklg g]kfnL ?k}ofFsf] ef/tLo ?k}ofF;Fusf] oyfy{ ljlgdob/ 7" nf] dfqfdf clwd" Nog ePsf] 5}g . g]kfnL ?k}ofF cd]l/sL8n/;Fu ;dLIff cjlwdf %=! k|ltztn] cjd" Nog ePsf sf/0f ;f] d'b|f;Fu g]kfnL ?k}ofFsf] oyfy{ ljlgdob/df s]xL ;'wf/ ePsf] 5 .

df}lbs pks/0f tyf t/ntf Joj:yfkg

18. df}lb|s gLltn] lj:t[t d'b|fk|bfonfO{ cGtl/d nIo / jfl0fHo a} +s, ljsf; a} +s / ljQ sDkgLsf] clws t/ntfnfO{ ;+rfng nIosf] ?kdf lnPsf] 5 . a} +s tyf ljQLo ;+:yfx?n] o; a} +sdfclgjfo{ ?kdf /fVg' kg] { afx]ssf] gub df}Hbftsf] l:yltn] clws jf Go" g t/ntfsf] cj:yfb]vfpF5 . o;k|sf/sf] clws jf Go" g t/ntfnfO{ Joj:yfkg ug{ o; a} +sn] v'nf ahf/ sf/f]af/,a} +s b/, clgjfo{ gub cg'kft / k'g/shf{ b/ h:tf df}lb|s pks/0fsf] k|of]u ub} { cfPsf] 5 . oLljleGg pks/0fx?dWo] v'nf ahf/ sf/f]af/nfO{ df}lb|s t/ntf Joj:yfkgsf nflu a9L lqmofzLnagfOPsf] 5 .

19. t/ntf Joj:yfkgnfO{ yk oyfy{k/s Pjd\ k|efjsf/L t'Nofpg t/ntfsf] k|j[lQ, rlqmo k|efjPjd\ sf/f]af/sf] nflu cfjZos kl/df0f ;d]t ljZn]if0f u/L t/ntf cg'udg tyf k|If]k0f;+/rgf (Liquidity Monitoring and Forecasting Framework) nfO{ yk kl/dfh{g u/Lk|of]udf NofOPsf] 5 .

20. cfly{s jif{ @)&@÷ sf] ^ dlxgf;Dddf v'nfahf/ sf/f]af/sf ljleGg pks/0fdfk{ mt\ k6s–k6s u/L ?= #)$ ca{ *% s/f]8 t/ntf k|zf]rg ul/Psf] 5 . o;dWo], lgIf]k ;+sng

] ] { { ] l { l ] { { ] ] } l L


7/37

4 g] kfn /fi6« a} + s

;+zf]wgsf] p2]Zo ;'zf;g tyf ljQLo km/kmf/s (Resolution) ;DaGwL ;d:of ;Daf]wg u/LljQLo If]qsf] ljsf;nfO{ ultzLn agfpg' /x]sf] 5 .

25. /fli6«o :t/sf] k" jf{wf/ a} +s :yfkgfsf nflu cg'dlt lbg] ;DaGwdf ljz]if gLltut Joj:yf tof/ug{ Ps sfo{bn u7g ePsf] 5 . a} +s tyf ljQLo ;+:yf ;DaGwL P]gsf] d:of}bf ;+;bdfljrf/fwLg /x]sf] / pQm P]g ;+zf]wg ePkZrft\ o; ;DaGwL yk Joj:yf cufl8 a9fOg] 5 .

26. art tyf C0f ;xsf/L ;+:yfx?sf ;fy} n3'ljQ sf/f]af/ ug] { ;+:yfx?sf] k|efjsf/L lgodg tyf;'kl/j]If0f ug{ Pp6f 5'§} ;an lgsfosf] cfjZostf /x]sf] ;Gbe{df To:tf] ;+:yf :yfkgfsf

nflu P]gsf] d:of}bf tof/ ug] { sfo{ clGtd r/0fdf k'u]sf] 5 .

27. e'QmfgL tyf km5\of} {6 Joj:yfnfO{ yk k|efjsf/L agfpg e'QmfgL tyf km5\of} {6 cg'dlt gLltsf] d:of}bf tof/ eO{ e'QmfgL k|0ffnL cf]e/;fO6 ;ldltdf 5nkmnsf] qmddf /x]sf] 5 . ;fy}, e'QmfgLtyf km5\of} {6 P]gsf] d:of}bf tof/Lsf] qmddf /x]sf] 5 .

28. ljQLo If]qsf] ;'b[9Ls/0f ug] { pkfosf] ?kdf a} +s tyf ljQLo ;+:Yffx?nfO{ ufEg, ufleg tyfk|flKt ug{ k|f]T;flxt ug] { gLltnfO{ lg/Gt/tf lbOPsf] 5 . a+ }s tyf ljQLo ;+:yf Ps cfk;dfufEg]÷ufleg] ;DaGwL ljlgodfjnL hf/L ePkZrft\ @)&@ k';;Dddf *# j6f a} +s tyf ljQLo;+:yfx? Ps cfk;df ufleP/ #! j6f ;+:yf ag]sf 5g\ .

29. a} +s tyf ljQLo ;+:yfx?sf] k" FhLut cfwf/ ;'b[9 u/L bL3{sfnLg ljsf;sf nflu cfjZos kg] { ;|f]t kl/rfng ug{ tyf ljQLo :yfloTj k|j4{g ug{ @)&$ c;f/;Dd tf]lsPsf] r'Qmf k" FhL j[l4ug' {kg] { Joj:yf df}lb|s gLltdf ul/Psf]df a} +s tyf ljQLo ;+:yfx?n] dh{/ tyf af]g; z]o/,xsk|b Pj+d\ yk z]o/ hf/L u/L k" FhL j[l4 ug] { of]hgf o; a} +sdf k]z u/]sf 5g . h;dWo] l + l }+ ] ] ] { F L l ] ] l


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33. ;'kl/j]IfsLo Joj:yfkg ;" rgf k|0ffnL :yfkgf ug] ] { k|f/lDes sfo{sf nflu sfo{bn u7g eO{ hf]lvddf cfwfl/t ckm;fO6 Dofg'cn tof/ ug] { tyf ;'kl/j]If0f ;" rgf k|0ffnL ;DaGwL ;ˆ6j]o/vl/b u/L nfu" ug] { ;DaGwdf sfo{ cufl8 a9fOPsf] 5 .

34. a} +sx?df hf]lvd Joj:yfkg k|0ffnL ;'b[9 agfpg lgb] {zg hf/L ug] { ;Gbe{df a} +sx?sf] hf]lvddfcfwfl/t ;'kl/j]If0f ;DkGg u/]kZrft\ l/:s k|f]kmfOn tof/ kfg] { sfo{ eO/x] ]sf] 5 .

35.

n3'ljQ ;+:yfx?n] cfˆgf] d'gfkmfsf] lglZrt k|ltzt /sd cfˆgf C0fLx?sf] ;fd" lxs lxt tyf;+:yfut ljsf;df pkof]u ug] {u/L u|fxs ;+/If0f sf]if v8f ug' {kg] { Joj:yf ul/Psf] 5 . o;cGtu{t v'b d'gfkmfsf] ! k|ltzt /sd ;f] sf]ifdf 5'6\ofpg' kg] { Joj:yf ul/Psf] 5 . ;fy},jflif{s @) k|ltzteGbf a9L nfef+z ljt/0f k|:tfj u/]df pQm yk k|:tfljt nfef+zsf] @%k|ltzt /sd ;d]t sf]ifdf 5'6\ofpg' kg] { Joj:yf ul/Psf] 5 .

ljQLo /fxt tyf ;xlnot

36. @)&@ j}zfvsf] ljgfzsf/L e" sDk nuQ} cfjf;Lo 3/ Ifltu|:t ePsf ;j{;fwf/0fnfO{ k'glg{df{0fsf nflu sf7df8f} + pkTosfdf ?= @% nfv;Dd / pkTosf aflx/ ?= !% nfv;Ddsf]cfjf;Lo 3/ shf{df o; a} +sn] z"Go Aofhb/df a} +s tyf ljQLo ;+:yfx?nfO{ k'g/shf{ pknAwu/fpg hf/L u/]sf] Joj:yfnfO{ yk lj:tf/ u/L n3'ljQ ;+:yfx?af6 ;d]t ;fd" lxs hfdfgLdfk|lt u|fxs ?= # nfv;Dd o:tf] shf{ k|jfx ePdf ;f] shf{df klg z" Go Aofhb/d} o; a} +saf6k'g/shf{ pknJw u/fpg] Joj:yf ul/Psf] 5 . o:tf] shf{df a} +s tyf ljQLo ;+:yfn] clwstd @k|ltzt;Dd dfq Aofh lng ;Sg] Joj:yf oyfjt sfod /x]sf] 5 .

37. ;Ldf gfsf cj/f]w kl5sf] cj:yfdf a} +s tyf ljQLo ;+:yfaf6 k|jfx x'g] shf{sf] lg/Gt/tf{ l { l l l ] ] ] }+ ] l L L l l


9/37

6 g] kfn /fi6« a} + s

ljQLo kx'r

40. a} +s tyf ljQLo ;+:yfx?sf] zfvf ;~hfndf ePsf] j[l4;Fu} ljQLo ;]jfsf] kx' Fr lj:tf/ x' Fb} uPsf] 5 . @)&@ k'; d;fGt;Dddf æsÆ ju{sf jfl0fHo a} +sx? #), ævÆ ju{sf ljsf; a} +sx?, æuÆ ju{sf ljQ sDkgLx? $& / æ3Æ ju{sf n3' ljQ ;+:yfx? $! u/L a} +s tyf ljQLo;+:yfx?sf] s'n ;+Vof !(! sfod ePsf] 5 .

41. @)&@ k'; d;fGtdf jfl0fHo a} +sx?sf] zfvf ;+Vof !*)^, ljsf; a} +sx?sf] *%^, ljQsDkgLx?sf] @)! / n3'ljQ ;+:yfx?sf] !!^) u/L s'n zfvf ;+Vof $)@# k'u]sf] 5 . @)&@

c;f/df s'n zfvf ;+Vof #*#* /x]sf] lyof] . @)&@ k';df k|lt a} +s tyf ljQLo ;+:yfsf] zfvfaf6 cf};tdf sl/a ^(&! hg;+Vofn] ;]jf k|fKt ug{ ;Sg] b]lvG5 . @)&@ c;f/df o:tf] cg'kft &@)^ /x]sf] lyof] .

42. @)&@ k'; d;fGt;Dd lgIf]k vftf ;+Vof ! s/f]8 %* nfv tyf shf{ ;+Vof !) nfv !) xhf/k'u]sf 5g\ . To;}u/L, @)&@ k'; d;fGtdf P6LPd d]lzgx?sf] ;+Vof !*!) k'u]sf] 5 .

43. ljQLo ;]jfsf] kxF 'r sd ePsf ef}uf]lns If]qx?df ljQLo ;dfj]zLs/0fnfO{ k|f]T;flxt ug] {

p2]Zon] a} +s tyf ljQLo ;+:yfx?n] tf]lsPsf !$ lhNnf tyf n3'ljQ ;+:yfx?n] tf]lsPsf @@lhNnfdf zfvf vf]n]df z" Go Aofhb/df lglZrt cjlwsf] nflu ;fk6L pknAw u/fpg] gLltutJoj:yf ul/Psf] 5 . pQm Joj:yf cg';f/ ;dLIff cjlwdf Pp6f jfl0fHo a} +sn] ef]hk'/, h'Dnf,8f]Nkf, hfh/sf]6 tyf aemfË lhNnfsf] ;b/d'sfddf % j6f zfvf vf]nL ?= @ s/f]8 %) nfvlgAof{hL ;fk6L pkof] ]u u/]sf] 5 .

44. ;fwf/0f k'g/shf{, ljz]if k'g/shf{ / lgof{t k'g/shf{sf] pkof]unfO{ lj:tf/ ug{ dfu kIfnfO{ ykL ] ] ] }+ l { l ]{ ] + ]


10/37


ljbzL ljlgdo Joj:yfkg

48. ef/taf6 lelqg] ljk| ]if0f sf/f]af/df /x]sf ljBdfg sl7gfOx? ;dfwfg ub} { ljk| ]if0f leq\ofpg] sfo{nfO{ ;/n / ;xh agfpg ef/tLo l/hj{ a} +s;Fu låkIfLo ;dGjo ;+oGq lgdf{0f sfo{ cufl8a9fOPsf] 5 .

49. ;'gsf] cfoft tyf ljt/0f Joj:yfnfO{ k|efjsf/L agfpg ljBdfg ;'g cfoft tyf laqmL ljt/0f

sfo{ljlwdf ;+zf]wg ePsf] 5 . o;af6 ;'gsf] laqmL ljt/0f cem Jojl:yt x'g] ck]Iff ul/Psf]5 .

50. /fli6«o cy{tGqnfO{ ljZj ljQLo ahf/;Fu yk PsLs[t agfpg ljb]zL ljlgdo lgoldt ug] { P]gtyf ljb]zdf nufgL ug{ k|ltaGw nufpg] P]gsf] d:of}bf g]kfn ;/sf/ ;dIf k]z ul/Psf] 5 .

51. g]kfndf zt k|ltzt nufgLdf Joj;fo ;~rfng ug{ rfxg] ljb]zL nufgLstf{n] ;+:yf btf{ ug{ sDkgL /lhi6«f/sf] sfof{nodf a'emfpg'kg] { /lhi6« ]zg z'Ns tyf cf}lrTok" 0f{ k" j{ ;+rfng vr{sf] nflu cfjZos /sd a} +lsË Rofgndfk{ mt\ leq\ofpg kfpg] / ;f] /sdnfO{ ;+:yf btf{ eO{ nufgLlelqPkZrft\ nufgL /sddf u0fgf ug{ ;Sg] Joj:yf ul/Psf] 5 .

52. ef/t afx]s t];|f] d'n'sx?af6 8«fˆ6–6L=6L=sf] dfWodaf6 j:t' cfoft ug] { ljBdfg ;LdfnfO{ j[l4u/L Ps k6sdf a9Ldf cd]l/sL 8n/ $),))) -rfnL; xhf/_ sfod ul/Psf] 5 .

53. g]kfnL 6'/ ck/]6/dfk{ mt\ dfg;/f]j/ s}nfz hfg] ef/tLo ko{6s ;d" xnfO{ g]kfnsf xf]6ndf /fvLko{6sn] lglZrt /sd xf]6ndf vr{ u/]sf] Eof6 OGEjfO; tyf a}lsË k|0ffnLdfkm{t\ ef/tLo?k}ofF lelqPsf] lg:;f ;+nUg u/L 6'/ ck/]6/n] ltAatdf lbg'kg] { e'QmfgLsf] nflu ;6xL ;'ljwf

] l { l ] l { l ] L L l


11/37

8 g] kfn /fi6« a} + s

cfoft ug] { ePsf]n] oL j:t'x?sf] d" No 36\bf k'glg{df{0f sfo{df d2t ldNg] b]lvG5 eg] t]nsf] d" No 36\bf vf8L d'n'sx?df sfdsf] vf]hLdf hfg] g]kfnLsf] nflu /f]huf/Lsf cj;/df sdLcfpg] b]lvG5 . cl3Nnf] jif{sf] t'ngfdf ;dLIff cjlwdf ljb]zdf sfdsf] vf]hLdf hfg] g]kfnLx?sf] ;+Vofdf sdL cfPsf] cj:yf 5 . o; kl/b[Zodf cfufdL lbgdf g]kfnn] k|fKt ug] { ljk| ]if0f cfk|jfxdf lu/fj6 cfO{ zf]wgfGt/ ;Gt'ngdf k|lts" n c;/ kg{ ;Sg] hf]lvd b]lvG5 .d'n'ssf] zf]wgfGt/ l:ylt cg's" n agfO{ /fVg] df}lb|s gLltsf] k|d'v nIo /x]sf] ;Gbe{df cfufdL

lbgdf df}lb|s Joj:yfkg r'gf}tLk" 0f{ x'g] b]lvG5 .60. ;g\ @))* sf] ljQLo ;+s6kZrft\ cd]l/sfsf] s]Gb|Lo a} +sn] u}/–k/Dk/fjfbL df}lb|s gLlt

cjnDag u/L Aofhb/nfO{ Go" g ;Ldf (lower bound) df /fVb} cfPsf]df /f]huf/ ahf/df cfPsf] ;'wf/;Fu} cy{tGqn] ultlng] ljZjf;sf cfwf/df km]8/n km08 /]6sf] 6fu] {6 /]GhnfO{ )=@% k|ltztljGb'n] j[l4 u/L )=@% k|ltzt b]lv )=%) k|ltzt;Dd k'¥ofPsf] 5 . o'/f]lkog s]Gb| Lo a} +sn] eg] laut s]xL jif{otf cjnDag ub} { cfPsf] lj:tfsf/L df}lb|s gLltsf] sfof{GjognfO{ oyfjt /fv]sf] 5 . To;}u/L, hfkfgn] df}lb|s ;xhtfnfO{ hf/L /fVb} C0ffTds Aofh b/ (negative interest

rate) gLlt cjnDag u/]sf] 5 . g]kfnsf l5d]sL d'n's ef/t / rLgn] nlrnf] df}lb|s c8fgnfO{ sfod} /fv]sf 5g\ . g]kfndf df}lb|s gLltsf] ax'p2]Zo /x]sf / ljut s]xL jif{otf clwst/ntfsf] l:ylt /x]sf] ;Gbe{df df}lb|s gLltsf] ljBdfg k|f?knfO{ kl/dfh{g ug] { ljifo r'gf}tLsf] ?kdf /x]sf] 5 .

61. cd]l/sL s]Gb| Lo a} +sn] Aofhb/ a9fpg] lg0f{o ;fj{hlgs u/];Fu} cd]l/sL 8n/ g]kfnL ?k}ofF nufot cGo d'b|fx?sf] t'ngfdf alnof] ePsf] 5 . ljZj cy{tGqdf d'b|f:kmLlt b/ 36]sf]n] g]kfnsf] d'b|f:kmLltdf To;sf] ;sf/fTds k|efj k/]tfklg cd]l/sL 8n/ alnof] ePaf6 g]kfnsf]

Ll ] L ]{ ]l


12/37


cfwf/df ljZn]if0f ubf{ cfly{s jif{ @)&@÷ df cfly{s j[l4b/ nIo eGbf Go" g cyf{t\ @k|ltztsf] xf/xf/Ldf /xg] b]lvG5 .

65. cfk" lt{ Joj:yfdf pTkGg c;xhtfsf sf/0f rfn' cfly{s jif{sf] z'?b]lv g} d'b|f:kmLltdf bafakg{ uO{ @)&@ k'if d;fGtdf pkef]Qmf d'b|f:kmLlt b/ !@=! k|ltzt k'u]sf] 5 . cfk" lt{ cj/f]w;xh eO{ d'b|f:kmLltdf kg] { bafa sd x'b} hfg] ePtfklg d" No l/lhl8l6 k|efj, cGt/f{li6«oahf/df 8n/ alnof] xF 'b} uPsf] cj:yf tyf e" sDkkZrft\sf] k'glg{df0fn] ult lnPkl5 dfu

kIfaf6 d" Nodf rfk kg] { ;Defjgfsf cfwf/df rfn' cfly{s jif{sf] cf};t pkef]Qmf d'b|f:kmLlt b/(=% k|ltztsf] xf/fxf/Ldf /xg] ;+zf]lwt cg'dfg 5 .

66. cfoftdf cfPsf] ;+s'rg tyf ljk| ]if0f cfk|jfxdf ePsf] j[l4sf sf/0f @)&@ k'; d;fGtdf ;du| zf]wgfGt/ l:ylt ?= !#( ca{ &% s/f]8n] artdf /x]sf] 5 . cfk" lt{ Joj:yfdf ;'wf/ cfO{ cfufdL lbgdf cfoft lj:tf/ x'g;Sg] ePtfklg ljk] |if0f cfk|jfxsf] j[l4b/ pRr g} /x]sf] /k'glg{df{0fsf nflu afXo C0f tyf ;xof]u kl/rfng a9\g] cg'dfgsf cfwf/df @) c;f/d;fGtdf sl/a ?= !%% ca{sf] zf]wgfGt/ art /xg] ;+zf]lwt cg'dfg 5 . o; cfwf/df @)

c;f/ d;fGtsf] ljb]zL ljlgdo ;l~rlt !# dlxgfsf] j:t' tyf ;]jf cfoft wfGg kof{Kt x'g] b]lvG5 .

67. cfly{s jif{ @)&@÷ sf] df}lb|s gLltdf lj:t[t d'b|fk|bfosf] j[l4b/ !* k|ltzt /xg] k|If]k0ful/Psf] lyof] . a9\bf] ljk| ]if0f cfk|jfx / afXo C0f tyf cg'bfgsf] sf/0f rfn" cfly{s jif{dflj:t[t d' 'b|fk|bfosf] j[l4b/ @!=% k|ltzt x'g] ;+zf]lwt cg'dfg 5 .

68. cfly{s jif{ @)&@÷ sf] df}lb|s gLltdf s'n cfGtl/s shf{ @#=$ k|ltztn] / lghL If]qtkm{sf]

{ l ] ]] ] ] ] l ] l { { ] l l { l l l


13/37

1 g] kfn /fi6« a} + s

ljBdfg ;+/rgf k'g/fjnf]sg ug] { ;f]r cufl8 a9fOg] 5 . o; ;DaGwdf ;/f]sf/jfnfx?;Fuk|f/lDes r/0fsf] 5nkmn ;d]t ;DkGg eO;s]sf] 5 .

73. df}lb|s gLltsf] sfo{lbzf ;Gt'lnt sfod /fVg' kg] { ljBdfg kl/l:yltsf] ;Gbe{df clgjfo{ gubcg'kft, a} +sb/, j}wflgs t/ntf cg'kft Pjd\ k'g/shf{ b/x?nfO{ oyfjt /flvPsf] 5 .

74. clws t/ntfsf] kl/df0f tyf k|s[lt / To;af6 ;dli6ut cfly{s :yfloTjdf kg{;Sg] k|efjnfO{

;d]t b[li6ut u/L cfjZostf cg';f/ lgIf]k ;+sng af]nsaf]n tyf l/e;{ l/kf] af]nsaf]ndfk{ mt\ t/ntf k|zf]rg ug] { sfo{nfO{ lg/Gt/tf lbOg]5 . ;fy}, cfjZostfcg';f/ g]kfn /fi6« a} +s C0fkqhf/L u/L t/ntf Joj:yfkgsf] sfo{nfO{ yk k|efjsf/L t'NofOg] 5 .

cGTodf,

75. ;dLIff cjlwdf cfk" lt{ Joj:yfdf cfPsf] cj/f]wsf sf/0f cfly{s ultljlw tyf ;/sf/sf] kF " hLut vr{ ck]lIft /xg ;s]sf] 5}g . ljk| ]if0f cfk|jfxsf sf/0f zf]wgfGt/ art eg] pNn]Vo/x]sf] 5 . cfk" lt{ Joj:yf;Fu ;DalGwt ;d:ofx? ;'wf/f]Gd'v /x]sf sf/0f j}b]lzs Jofkf/ ;'rf?

x'g], nufgLsf] jftfj/0fdf ;'wf/ cfO{ shf{ k|jfx lj:tf/ x'g], k'glg{df{0fn] ult lng], k" FhLut vr{ j[l4 x'g] / o;af6 ;du| cfly{s ultljlwdf ;'wf/ cfpg] cg'dfg ul/Psf] 5 . cGt/f{li6«oahf/df t]n tyf wft'hGo kbfy{sf] 36\bf] d" Nosf] nfe d'n'ssf] k|fyldstfdf /x]sf 7" nf ljsf;cfof]hgfx?sf] sfof{Gjog tyf e" sDk kl5sf] k'glg{df{0fsf nflu lng ;s] cy{tGqn] xfnef]lu/x]sf] Go" g k" FhLut vr{ / clws t/ntf h:tf ;d:ofx?sf] ;dfwfg ;d]t ;xh x' Fb} hfg]b]lvG5 .

76. rfn' cfly{s jif{sf] afFsL cjlwdf df}lb|s gLltsf] sfof{Gjogaf6 dfuhGo sf/0fn] d'b|f:kmLltdf{ l ] ] l l ] l L ] L{


14/37

cfly{ s jif{ @)&@÷ sf] df} lb|s gLltsf] nIo tyf sfo{ qmd sfof{ Gjog tflnsf 11

cg;"rL

cflys jif @)&@÷ sf dflbs gLltdf pNnv ePsf gLltut Joj:yfx?sf kult ljj/0f

qm=;+= a'bf g= nIo÷sfoqmd sfofGjog l:ylt

1

%@ cfly{s jif{ @)&@÷ df jflif{s cf};t pkef]Qmf d'b|f:kmLlt b/nfO{ *=% k|ltztleqsfod /fVg] . cfly{s jif{ @)&@÷ sf] ^ dlxgfdf cf};t\ d'b|f:kmLlt b/ (=$k|ltzt sfod /x]sf] . Rffn' cfly{s jif{df jfli{fs cf};t d'b|f:kmLlt b/(=% k|ltzt sfod /xg] ;+zf]lwt cg'dfg .

%@ slDtdf * dlxgfsf] j:t' tyf ;]jfsf] cfoft wfGg kof{Kt x'g] ljb]zL ljlgdo;l~rlt sfod ug] { .

@)&@ k'; d;fGtdf ljb]zL ljlgdo ;+lrlt ? (** ca{ sfod /x]sf] .rfn' cfly{s jif{sf] cGTo;Dddf sl/a !# dlxgfsf] j:t' tyf ;]jfsf] cfoft wfGg pQm ;+lrlt kof{Kt /xg] .

2

%@ g]kfn ;/sf/sf] cfly{s jif{ @)&@÷ sf] ah]6 jQmJodf plNnlvt ^ k|ltztsf] cfly{s j[l4 xfl;n ug{ ;3fp k'¥ofpg cfjZos df}lb|s t/ntf Joj:yfkg ug] { .

ljGb'ut cfwf/df @)&@ k';df s'n cfGtl/s shf{sf] j[l4b/ !#=!k|ltzt /x]sf] . Rffn' cfly{s jif{df s'n cfGtl/s shf{ @)=& k|ltztn] a9\g] ;+zf]lwt cg'dfg /x]sf] .

3

%# lj:t[t d'b|fk|bfosf] j[l4b/nfO{ !* k|ltztsf] xf/fxf/Ldf sfod /flvg] . ljGb'ut cfwf/df @)&@ k';df lj:t[t d'b|fk|bfosf] j[l4b/ @#=%k|ltzt /x]sf] . Rffn' cfly{s jif{df lj:t[t d'b|fk|bfo @!=% k|ltztn] a9\g] ;+zf]lwt cg'dfg /x]sf] .

4

%$ cfly{s jif{ @)&@÷ df lghL If]qtk{ msf] shf{ @) k|ltztn] a9\g] . ljGb'ut cfwf/df @)&@ k';df lghL If]qtk{ msf] shf{sf] j[l4b/ !#=%k|ltzt /x]sf] . Rffn' cfly{s jif{df lghL If]qtk{ msf] shf{ !&=%k|ltztn] a9\g] ;+zf]lwt cg'dfg /x]sf] .

5

%* clGtd C0fbftf ;'ljwf Pjd\ ;'/If0fkqx?sf] l8isfp06 ug] { k|of]hgsf nflu gLltutb/sf] ?kdf /x]sf] a} +sb/nfO{ ! k|ltzt ljGb'n] 36fO{ & k|ltzt sfod ug] { .

@)&@÷)$÷@! df lgb] {zg hf/L ePsf] .

6

%( a} +s tyf ljQLo ;+:yfx?n] e" sDk kLl8tx?nfO{ 3/ lgdf{0fsf nflu sf7df8f} + pkTosfdf ?= @% nfv;Dd / pkTosf aflx/ ?= !% nfv;Ddsf] shf{ @k|ltzt;Ddsf] Aofhb/df pknAw u/fpg] / To:tf a} +s tyf ljQLo ;+:yfx?nfO{ z" GoAofhb/df k'g/shf{ k|bfg ug] { Joj:yfsf] k|efjsf/L sfof{Gjogdf hf]8 lbOg] .

e" sDk kLl8tx?nfO{ cfjf;Lo 3/ k'glg{df{0fsf nflu n3'ljQ ;+:yfx?n] ;fd" lxs hdfgLdf k|bfg ug] { ?= # nfv;Ddsf] shf{df ;d]t o;a} +saf6 z" Go b/df k'g/shf{ pknAw u/fOg] u/L æe" sDk k|efljt3/kl/jf/nfO{ cfjf;Lo 3/ k'glg{df{0fsf nflu k|bfg ul/g] k'g/shf{ sfo{ljlw, @)&@Æ ;+zf]wg ul/Psf] .

7

^) o; a} +sn] k|bfg ub} { cfPsf] ;fwf/0f k'g/shf{, ljz]if k'g/shf{ / lgof{t k'g/shf{sf]

pkof]unfO{ lj:tf/ ug{ shf{sf] cfk" lt{sf ;fy} dfu kIfnfO{ yk k|efjsf/Lagfpg]tk{ m ljz]if hf]8 lbOg] .

@)&@ k';;Dddf ;fwf/0f k'g/shf{ ?= ! ca{ &) s/f]8 / lgof{t

k'g/shf{ ?= !^ s/f]8 pkof]u ePsf] . dfu kIfnfO{ k|f]T;flxt ug{ a} +ssfpkTosf aflx/sf sfof{nox?df lgb] {zssf] ;+of]hsTjdf a} +s tyf ljQLo;+:yf, pBf]u jfl0fHo ;+3, s[lif ljsf; sfof{no, aLpmlahg sDkgL, s[lif;fdu| L sDkgL, l;FrfO{ sfof{no, pBf]u, ko{6g, phf{, jLdf cflbsfof{nosf k|ltlglw ;d]t cfjZostf cg';f/ ;b:o /xg] u/L If]qLo:t/df ljQLo If]q ;dGjo ;+oGqsf] lgdf{0f k|lqmof cufl8 a9fOPsf] .


15/37



8

^ pRr ul/aL /x]sf afh'/f, sflnsf]6, aemfª, x'Dnf, bfr' {nf, h'Dnf, 8f]6L, c5fd, d'u' /a}t8L u/L !) lhNnfx? tyf g]kfn ;/sf/sf] ah]6 jQmJodf pNn]v eP adf]lhdul/aLsf] uxgtf t'ngfTds ?kdf a9L ePsf k;f{, af/f, /f}tx6, ;nf{xL, dxf]Q/L,

wg'iff, l;/fxf / ;Kt/Lsf blIf0fL ;LdfjtL{ !!$ j6f ufpF ljsf; ;ldlt / $ j6fgu/kflnsfx?df s[lif tyf ;fgf Joj;fodf cfwfl/t cfod" ns lqmofsnfknfO{ k|f]T;flxt ug{ a} +s tyf ljQLo ;+:yfx?nfO{ o; a} +saf6 ! k|ltzt Aofhb/df ljz]ifk'g/shf{ ;'ljwf pknAw u/fpg] Joj:yf ul/g] .

@)&@÷)%÷)! df lgb] {zg hf/L ul/Psf] . o; a} +ssf pkTosfjflx/sf ;DalGwt sfof{nox?df /x]sf ljQLo If]q ;dGjo ;ldltnfO{ yk lqmofzLn agfOg] .

9

^@ v'nfahf/ sf/f]af/nfO{ yk lqmofzLn Pjd\ k|efjsf/L t'Nofpg t/ntfsf] k|s[ltsf] cfwf/df cfjZostf cg';f/ lgoldt, cfsl:ds Pjd\ ;+/rgfTds v'nfahf/sf/f]af/ ub} { nlug] tyf tLg dlxg] cjlwsf] lgIf]k af]nsaf]nnfO{ lg/Gt/tf lbO{g] .

t/ntfsf] l:yltnfO{ b[li6ut u/L xfn lgoldt tyf cfsl:dsv'nfahf/ sf/f]af/dfk{ mt\ t/ntf k|zf]rgsf] sfo{nfO{ lg/Gt/tflbOPsf] . ;+/rgfTds k|s[ltsf] t/ntf k|zf]rgsf] nflu # dlxg] lgIf]kaf]nsaf]nnfO{ lg/Gt/tf lbO{Psf] .

10

^# cGt/f{li6«o ljQLo ;+:yfx?åf/f g]kfnL d'b|fdf hf/L x'g] C0fkqdf a} +s tyf ljQLo;+:yfx?n] nufgL u/]df To:tf] C0fkqnfO{ v'nf ahf/ sf/f]af/ / :yfoL t/ntf

;'ljwf k|fKt ug] { k|of]hgsf nflu pkof]u ug{;Sg] Joj:yf ul/g] tyf j}wflgs t/ntfcg'kft sfod ug{ u0fgf ug] { Joj:yf ;d]t ldnfOg] .

@)&@÷)%÷)! df lgb] {zg hf/L ul/Psf] .

11

^$ kl5Nnf] ;dodf ljBdfg pRr t/ntfsf] l:ylt dWodsfnLg k|s[ltsf] /x]sf]n] pRrkl/df0fsf] t/ntf k|zf]rg ug{ o; a} +sn] wf/0f ug{;Sg] ;/sf/L C0fkqx?sf] kl/df0f ckof{Kt ePdf g]kfn /fi6« a} +s C0fkq hf/L ug{ ;lsg] .

xfn l/e;{ l/kf], ;f]em} laqmL tyf lgIf]k ;+sng af]nsaf]ndfk{ mt\ clws t/ntf k|zf]rg ul/+b} cfPsf] . t/ntfsf] k|j[lQnfO{ b[li6ut u/Lg]kfn /fi6« a} +s C0fkq hf/L ug] { ;DaGwdf cfjZos tof/L eO{/x]sf] .

12

^% df}lb|s gLltsf] ;+rfng nIosf] ?kdf /x]sf] a}lsË If]qsf] clws t/ntfsf] dfkgtyf k|If]k0f sfo{nfO{ yk oyfy{k/s agfpg ljBdfg t/ntf cg'udg tyf k|If]k0f;+/rgf (Liquidity Monitoring and Forecasting Framework, LMFF) nfO{ kl/dfh{g ul/g] .

t/ntf cg'udg tyf k|If]k0f sfo{nfO{ yk oyfy{k/s agfpgt/ntfsf] Trend, Seasonality Pjd\ b}lgs sf/f]af/sf] nflucfjZos kl/df0f ;d]t ;dfj]z x'g] u/L LMFF nfO{ k|of]udfNofOPsf] .

13

^^ ljQLo :yfloTj sfod ug{, ljQLo kxF 'r Pjd\ ;dfj]zLs/0f lj:tf/ ug{, k|lt:kwf{ a9fpg tyf ;'zf;g sfod ug{ ljQLo If]q ljsf; /0fgLlt :jLs[t ePkZrft\ pQm

/0fgLltdf tf]lsPsf sfo{qmdx? r/0f¢ ?kdf sfof{Gjog ul/g] .

/0fgLltsf] d:of}bf tof/ kf/L g]kfn ;/sf/, cy{ dGqfnodf k]zul/Psf] .

14

^& a} +s tyf ljQLo ;+:yf vf]Ng Ohfht k|bfg ug] { ljBdfg gLlt ;DaGwdf cWoog u/LcfjZostfg';f/ ;f] gLltdf k'g/fjnf]sg ul/g] .

a} +s tyf ljQLo ;+:yfsf zfvfx?sf] cjl:yltsf ;DjGwdf e-Mapping eO/x]sf] / pQm sfo{ ;DkGg ePkZrft\ Ohfht gLltdfcfjZstfg';f/ k'g/fjnf]sg ul/g] .


16/37



15

^* k" jf{wf/ ljsf;sf] If]qdf sfd ug{ /fli6«o :t/sf] k" jf{wf/ a} +s :yfkgfsf nflucg'dlt lbg] ;DaGwdf ljz]if gLltut Joj:yf ul/g] . o; a} +sn] tf]s]sf cGoJoj:yfx?sf cltl/Qm :jb]zL nufgL jf ljb]zL;Fusf] ;+o'Qm nufgLdf o:tf] a} +ssf]

:yfkgf ug{ ;lsg] / Go" gtd r'Qmf k" FhL ?= @) ca{ x'g'kg] { ] Joj:yf ul/g] .

ljz]if gLltut Joj:yf tof/ ug{ Ps sfo{bn u7g ePsf] . a} +s tyfljQLo ;+:yf ;DaGwL P]g (BAFIA) ;+zf]wgsf nflu ;+;bdfljrf/fwLg /x]sf] / pQm P]g ;+zf]wg ePkZrft\ o; ;DaGwL yk

Joj:yf ul/g] .

16

^( a} +s tyf ljQLo ;+:yfx?sf] k" FhLut cfwf/ ;'b[9 u/L bL3{sfnLg ljsf;sf nflucfjZos kg] { ;|f]t kl/rfng ug{ tyf ljQLo :yfloTj k|j4{g ug{ Go" gtd r'Qmf k" FhLj[l4 ug' {kg] { Joj:yf ul/g] .

@)&@÷)$÷@! df lgb] {zg hf/L ul/Psf] . o; qmddf a} +s tyf ljQLo;+:yfx?n] dh{/ tyf af]g; z]o/, xsk|b Pjd\ yk z]o/ -FurtherPublic Offerings_ hf/L u/L k" FhL j[l4 ug] { of]hgf k]z u/]sf .

17

&) ul/aLsf] uxgtf t'ngfTds ?kdf a9L ePsf k;f{, af/f, /f}tx6, ;nf{xL, dxf]Q/L,wg'iff, l;/fxf / ;Kt/Lsf blIf0fL ;LdfjtL{ !!$ j6f ufpF ljsf; ;ldlt / $ j6fgu/kflnsfx?, pRr ul/aLdf /x]sf tf]lsPsf bz lhNnfx? tyf sf7df8f} + pkTosfafx]ssf e" sDkaf6 a9L k|efljt lhNnfx?df zfvf lj:tf/ ug{ a} +s tyf ljQLo;+:yfx?n] o; a} +ssf] k" j{ :jLs[lt lng' gkg] { Joj:yf ul/g] .


18

& sf7df8f} + pkTosf nufot b]zsf k|d'v ;x/x? lj/f6gu/, hgsk'/, jL/u~h, kf]v/f,

e}/xjf, g]kfnu~h / wgu9Ldf ;fj{hlgs ;x/L oftfoft ;]jf ;+rfng ug] { ;+ul7t;+:yfnfO{ k|bfg ul/g] shf{nfO{ ;d]t pTkfbgzLn If]q shf{df u0fgf ug] { Joj:yful/g] .

@)&@÷)%÷)! df lgb] {zg hf/L ul/Psf] . @)&@ k'; d;fGt;Dddf

?= &) s/f]8 @@ nfv shf{ pQm If]qdf k|jfx eO{ pTkfbgd" nsshf{df u0fgf ug] { Joj:yf ul/Psf] .

19

&@ g]kfn ;/sf/sf] ah]6 jQmJodf pNn]v ePsf] k|To]s 3/kl/jf/sf nflu slDtdf Psa} +s vftf vf]Ng] cleofg tyf /fHoaf6 k|bfg ul/g] /sd a} +s vftfdfkm{t\ pknAwu/fpg] Joj:yfnfO{ ;xof]u k'¥ofpg ljQLo kxF 'rsf] cj:yfsf af/]df gS;fÍg(Mapping) u/L ljQLo kx' Fr Go" g /x]sf ef}uf]lns If]qx?df n3'ljQ ;+:yf :yfkgfug{, ;+rfngdf /x]sf ;+:yfx?sf] Zffvf lj:tf/ ug{, zfvf/lxt a} +lsË / df]afOna} +lsË h:tf ;]jfx? lj:tf/ ug{ k|f]T;flxt ul/g] .

lg/Gt/ ?kdf eO/x]sf] .

20

e" sDkaf6 c;/ k/]sf] cfjf;Lo 3/, s[lif Joj;fo tyf ko{6g nufotsf If]qnfO{ k'g/shf{ pknAw u/fpg] tyf Aofh ;x'lnot k|bfg ug] { sfo{df ;xof]u k'¥ofpgg]kfn ;/sf/sf] ah]6 jQmJodf pNn]v ePcg';f/ o; a} +såf/f cfly{s k'g?4f/ sf]if

;+rfng ug] { Joj:yf ul/g] .

g]kfn ;/sf/ dlGqkl/ifb\af6 ldlt @)&@÷)(÷@! df :jLs[t cfly{sk'g?4f/ sf]if -:yfkgf tyf ;+rfng_ ;DaGwL sfo{ljlw, @)&@ sf] sfof{Gjogsf nflu o; a} +saf6 ldlt @)&@÷!)÷!) df lgb] {zg hf/L

ul/Psf] .


17/37



21

&$ g]kfn ;/sf/n] cfly{s jif{ @)&!÷&@ sf] ah]6df 3f]if0ff u/] adf]lhd nfu" ul/Psf] ;x'lnotk" 0f{ Aofhb/sf] s[lif shf{nfO{ lg/Gt/tf lbFb} shf{ k|jfxsf] k|lqmofnfO{ yk;/nLs[t u/L ;fgf / dWod s[ifssf] kx' Fr a9fpg] Joj:yf ul/g] .

;fd" lxs lwtf]sf cfwf/df ?= !) nfv;Dd k|jfx ul/Psf] shf{df ;d]tAofh cg'bfg k|bfg ug] { / lrof, skmL, a];f/ / h}t'g (Olive) v]tLyk u/L sfo{ljlw ;+zf]wg ug{ s[lif shf{ cg'udg tyf ;dGjo

;ldltaf6 cy{ dGqfnonfO{ l;kmfl/; ul/Psf] . xfn;Dd sl/a ?= !ca{ shf{ k|jfx eO{ ?= (^ nfv (( xhf/ Aofh cg'bfg k|bfg ul/Psf] .

22

&% Jofj;flos s[lif tyf kz'kfng, ;fgf tyf demf}nf Joj;fo Pjd\ e" sDkaf6 k|efljtIf]qdf cfod" ns lqmofsnfknfO{ k|f]T;flxt ug{ C0fLsf] C0f ltg{;Sg] Ifdtfsfcfwf/df df]6/ af6f] gePsf] v]tLof]Uo hldgnfO{ klg a} +s tyf ljQLo ;+:yfx?n] a9Ldf ?= !) nfv;Ddsf] shf{ k|jfx ubf{ lwtf]sf] ?kdf :jLsfg{ ;Sg] Joj:yfldnfOg] .

@)&@÷)$÷@! df lgb] {zg hf/L ul/Psf] .

23

&^ a} +s tyf ljQLo ;+:yfx?n] ;+:yfut pQ/bfloTj ;DaGwL sfo{ ug{ tyf ;+:yfsf] dfgj ;+;fwg ljsf;df yk lqmofzLn x'g cfˆgf] d'gfkmfsf] Ps lglZrt k|ltzt/sd 5'§ofpg' kg] { Joj:yf ul/g] .

;+:yfut pQ/bfloTj tyf ;+:yfsf] dfgj ;+;fwg ljsf; sfo{ ;DaGwLcGt/f{li6«o cEof;sf] cWoog u/L lgb] {zg hf/L ug{ k|f/lDes 5nkmnePsf] .

24

&& ;fgf lgIf]kstf{x?sf] lgIf]k ;'/Iff ug{sf nflu ljBdfg lgIf]k ;'/If0f ;Ldfdf j[l4ug{ a} +s tyf ljQLo ;+:yfx?n] ltg' {kg] { ;'/If0f z'Nsdf k'g/fjnf]sgsf nflu kxn

ul/g] .

o; ;DaGwdf g]kfn ;/sf/;Fu cfjZos ;dGjo ug] { qmddf /x]sf] .

25

&* ;]jfu|fxLnfO{ k|efjsf/L ;]jf k'¥ofpg] / a}s tyf ljQLo ;+:yfx?nfO{ t/ntfJoj:yfkg ug{ ;xh t'Nofpg] p2]Zon] Real Time Gross Settlement (RTGS)k|0ffnL :yfkgf ug] { sfo{ cufl8 a9fOg] .

RTGS :yfkgf ug] { ;DaGwdf Technical Support sf] nflu 5nkmnhf/L /x]sf] .

26

&( e'QmfgL tyf km5\of} {6 ljlgodfjnL, @)&@ sf] sfof{Gjogdfkm{t\ xfn;Dd o; a} +ssf] lgodg tyf ;'kl/j]If0fsf] bfo/fleq gcfPsf e'QmfgL tyf km5\of{ }6 ;]jf ;~rfngug] { ;+:yf÷;+oGqx?nfO{ ;d]t o; a} +saf6 Ohfht k|bfg ug] { Joj:yf ug] { .

e'QmfgL tyf km5\of} {6 cg'dlt gLltsf] d:of}bf tof/ eO{ e'QmfgL k|0ffnLcf]e/;fO6 ;ldltdf 5nkmnsf] qmddf /x]sf] . ;fy}, e'QmfgL tyfkm5\of} {6 P]gsf] d:of}bf tof/Lsf] qmddf /x]sf] .

27

&( e'QmfgL tyf km5\of{ }6 ;]jf ;~rfng ug] { ;+:Yff÷;+oGqx?n] hf/L ug] { pks/0f Pjd\ ;]jfsf] lgoldt lgodg tyf ;'kl/j]If0f ug] { Joj:yf ldnfOg] .

cg'dlt gLlt kfl/t ePkl5 ;+:yfx?sf] ;'kl/j]If0f tyf cg'udgsf] sfo{ cufl8 a9fOg] .

28

*) k|fs[lts k|sf]k nufotsf 36gfx?n] ljQLo k|0ffnLsf] Jofj;flos lg/Gt/tfdf

kg{;Sg] c;/nfO{ b[li6ut u/L ljQLo If]q cGtu{tsf ;+:yfx?n] clgjfo{ ?kdfContingency Management Framework tof/ kf/L nfu" ug] { Joj:yf ug] { .

@)&@÷)&÷@( df lgb] {zg hf/L ul/Psf] .

29

* a} +s tyf ljQLo ;+:yfx?df qmlds ?kdf Nepal Financial Reporting Standard(NFRS) nfu" ug] { of]hgf cg'?k NFRS Migration Guidelines to Banks andFinancial Institutions hf/L ul/;lsPsf]n] o;sf nflu cfjZos ljQLo ljj/0fsf]9fFrf tyf gofF lgb] {zgsf] d:of}bfnfO{ clGtd ?k lbO{ sfof{Gjog ul/g] .

d:of}bf lgb] {zg tof/ ug] { sfo{ cufl8 a9fOPsf] .


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30

*@ jfl0fHo a} +sx?df af;]n–# sf k|fjwfgx?nfO{ qmdzM sfof{Gjog ub{ } n}hfg] sfo{tflnsf cg';f/ k" FhLsf]if ;DaGwL k|fjwfgx? sfof{Gjog ub} { nlug] .

af;]n–# sf k|fjwfgdf cfwfl/t Caiptal Adequcy Framework2015 Jfl0fHo a} +sx?df @)&@ k';b]lv ;dfgfGt/ -Parallel Run_ /@) ;fpgb]lv k" 0f{?kdf sfof{Gjogdf Nofpg] u/L ldlt

@)&@÷)(÷@) df lgb] {zg hf/L ul/Psf] .31

*# jfl0fHo a} +sx?sf nflu af;]n–# df cfwfl/t t/ntf cg'udg k4lt nfu" ug{ cfjZos lgb] {zg hf/L ug' {sf ;fy} t/ntfsf cfwf/df ;d]t zL3| ;'wf/fTdssf/afxL (Prompt Corrective Action) nfu" ul/g] .

d:of}bf tof/ eO{ 5nkmnsf] qmddf /x]sf] .

32

*$ a} +sx?sf] ;'kl/j]If0f ug] { sfo{nfO{ cu|b[li6k/s (Forward Looking) agfpg], u}/–:ynut lg/LIf0fnfO{ ;do–;fk]If?kdf ;'b[9 agfpg] / ;dod} hf]lvdsf] klxrfg ug] { k|of]hgsf nflu k" j{ ;r]tgf k|0ffnL (Early Warning System) sf] cg'udg ug] { sfo{nfO{ cem k|efjsf/L agfOg] .

-s_ jfl0fHo a} +sx?df lgoldt ?kdf cg'udg eO/x]sf] .-v_ ljsf; a} +sx?sf] b}lgs t/ntf cg'udg ug] { ul/Psf] . ;fy},

/fli6«o :t/sf ljsf; a} +sx?df Stress Test nfu" eO;s]sf] /cGo ljsf; a} +sx?df ;d]t nfu" ug] { ] Joj:yf ul/Psf] .

-u_ /fli6«o :t/sf ljQ sDkgLx?df ljefuLo :t/df Stress Testnfu" ul/Psf] .

33

*% shf{ hf]lvd Go" gLs/0f ug{sf nflu klxnf] r/0fdf lglZrt /sdeGbf dflysf]

;xljQLos/0f cGtu{t k|jfx ul/g] shf{sf C0fL tyf shf{ kl/of]hgfsf] clgjfo{ ?kdf Credit Rating u/fpg'kg] { Joj:yf ul/g] .

xfn Ps dfq Credit Rating ;+:yf ;+rfngdf /x]sf] / csf] { ;+:yf

klg cg'dlt k|fKt ug] { k|s[ofdf /x]sf]n] pQm ;+:yf ;+rfngdfcfPkZrft\ lgb] {zg hf/L ug{ 5nkmn ePsf] .

34

*% tf]lsPsf] Ps lglZrt /sdeGbf dflysf] ax'–a}lsË shf{ pkef]u u/]sf C0fLx?nfO{ clgjfo{ ?kdf ;xljQLos/0fdf kl/0ft ug' {kg] { Joj:yf ul/g] .

@)&@÷)&÷@( df lgb] {zg hf/L ul/Psf] . o; cg'?k ?= %)s/f]8eGbf dflysf] ax'–a}lsË sf/f]af/ ug] { C0fLx?sf] shf{ @)c;f/ leq ;xljQLos/0fdf kl/0ft ul/;Sg' kg] { Joj:yf ul/Psf] .

35

*^ a} +s tyf ljQLo ;+:yfx?af6 ljkGg ju{df k|jfx x'g] shf{sf] cg'kftnfO{ )=% k|ltztljGb'n] j[ l4 u/L jfl0fHo a} +sx?sf nflu s'n shf{sf] %=) k|ltzt, ljsf; a} +sx?sfnflu $=% k|ltzt / ljQ sDkgLx?sf nflu $=) k|ltzt sfod ul/g] .

@)&@÷)$÷@! df lgb] {zg hf/L ul/Psf] . @)&@ k'; d;fGt;Dddfjfl0fHo a} +s, ljsf; a} +s tyf ljQ sDkgLx?n] qmdzM %=# k|ltzt,^=$ k|ltzt / $=) k|ltzt shf{ ljkGg ju{df k|jfx u/]sf .

36

*^ Jofj;flos s[lifnfO{ ;d]t ;dfj]z ug] { u/L ljkGg ju{df hfg] shf{nfO{ k'g/kl/eflift ul/g] .

@)&@÷)&÷@( df lgb] {zg hf/L ul/Psf] .

37

*& ;~rfng hf]lvd sd ub} { u|fxsx?nfO{ a}lsË ;]jf k|of]udf ;'/Iffsf] k|Tofe" ltlbnfpg a} +s tyf ljQLo ;+:yfx?n] xfn k|of]udf NofPsf 8]la6, qm]l86, lk|k]8nufotsf Magnetic Strip Card nfO{ @)&@ c;f]h leq Chip Based Card n] k|lt:yfkg ug' {kg] { Joj:yf ul/g] .


38

** ;du| ljQLo k|0ffnLdf kfg{;Sg] k|efjsf] cfFsngsf] cfwf/df a} +sx?nfO{ Systemically Important Banks (SIBs) sf] ?kdf kl/eflift u/L yk lglZrtdfkb08 cg';f/ To:tf a} +sx?sf] lgodg tyf ;'kl/j]If0f ug] { Joj:yf ldnfOg] .

a} +sx?nfO{ SIBs sf] ?kdf kl/eflift ug{ dfkb08 tof/ ug] { sfo{ hf/L /x]sf] .


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39

*( a} +s tyf ljQLo ;+:yfx?n] shf{ ;" rgf s]Gb|nfO{ shf{ ;" rgf pknAw u/fpg'kg] { Joj:yfnfO{ yk k|efjsf/L agfOg] .

lgoldt?kdf ;" rgf k|jfx x' Fb} cfPsf] .

40

() ljQLo hfgsf/L;Fu ;DalGwt ;" rgf ;+oGqnfO{ ;'b[9 agfpg h8fg ul/Psf]

goAML Software nfO{ ;" rs ;+:yfx?;Fusf] ;xsfo{df To:tf ;+:yfx?sf] kx' Frk'Ug] u/L k|of]udf Nofpg] Joj:yf ldnfOg] .

o; k|of]hgsf nflu Pilot Test df 5flgPsf a} +sx?nfO{ Interface

pknAw u/fO{ pQm Software k|of]u ug] { ljlwsf] af/]df cfjZoshfgsf/L u/fOPsf] / pQm ;ˆ6j]o/ k/LIf0f k|of]usf] qmddf /x]sf] .

41

( n3'ljQ sf/f]af/df bf]xf]/f]kgf x6fpg n3'ljQ ;]jfsf] kx' Fr sd ePsf If]qdf dfqgofF n3'ljQ ;+:yf :yfkgf ug{ Ohfht lbg] / o:tf ;+:yfx?sf] Go" g pkl:ylt /x]sfIf]qdf dfq zfvf lj:tf/ ug{ :jLs[lt k|bfg ug] { Joj:yf ul/g] .

e-Maping ;DkGg ePkZrft\ cfjZos sfo{ cufl8 a9fOg] .

42

(@ n3'ljQ ;+:yfx?af6 ljut b'O{ jif{b]lv ljkGg ju{ shf{ pkef]u u/L c;n ju{dfk/]sf ;d" x ;b:onfO{ ;fd" lxs hdfgLdf k|bfg ul/g] shf{sf] clwstd ;Ldf ?= @nfvaf6 j[l4 u/L ?= # nfv k'¥ofOg] .


43

(@ lwtf] lnO{ k|bfg ul/g] n3'pBd shf{sf] clwstd ;Ldf ?= % nfvaf6 j[l4 u/L ?= &nfv sfod ul/g] .


44

(# n3'ljQ ;+:yfx?n] cfˆgf] d'gfkmfsf] lglZrt k|ltzt /sd cfˆgf C0fLx?sf] ;fd" lxs

lxt tyf ;+:yfut ljsf;df pkof]u ug] {u/L 5'§} sf]if v8f ug' {kg] { Joj:yf ul/g] .

@)&@÷)&÷@$ df lgb] {zg hf/L ul/Psf] .

45

($ n3'ljQ ;+:yfx?n] sfod ug' {kg] { r'Qmf k" FhL j[l4 ul/g] . 5nkmnsf] qmddf /x]sf] .

46

($

n3'ljQ ;+:yfx?n] cfˆgf] ;fwgsf] nfut / shf{sf] Aofhb/aLr lglZrt cGt/sfod ug' {kg] { Joj:yf ul/g] .

o; ;DjGwdf cfjZos cWoog eO{/x]sf] .

47

($ n3'ljQ ;+:yfx?nfO{ Ps–cfk;df ufEg÷ufleg / k|flKt ug{ k|f]T;flxt ul/g] . 5nkmnsf] qmddf /x]sf] .

48

(% art tyf C0f ;xsf/L ;+:yfx?sf ;fy} n3'ljQ sf/f]af/ ug] { ;+:yfx?sf] k|efjsf/Llgodg tyf ;'kl/j]If0f ug{ Pp6f 5'§} ;an lgsfosf] cfjZostf /x]sf] ;Gbe{dfg]kfn ;/sf/sf] ah]6 jQmJodf pNn]v ePadf]lhd To:tf] ;+:yfsf] :yfkgfsf] nfluP]gsf] d:of}bf tof/ u/L g]kfn ;/sf/ ;dIf k]z ul/g] .

P]gsf] d:of}bf tof/ ePsf] .

49

(^ o; a} +saf6 ljQLo dWo:ytfsf] sf/f]af/ ug{ cg'dlt k|fKt u/]sf u}/–;/sf/L;+:yfx?nfO{ tf]lsPsf] k|lqmof k" /f u/L @)&@ c;f/ d;fGt;Dddf æ3Æ ju{sf] n3'ljQ ;+:yfdf kl/0ft eO;Sg lgb] {zg lbOPsf]df e" sDk kl5sf] ljifd kl/l:ylt;d]tnfO{ b[li6ut u/L pk/f]Qm ;dofjlw @)&@ k'; d;fGt;Dd yk ug] { Joj:yfldnfOg] .


50

(& hg;fwf/0fnfO{ ljQLo ;]jfsf] pkof]u ug{sf nflu k|f]T;fxg ug{, ljQLo ;]jfsfu|fxsx?sf] lxt ;+/If0f ug{ tyf ljQLo ;dfj]zLs/0f a9fpg /fli6«o ljQLo ;fIf/tfgLlt th' {df u/L nfu" ul/g] .

g]kfn ;/sf/ ;dIf :jLs[ltsf nflu k]z ul/Psf] .


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51

(* ;/sf/n] ;+rfng ug{ ] cgf}krfl/s lzIff, k|fljlws tflnd tyf ljBfno :t/sfkf7\oqmddf ljQLo ;fIf/tf (Financial Literacy) ;DaGwL ljifonfO{ ;d]t qmdzM;dfj]z u/fpg g]kfn ;/sf/ tyf cGo ;/f]sf/jfnf lgsfox?;Fu ;dGjo ul/g] .

g]kfn ;/sf/, lzIff dGqfno;Fu cfjZos ;xsfo{ eO{/x]sf] .

52

(( ef/taf6 lelqg] ljk| ]if0f sf/f]af/df /x]sf ljBdfg sl7gfOx? ;dfwfg ub} { ljk| ]if0fleq\ofpg] sfo{nfO{ ;/n / ;xh agfOg] . Joint Technical Committee u7gsf nflu ef/tLo l/he{ a} +s;dIf k|:tfj k7fOPsf] .

53

)) ljb]zL ljlgdo nufgLsf] If]q tyf bfo/fnfO{ cem km/flsnf] agfpg ;fs{ /fi6«aLrljb]zL ljlgdo nufgLsf ;Defjgfaf/] cWoog u/L nufgL ljljlws/0f / lj:tf/ ub} { nlug] .

cWoog sfo{ hf/L /x]sf] .

54

) ljb]zL ljlgdo tyf ;'g–rfFbLsf] cj}w sf/f]af/nfO{ lgoGq0f ug{ o; a} +ssf] cu'jfO{df xfn} u7g ePsf] pRr:t/Lo ;+oGqnfO{ k|efjsf/L ?kn] kl/rfng ul/g] .

lg/Gt/ sfof{Gjog eO{/x]sf] .

55

)@ ;'g–rfFbLsf] cfoft tyf ljt/0f Joj:yfnfO{ k|efjsf/L agfpg o; ;DaGwdfcWoog u/L ljBdfg gLltut Joj:yfdf cfjZos kl/dfh{g ul/g] .

;'g cfoft tyf laqmL ljt/0f sfo{ljlw, @)^* df cfjZos ;+zf]wgsfnflu ul7t pk;ldltaf6 l;kmfl/; ;lxtsf] k|ltj]bg tof/ eO{ 5nkmnsf qmddf /x]sf] .

56

)# ljZj ljQLo ahf/;Fu PsLs[t x' Fb} uPsf] /fli6«o cy{tGqdf k" FhL vftf kl/jTo{tfsf

Joj:yfx? ;dofg's" n agfpg ljb]zL ljlgdo lgoldt ug] { P]g tyf ljb]zdf nufgLug{ k|ltaGw nufpg] P]gsf] ;+zf]wgkZrft\ cfjZostf cg';f/ k" FhL vftf kl/jTo{tf;DaGwL yk sfo{ ul/g] .

P]gsf] d:of}bf cy{ dGqfnodf k]; ul/Psf] .

57

)$ g]kfndf zt\k|ltzt nufgLdf Joj;fo ;~rfng ug{ rfxg] ljb]zL nufgLstf{n] ;+:yf btf{ ug{ sDkgL /lhi6«f/sf] sfof{nodf a'emfpg'kg] { /lhi6« ]zg z'Ns tyfcf}lrTok" 0f{ k" j{;+rfng vr{sf] nflu cfjZos /sd a}lsË Rofgndfk{ mt\ leq\ofpgkfpg] / ;f] /sdnfO{ ;+:yf btf{ eO{ nufgL lelqPkZrft\ nufgL /sddf u0fgf ug{ ] Joj:yf ul/g] .

@)&@÷$÷@( df kl/kq hf/L ul/Psf] .

58

)% ef/t afx]s t];|f] d'n'sx?af6 8«fˆ6–6L=6L=sf] dfWodaf6 j:t' cfoft ubf{ Psk6sdf a9Ldf cd]l/sL 8n/ #%,))) -k} +tL; xhf/_ a/fa/ ;Ddsf] e'QmfgL lbgkfOg] Joj:yf /x]sf]df ;f] ;Ldfdf j[l4 u/L cd]l/sL 8n/ $),))) -rfnL; xhf/_sfod ul/g] .

@)&@÷$÷!* df kl/kq hf/L ul/Psf] .

59 )^ g]kfnL 6'/ ck/]6/dfk{ mt\ dfg;/f]j/ s}nfz hfg] ef/tLo ko{6s ;d" xnfO{ g]kfnsfxf]6ndf /fvL ko{6sn] lglZrt /sd xf]6ndf vr{ u/]sf] VAT Invoice tyf a}lsËk|0ffnLdfkm{t\ ef/tLo ?k}ofF lelqPsf] lg:;f ;+nUg u/L 6'/ ck/]6/n] ltAatdf lbg'kg] { e'QmfgLsf] nflu ;6xL ;'ljwf dfu u/]df k|lt ko{6s clwstd o'=P;=8n/ %));Ddsf] kl/jTo{ ljb]zL d'b|f ;6xL ;'ljwf pknAw u/fpg ;lsg] Joj:yf ldnfOg] .

@)&@÷%÷^ df kl/kq hf/L ul/Psf] .


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60

)& Jofkfl/s tyf sf8{ sf/f]af/sf] e'QmfgL lbgsf] lgldQ ef/tLo ?k}ofFsf] df}Hbft sfodug] { k|of]hgsf nflu dfl;s sf/f]af/sf] cfwf/df jfl0fHo a} +sx?nfO{ cf};tdf PsxKtfnfO{ cfjZos x'g] ef/tLo ?k}ofF ;6xL ;'ljwf pknJw u/fpg] Joj:yf ldnfOg] .


61

)* kl/jTo{ ljb]zL d'b|f e'QmfgL u/L ef/taf6 cfoft ug{ kfpg] j:t'x?sf] ;" rLdf;/f]sf/jfnfx?;Fusf] 5nkmnsf] cfwf/df j:t'x? yku/L cBfjlws ul/g] . ;DalGwt lgsfo;Fu 5nkmn eO/x]sf] .

62

)( o; a} +sn] ug] { cd]l/sL 8n/ vl/b–laqmL tyf ahf/ x:tIf]k k|lqmofnfO{ c6f]d]zgul/g] .

c6f]d];g ug] { sfo{ ;DkGg eO{ b'j} k|lqmofaf6 ;dfgfGt/ ?kdf sfo{ eO/x]sf] ] .

63

) lgofds lgsfox? gePsf] jf lgofds lgsfosf] l;kmfl/z k|fKt x'g g;Sg] cj:yfdfg]kfnL sDkgLx?n] ljb]zL sDkgLx?;Fu jflif{s cd]l/sL 8n/ %) xhf/eGbf a9Lsf] k/fdz{ ;]jf lng'kg] { cj:yfdf ;6xL ;'ljwfsf nflu o; a} +ssf] k" j{ :jLs[lt lng'kg] { Joj:yf ul/g] .

@)&@÷$÷@& df kl/kq hf/L ul/Psf] .

64

ljb]zL d'b|fsf] sf/f]af/ ug{ rfxg] b'u{d :yfgsf xf]6n tyf 6«feNf–6';{ ck/]6/x?nfO{ ljb]zL d'b|f sf/f]af/sf] Ohfhtkq k|bfg ug] { ljBdfg k|lqmofnfO{ yk ;/nLs[t ul/g] .

Ohfht tyf lg/LIf0f ljlgodfjnL, @)^& df cfjZos ;+zf]wgul/Psf] ] .

65

@ ef/taf6 g]kfndf tyf g]kfnaf6 ef/t tyf t];|f] d'n'sdf ;fdfg 9'jfgL ug] { ef/tLo

6«fG;kf]6{ sDkgLx?nfO{ 9'jfgL jfktsf] /sd ef/tLo ?k}ofFdf g} e'QmfgL lbg'kg] { cj:yfdf pknJw u/fOFb} cfPsf] ef=?= %),))).– ;Ddsf] ;6xL ;'ljwfsf] ;Ldf j[l4u/L ef=?= &%,))).– ;Dd sfod ug] { Joj:yf ul/g] .



22/37


2013 2014 2015 2016

Jul Jul Jul JulProj

Amount Percent Amount Percent Amount Percent

1. Foreign Assets, Net 468238.0 599219.7 747287.3 918001.2 127127.11/

27.2 145035.92/

24.2 155000.03/

20.7

1.1 Foreign Assets 554093.5 686759.0 847679.0 1032864.2 132665.5 23.9 160920.0 23.4 185185.2 21.8

1.2 Foreign Liabilities 85855.6 87539.3 100391.6 114863.0 1683.8 2.0 12852.3 14.7 14471.3 14.4

a. Deposits 74332.3 80052.7 94395.6 108753.0 5720.4 7.7 14342.9 17.9 14357.3 15.2

b. Other 11523.2 7486.6 5996.0 6110.0 -4036.6 -35.0 -1490.6 -19.9 114.0 1.9

2. Net Domestic Assets 847138.3 966747.4 1130514.1 1363527.6 123463.81/

14.6 166798.42/

17.3 248727.43/

22.0

2.1 Domestic Credit 1165866.3 1314305.0 1527344.9 1843117.9 148438.7 12.7 213040.0 16.2 315773.0 20.7

a. Net Claims on Government 167788.3 141989.5 127211.4 196932.8 -25798.8 -15.4 -14778.1 -10.4 69721.4 54.8

Claims on Government 167972.8 165490.3 161024.5 196932.8 -2482.4 -1.5 -4465.8 -2.7 35908.3 22.3

Government Deposits 184.5 23500.8 33813.1 0.0 23316.3 10312.3 43.9 -33813.1

b. Claims on Non-Financial Government Enterprises 11389.1 10417.3 10100.8 11101.7 -971.8 -8.5 -316.6 -3.0 1001.0 9.9

c. Claims on Financial Institutions 13662.8 11073.5 16087.8 20698.1 -2589.3 -19.0 5014.3 45.3 4610.3 28.7

Government 1317.4 1487.6 3259.9 3500.0 170.2 12.9 1772.3 119.1 240.1 7.4

Non-government 12345.5 9585.9 12827.9 17198.1 -2759.5 -22.4 3242.0 33.8 4370.2 34.1

d. Claims on Private Sector 973026.1 1150824.6 1373945.0 1614385.3 177798.5 18.3 223120.3 19.4 240440.4 17.5

2.2 Net Non-Monetary Liabilities 318728.0 347557.5 396830.8 479590.3 24974.91/

7.8 46241.62/

13.3 67045.63/

16.9

3. Broad Money (M2) 1315376.3 1565967.2 1877801.5 2281528.8 250590.9 19.1 311834.3 19.9 403727.3 21.5

3.1 Money Supply (M1+) 925469.1 1130173.7 1376048.5 1681921.0 204704.6 22.1 245874.8 21.8 305872.5 22.2

a. Money Supply (M1) 301590.2 354830.0 424744.6 511817.2 53239.8 17.7 69914.6 19.7 87072.6 20.5

Currency 195874.2 227537.4 270080.4 321242.0 31663.2 16.2 42543.0 18.7 51161.7 18.9

Demand Deposits 105715.9 127292.6 154664.2 190575.2 21576.7 20.4 27371.6 21.5 35911.0 23.2

b. Saving and Call Deposits 623878.9 775343.7 951303.9 1170103.8 151464.7 24.3 175960.2 22.7 218799.9 23.0

3.2 Time Deposits 389907.1 435793.5 501753.0 599607.8 45886.3 11.8 65959.5 15.1 97854.8 19.54. Broad Money Liquidity (M3) 1389708.6 1646019.8 1972197.1 2390281.8 256311.3 18.4 326177.3 19.8 418084.7 21.2

Proj: Projection

3/ Adjust ing the exchange v aluation gain of Rs. 15713.9 million

Appendix 2

Projection of Monetary Survey (Rs. in million)

Annual Change

2015/16

2/ Adjust ing the exchange valuation gain of Rs. 3031.7 million

2014/152013/14

1/ Adjust ing the exchange valuation gain of Rs. 3854.6 million

Monetary Aggregates


23/37


List of Statistical Tables

Table 1 Gross Domestic Product ( at 2000/01 Prices)

Table 2 Gross Domestic Product (at Current Prices)

Table 3 National Consumer Price Index (2014/15 = 100)

Table 4 Monetary Survey

Table 5 Monetary Survey (Year on Year)

Table 6 Structure of Interest Rates

Table 7 Outright Sale Auction

Table 8 Reverse Repo Auction

Table 9 Deposit Collection Auction

Table 10 Government Budgetary Operation

Table 11 Outstanding Domestic Debt of the Government of Nepal

Table 12 Direction of Foreign Trade

Table 13 Summary of Balance of Payments

Table 14 Gross Foreign Exchange Holding of the Banking Sector


24/37


2009/10 2010/11 2011/12 2012/13 2013/14R

2014/15P 2010/11 2011/12 2012/13 2013/14

R 2014/15

P

Agriculture 205517.0 214787.0 224731.0 227193.0 233717.0 238077.0 4.5 4.6 1.1 2.9 1.9

Agriculture and Forestry 202196.0 211271.0 220950.0 223310.0 229643.0 233746.0 4.5 4.6 1.1 2.8 1.8

Fishery 3321.0 3516.0 3781.0 3883.0 4074.0 4331.0 5.9 7.5 2.7 4.9 6.3

Non-Agriculture 384570.0 398569.0 416632.0 437497.0 465092.0 481744.0 3.6 4.5 5.0 6.3 3.6

I ndustry 91295.0 95250.0 98112.0 100734.0 106949.0 109735.0 4.3 3.0 2.7 6.2 2.6

Mining and Quarrying 2585.0 2637.0 2770.0 2825.0 2976.0 3002.0 2.0 5.0 2.0 5.3 0.9

Manufacturing 40291.0 41923.0 43445.0 45059.0 47888.0 49015.0 4.1 3.6 3.7 6.3 2.4

Electricity, Gas and Water 12989.0 13564.0 14690.0 14731.0 15248.0 15425.0 4.4 8.3 0.3 3.5 1.2

Construction 35430.0 37126.0 37207.0 38119.0 40837.0 42293.0 4.8 0.2 2.5 7.1 3.6

Service 293275.0 303319.0 318520.0 336763.0 358143.0 372009.0 3.4 5.0 5.7 6.3 3.9

Wholesale and Retail Trade 75237.0 76298.0 78967.0 84693.0 92327.0 95491.0 1.4 3.5 7.3 9.0 3.4

Hotels and Restaurant 9646.0 10244.0 11000.0 11605.0 12391.0 12884.0 6.2 7.4 5.5 6.8 4.0

Transport, Storage and Communications 54657.0 57504.0 62160.0 66915.0 72460.0 76251.0 5.2 8.1 7.6 8.3 5.2

Financial Intermediation 25327.0 26163.0 27071.0 26825.0 27818.0 28198.0 3.3 3.5 -0.9 3.7 1.4

Real Estate, Renting and Business 47818.0 48894.0 50346.0 52961.0 54889.0 55313.0 2.3 3.0 5.2 3.6 0.8

Public Administration and Defence 10405.0 10806.0 11203.0 11822.0 12418.0 13134.0 3.9 3.7 5.5 5.0 5.8

Education 38638.0 39799.0 42019.0 44505.0 46646.0 48963.0 3.0 5.6 5.9 4.8 5.0

Health and Social Work 8581.0 9012.0 9591.0 10021.0 10472.0 11523.0 5.0 6.4 4.5 4.5 10.0

Other Community, Social and Personal Service 22966.0 24599.0 26163.0 27416.0 28722.0 30252.0 7.1 6.4 4.8 4.8 5.3

Total GVA including FISIM 590087.0 613356.0 641363.0 664690.0 698809.0 719821.0 3.9 4.6 3.6 5.1 3.0

Financial In termediation Indirect ly Measured ( FISIM) 24327.0 25821.0 26725.0 26919.0 28830.0 29474.0 6.1 3.5 0.7 7.1 2.2

GDP at basic prices 565760.0 587535.0 614638.0 637771.0 669979.0 690347.0 3.8 4.6 3.8 5.1 3.0

Taxes less subsidies on products 52770.0 52160.0 55643.0 60183.0 65528.0 69894.0 -1.2 6.7 8.2 8.9 6.7

GDP at producers price 618530.0 639695.0 670281.0 697954.0 735507.0 760241.0 3.4 4.8 4.1 5.4 3.4

R - Revised Estimate of CBS

P - Preliminary Estimate of CBSSource: Central Bureau of Statistics

Table 1

Gross Domestic Product

(At 2000/01 Prices )

Sectors Percentage ChangeRs. in mill ion


25/37


2009/10 2010/11 2011/12 2012/13 2013/14R

2014/15P 2010/11 2011/12 2012/13 2013/14

R 2014/15

P

Agriculture 395755.0 478149.0 506284.0 534515.0 584939.0 620966.0 20.8 5.9 5.6 9.4 6.2

Agriculture and Forestry 391519.0 473270.0 500465.0 527869.0 576280.0 611705.0 20.9 5.7 5.5 9.2 6.1

Fishery 4236.0 4879.0 5819.0 6646.0 8659.0 9261.0 15.2 19.3 14.2 30.3 7.0

Non-Agriculture 722815.0 811992.0 931190.0 1045910.0 1214517.0 1337889.0 12.3 14.7 12.3 16.1 10.2

Industry 169383.0 192845.0 215387.0 239922.0 271254.0 296664.0 13.9 11.7 11.4 13.1 9.4

Mining and Quarrying 5926.0 6956.0 8166.0 9569.0 11003.0 11961.0 17.4 17.4 17.2 15.0 8.7

Manufacturing 70924.0 80531.0 91164.0 100312.0 112995.0 123302.0 13.5 13.2 10.0 12.6 9.1

Electricity, Gas and Water 15244.0 16002.0 17518.0 20553.0 21410.0 21700.0 5.0 9.5 17.3 4.2 1.4

Construction 77289.0 89356.0 98539.0 109488.0 125846.0 139701.0 15.6 10.3 11.1 14.9 11.0

Service 553432.0 619147.0 715803.0 805988.0 943263.0 1041225.0 11.9 15.6 12.6 17.0 10.4

Wholesale and Retail Trade 161067.0 179306.0 198164.0 229872.0 266999.0 290368.0 11.3 10.5 16.0 16.2 8.8

Hotels and Restaurant 17347.0 21057.0 25307.0 29886.0 35309.0 40595.0 21.4 20.2 18.1 18.1 15.0

Transport, Storage and Communications 95304.0 105834.0 122354.0 140735.0 158851.0 167421.0 11.0 15.6 15.0 12.9 5.4

Financial Intermediation 46083.0 50111.0 58529.0 62183.0 68276.0 72728.0 8.7 16.8 6.2 9.8 6.5

Real Estate, Renting and Business 93747.0 106236.0 123213.0 139157.0 152984.0 173973.0 13.3 16.0 12.9 9.9 13.7

Public Administration and Defence 21695.0 24830.0 30547.0 32236.0 44324.0 51593.0 14.5 23.0 5.5 37.5 16.4

Education 61384.0 67739.0 81797.0 91566.0 115254.0 131207.0 10.4 20.8 11.9 25.9 13.8

Health and Social Work 15382.0 17087.0 20431.0 22327.0 27725.0 33386.0 11.1 19.6 9.3 24.2 20.4

Other Community, Socia l and Personal Serv ice 41423.0 46947.0 55461.0 58026.0 73541.0 79954.0 13.3 18.1 4.6 26.7 8.7

Total GVA including FISIM 1118570.0 1290141.0 1437474.0 1580425.0 1799456.0 1958855.0 15.3 11.4 9.9 13.9 8.9

Financial Intermediation Indirectly Measured ( FISIM) 35156.0 41660.0 49992.0 55205.0 63435.0 64861.0 18.5 20.0 10.4 14.9 2.2

GDP at basic prices 1083414.0 1248481.0 1387482.0 1525220.0 1736021.0 1893994.0 15.2 11.1 9.9 13.8 9.1

Taxes less subsidies on products 109358.0 118472.0 139862.0 169790.0 205602.0 230656.0 8.3 18.1 21.4 21.1 12.2

GDP at producers price 1192772.0 1366953.0 1527344.0 1695010.0 1941623.0 2124650.0 14.6 11.7 11.0 14.5 9.4R - Revised Estimate of CBS

P - Preliminary Estimate of CBS

Source: Central Bureau of Statistics

Table 2

Gross Domestic Product(At Current Prices )

Sectors

Rs. in mill ion Percentage Change


26/37


Index Percent change Index Percent Change Index Percent Change Index Percent Change Index Percent Change

August76.8 7.7 85.9 11.9 92.7 7.9 99.6 7.5 106.5 6.9

September 77.3 8.5 86.0 11.2 92.8 8.0 99.9 7.6 107.1 7.2

October 77.8 8.9 85.9 10.5 93.2 8.4 100.2 7.5 108.4 8.2

November 77.1 8.4 85.2 10.5 93.7 10.0 100.4 7.2 110.9 10.4

December 76.3 7.5 84.2 10.4 92.8 10.399.4 7.0 110.9 11.6

January 76.5 6.8 84.1 9.8 92.2 9.7 98.6 6.8 110.5 12.1

February 77.0 7.1 84.8 10.1 92.2 8.8 98.7 7.0

March 77.1 7.0 85.0 10.2 92.6 8.9 99.0 7.0

April 77.9 7.5 85.2 9.5 93.3 9.4 99.7 6.9

May 79.3 8.7 86.2 8.7 94.6 9.7 101.3 7.1

June 79.5 9.9 86.1 8.2 94.2 9.5 101.2 7.4

July 81.6 11.5 87.9 7.8 95.0 8.1 102.2 7.6

Average 77.9 8.3 85.5 9.9 93.3 9.1 100.0 7.2 109* 9.4*

* Average of six months

Table 3

National Consumer Price Index(2014/15 = 100)

2015/162012/13 2013/14 2014/152011/12

Months


27/37


2014 2015 2015 2016

Jul Jan Jul JanP

Amount Percent Amount Percent

1. Foreign Assets, Net 599219.7 633282.2 747287.4 902750.8 34262.5 1/

5.7 139749.5 2/

18.7

1.1 Foreign Assets 686759.0 728134.2 847679.0 1014512.9 41375.2 6.0 166833.9 19.7

1.2 Foreign Liabilities 87539.3 94852.0 100391.6 111762.1 7312.7 8.4 11370.5 11.3

a. Deposits 80052.7 88309.5 94395.6 106387.5 8256.8 10.3 11991.8 12.7

b. Other 7486.6 6542.5 5996.0 5374.7 -944.1 -12.6 -621.3 -10.4

2. Net Domestic Assets 966747.4 1024121.5 1130514.1 1144820.0 57174.1 1/

5.9 30019.8 2/

2.7

2.1 Domestic Credit 1314305.0 1365057.8 1527345.6 1544110.3 50752.8 3.9 16764.7 1.1

a. Net Claims on Government 141989.5 58572.7 127211.4 60366.3 -83416.8 -58.7 -66845.1 -52.5

Claims on Government 165490.3 154229.3 161024.5 142261.1 -11261.0 -6.8 -18763.4 -11.7

Government Deposits 23500.8 95656.6 33813.1 81894.8 72155.7 307.0 48081.7 142.2

b. Claims on Non-Financial Government Enterprises 10417.3 10693.1 10100.8 9401.7 275.8 2.6 -699.0 -6.9

c. Claims on Financial Institutions 11073.5 13072.2 16088.6 18984.1 1998.7 18.0 2895.5 18.0

Government 1487.6 1443.5 3260.7 3414.0 -44.1 -3.0 153.3 4.7 Non-Government 9585.9 11628.7 12827.9 15570.1 2042.8 21.3 2742.3 21.4

d. Claims on Private Sector 1150824.6 1282719.8 1373944.9 1455358.2 131895.1 11.5 81413.3 5.9

2.2 Net Non-Monetary Liabilities 347557.5 340936.2 396831.5 399290.3 -6421.3 1/

-1.8 -13255.1 2/

-3.3

3. Broad Money (M2) 1565967.2 1657403.7 1877801.5 2047570.8 91436.6 5.8 169769.3 9.0

3.1 Money Supply (a+b), M1+ 1130173.7 1189308.5 1376048.6 1533567.7 59134.8 5.2 157519.2 11.4

a. Money Supply (M1) 354830.0 360683.2 424744.6 497416.8 5853.1 1.6 72672.2 17.1

Currency 227537.4 245971.1 270080.4 308108.9 18433.7 8.1 38028.5 14.1

Demand Deposits 127292.6 114712.1 154664.2 189307.9 -12580.6 -9.9 34643.7 22.4

b. Saving and Call Deposits 775343.7 828625.3 951303.9 1036150.9 53281.7 6.9 84847.0 8.9

3.2 Time Deposits 435793.5 468095.2 501753.0 514003.1 32301.8 7.4 12250.1 2.4

4. Broad Money Liquidity (M3) 1646019.8 1745713.2 1972197.2 2153958.3 99693.4 6.1 181761.1 9.2

1/ Adjusting the exchange valuation loss of Rs. -200.0 million

2/ Adjusting the exchange valuation gain of Rs. 15713.9 millionP : Provisional

Memorandum Items

Money multi plier (M1 ) 0.813 0.943 0.812 0.945 0.1 16.0 0.1 16.4

Money multi plier (M1 +) 2.589 3.109 2.632 2.914 0.5 20.1 0.3 10.7

Money multi plier (M2 ) 3.587 4.333 3.591 3.890 0.7 20.8 0.3 8.3

Table 4

Monetary Survey

(Rs. in million)

Changes During Six Months

2014/15 2015/16Monetary aggregates


28/37


2014 2015 2016

Jan Jan JanP

Amount Percent Amount Percent

1. Foreign Assets, Net 556469.8 633282.2 902750.8 76812.3 13.8 269468.6 42.6

1.1 Foreign Assets 645169.6 728134.2 1014512.9 82964.6 12.9 286378.7 39.3

1.2 Foreign Liabilities 88699.8 94852.0 111762.1 6152.3 6.9 16910.1 17.8

a. Deposits 77342.4 88309.5 106387.5 10967.1 14.2 18078.0 20.5

b. Other 11357.4 6542.5 5374.7 -4814.9 -42.4 -1167.9 -17.9

2. Net Domestic Assets 877011.5 1024121.5 1144820.0 147110.0 16.8 120698.5 11.8

2.1 Domestic Credit 1178545.0 1365057.8 1544110.3 186512.8 15.8 179052.5 13.1

a. Net Claims on Government 93829.9 58572.7 60366.3 -35257.2 -37.6 1793.6 3.1

Claims on Government 171654.4 154229.3 142261.1 -17425.1 -10.2 -11968.2 -7.8

Government Deposits 77824.4 95656.6 81894.8 17832.2 22.9 -13761.8 -14.4

b. Claims on Non-Financial Government Enterprises 10532.3 10693.1 9401.7 160.8 1.5 -1291.4 -12.1

c. Claims on Financial Institutions 14521.8 13072.2 18984.1 -1449.5 -10.0 5911.9 45.2

Government 1246.3 1443.5 3414.0 197.2 15.8 1970.4 136.5

Non-Government 13275.4 11628.7 15570.1 -1646.7 -12.4 3941.4 33.9

d. Claims on Private Sector 1059661.0 1282719.8 1455358.2 223058.7 21.1 172638.4 13.5

2.2 Net Non-Monetary Liabilities 301533.5 340936.2 399290.3 39402.7 13.1 58354.1 17.1

3. Broad Money (M2) 1433481.4 1657403.7 2047570.8 223922.4 15.6 390167.1 23.5

3.1 Money Supply (a+b), M1+ 1022237.0 1189308.5 1533567.7 167071.5 16.3 344259.2 28.9

a. Money Supply (M1) 328484.0 360683.2 497416.8 32199.1 9.8 136733.6 37.9

Currency 216818.1 245971.1 308108.9 29152.9 13.4 62137.8 25.3

Demand Deposits 111665.9 114712.1 189307.9 3046.2 2.7 74595.8 65.0

b. Saving and Call Deposits 693753.0 828625.3 1036150.9 134872.4 19.4 207525.6 25.0

3.2 Time Deposits 411244.4 468095.2 514003.1 56850.9 13.8 45907.9 9.8

4. Broad Money Liquidity (M3) 1510823.7 1745713.2 2153958.3 234889.5 15.5 408245.1 23.4

P = Provisional

Memora ndu m Items

Money mult ipl ier (M1) 0.907 0.943 0.945 0.0 3.9 0.0 0.2

Money mult ipl ier (M1+) 2.824 3.109 2.914 0.3 10.1 -0.2 -6.3

Money mult ipl ier (M2) 3.960 4.333 3.890 0.4 9.4 -0.4 -10.2

Monetary AggregatesChanges

2014/15 2015/16

Table 5

Monetary Survey(Year on Year)

(Rs. in million)


29/37


2014 2014 2015 2015 2015 2015 2016Jul Oct Jan Apr Jul Oct Jan

A. Policy Rates

CRR

Commercial Banks 5.0 6.0 6.0 6.0 6.0 6.0 6.0

Development Banks 4.5 5.0 5.0 5.0 5.0 5.0 5.0

Finance Companies 4.0 4.0 4.0 4.0 4.0 4.0 4.0

Bank Rate 8.0 8.0 8.0 8.0 8.0 7.0 7.0

Refinance Rates Against Loans to:

Special Refinance 1.0 1.0 1.0 1.0 1.0 1.0 1.0

General Refinance 5.0 4.0 4.0 4.0 4.0 4.0 4.0

Earthquake Refinance - - - - 0.0 0.0 0.0

Export Credit in Foreign Currency LIBOR + 0.25 LIBOR + 0.25 LIBOR + 0.25 LIBOR + 0.25 LIBOR + 0.25 LIBOR + 0.25 LIBOR + 0.25Standing Liquidity Facility (SLF) Rate ̂ 8.0 8.0 8.0 8.0 8.0 7.0 7.0

B. Government Securi ties

T-bills* (28 days) 0.01 0.33 - - - - -

T-bills* (91 days) 0.02 0.93 0.16 0.69 0.17 1.10 0.68

T-bills* (182 days) 0.42 0.90 0.23 0.87 0.56 1.57 0.83

T-bills* (364 days) 0.72 0.93 0.37 1.16 0.76 1.97 0.94

Development Bonds 3.25-9.5 3.25-9.5 3.25-9.5 3.25-9.5 2.65-9.5 2.65-9.5 2.65-9.5

National/Citizen SCs 6.0-10.0 6.0-10.0 6.0-10.0 6.0-10.0 6.0-10.0 6.0-10.0 6.0-10.0

0.16 1.03 0.15 0.64 1.01 0.64 0.26

4.09 3.79 3.75 4.07 3.94 3.55 3.32

10.55 10.14 9.82 9.64 9.62 9.46 9.29

8.36 7.73 7.49 7.68 7.88 7.22 6.82

^ The SLF is provided at bank rate effective from August 16 2012

Table 6

F. Base Rate (Commercial Banks )

Structure of Interest Rates(Percent Per Annum)

YearMid-month

* Weighted average interest rate.

C. Interbank Rate of Commercial Banks

D. Weighted Average Deposit Rate (Commercial Banks)

E. Weighted Average Lending Rate (Commercial Banks)


30/37


(Rs. in million)

Amount

Interest Rate*

(%) Amount

Interest Rate*

(%) Amount

Interest

Rate* (% )

August - - - - 5,900.0 1.06

September - - - - 3,200.0 2.88

October 8,500.0 0.05 - - - -

November - - - - - -

December - - - - - -

January - - - - - -

February - - - -

March - - - - April - - - -

May - - 6,000.0 0.79

June - - - -

July - - - -

Total 8,500.0 0.05 6,000.0 0.79 9,100.0

*Weighted average

Mid-month

Outright Sale Auction

Fiscal Year

2013/14 2014/15 2015/16

Table 7


31/37


Amount Amount

August - 57,250.0

September 20,000.0 - October 20,000.0 -

November - 100,000.0

December 15,000.0 26,150.0

January 20,000.0 15,000.0

February 5,000.0

March 5,000.0

April 10,000.0

May 10,000.0 June -

July 50,000.0

Total 155,000.0 198,400.0

*Weighted average

0.45

0.79-

0.24

0.69

0.86

0.72

- 0.87

0.21 1.08

0.20 0.81

- 1.39

0.69 -0.67 -

Table 9

Deposit Collection Auction(Rs. in million)

Mid-month2014/15 2015/16

Interest Rate*(%) Interest Rate*(%)


32/37


2013/14 2014/15 2015/16P 2014/15 2015/16

Expenditure of Budget 134277.3 153710.2 159401.1 14.5 3.7 Recurrent 110652.5 116119.7 126008.4 4.9 8.5

a.Domestic Resources 101333.7 110720.1 119962.8 9.3 8.3

b.Foreign Loans 1420.6 847.8 1348.6 -40.3 59.1

c.Foreign Grants 7898.2 4551.8 4697.0 -42.4 3.2

Capital 9277.7 13843.7 13631.0 49.2 -1.5

a.Domestic Resources 7684.3 11678.2 11537.4 52.0 -1.2

b.Foreign Loans 448.7 1241.7 1299.4 176.7 4.6

c.Foreign Grants 1144.7 923.8 794.2 -19.3 -14.0

Financial 14347.1 23746.8 19761.7 65.5 -16.8

a.Domestic Resources 14213.8 23286.9 19761.7 63.8 -15.1 b.Foreign Loans 0.0 212.9 0.0 - -

c.Foreign Grants 133.3 247.0 0.0 - -

Expenditure from Freeze Accounts 138.4 0.0 0.0 - -

Freeze-1 Recurrent 9.2 0.0 0.0 - -

Freeze-2 Capital 129.2 0.0 0.0 - -

Freeze-3 Financial 0.0 0.0 0.0 - -

Total Expenditure 134415.7 153710.2 159401.1 14.4 3.7

Total Resources 190517.2 218663.3 188327.1 14.8 -13.9

Revenue and Grants 185006.5 205531.3 182538.7 11.1 -11.2

(Rs. in million)

ParticularsAmount Percent Change

Government Budgetary Operation*

Table 10

(On Cash Basis) Six Months


33/37


2014 2015 2015 2016

Mid-Jul Mid-Jan Mid-Jul Mid-Jan 2014 2015

1 Treasury Bills 136468.1 126968.1 119858.1 107259.1 -9500.0 -12599.0

a. Nepal Rastra Bank 22048.9 21468.9 17968.9 15819.9 -580.0 -2149.0 b. Commercial Banks 113360.3 104600.7 100729.2 84024.5 -8759.6 -16704.7

c. Development Banks 721.4 663.5 907.0 1419.4 -57.9 512.5

d. Finance Companies 337.5 235.0 253.1 1957.3 -102.5 1704.3

e. Others 0.0 0.0 0.0 4038.0 0.0 4038.0

2 Development Bond 47110.9 45110.9 57070.0 54070.0 -2000.0 -3000.0

a. Nepal Rastra Bank 0.0 0.0 28.7 0.0 0.0 -28.7

b. Commercial Banks 23006.8 22061.8 35633.9 33968.9 -945.0 -1665.0

c. Development Banks 2022.9 2022.9 2180.9 2177.9 0.0 -3.0

d. Finance Companies 2702.5 2647.5 2793.9 2361.9 -55.0 -432.0 e. Others 19378.7 18378.7 16432.7 15561.3 -1000.0 -871.3

3 National Saving Bond 16586.5 16586.5 16586.5 16586.5 0.0 0.0

a. Nepal Rastra Bank 18.7 21.4 21.4 22.2 2.7 0.8

b. Commercial Banks 0.0 0.0 0.0 0.0 0.0 0.0

c. Development Banks 0.0 0.0 0.0 0.0 0.0 0.0

d. Finance Companies 0.0 0.0 0.0 0.0 0.0 0.0

e. Others 16567.8 16565.1 16565.1 16564.3 -2.7 -0.8

4 Citizen Saving Bond 1516.7 716.7 3056.2 3056.2 -800.0 0.0

Table 11

Outstanding Domestic Debt of the Government of Nepal(Rs. in million)

No. Name of Bonds /Owners hip

Changes During Six

Months


34/37


(Rs. in million)

2015/16P

Annual Six Months Annual Six Months Six Months 2014/15 2015 /16P

TOTAL EXPORTS 91991.3 45142.9 85319.1 43391.0 31592.2 -3.9 -27.2To India 59613.7 29566.1 55864.6 27163.9 17409.2 -8.1 -35.9

To China 2840.7 1341.3 2229.9 1567.7 598.2 16.9 -61.8

To Other Countries 29536.9 14235.5 27224.6 14659.4 13584.8 3.0 -7.3

TOTAL IMPORTS 714365.9 333907.4 774684.2 374002.1 277792.2 12.0 -25.7

From India 477947.0 220516.9 491655.9 236984.2 156792.4 7.5 -33.8

From China 73318.6 36168.4 100166.4 53956.5 46196.8 49.2 -14.4

From Other Countries 163100.2 77222.1 182861.9 83061.3 74803.0 7.6 -9.9

TOTAL TRADE BALANCE -622374.6 -288764.5 -689365.1 -330611.0 -246199.9 14.5 -25.5

With India -418333.3 -190950.8 -435791.3 -209820.3 -139383.2 9.9 -33.6With China -70477.9 -34827.2 -97936.5 -52388.8 -45598.6 50.4 -13.0

With Other Countries -133563.3 -62986.6 -155637.3 -68401.9 -61218.2 8.6 -10.5

TOTAL FOREIGN TRADE 806357.2 379050.3 860003.3 417393.1 309384.2 10.1 -25.9

With India 537560.7 250083.0 547520.5 264148.2 174201.6 5.6 -34.1

With China 76159.3 37509.7 102396.3 55524.2 46795.0 48.0 -15.7

With Other Countries 192637.1 91457.6 210086.5 97720.7 88387.8 6.8 -9.6

1. Ratio of export to import 12.9 13.5 11.0 11.6 11.4

Direction of Foreign Trade*

Table 12

Percent Change

during six monthsParticulars

2013/14 2014/15R


35/37


Six Months Annual Six Months Annual Six Months 2014/15 2015/16

A. Current Account 55016.2 89721.5 13818.5 108319.8 157516.4 -74.9 1039.9

Goods: Exports f.o.b. 50217.9 100960.6 48967.4 98276.3 33600.6 -2.5 -31.4

Oil 0.0 0.0 0.0 0.0 0.0

Other 50217.9 100960.6 48967.4 98276.3 33600.6 -2.5 -31.4Goods: Imports f.o.b. -327335.8 -696373.3 -370310.3 -761773.0 -272824.9 13.1 -26.3

Oil -61033.8 -132976.4 -57580.3 -112044.6 -21514.9 -5.7 -62.6

Other -266302.0 -563396.9 -312730.0 -649728.4 -251310.0 17.4 -19.6

Bal ance on Goods -277117.9 -595412.7 -321342.9 -663496.7 -239224.4 16.0 -25.6

Servi ces: Net 9494.2 20882.2 7355.8 27617.5 3018.6 -22.5 -59.0

Services: credit 59050.7 125061.2 69477.6 149288.4 66385.3 17.7 -4.5

Travel 23293.4 46374.9 24446.1 53428.6 20300.4 4.9 -17.0

Government n .i.e. 10044.8 24352.8 13892.7 32481.1 19325.5 38.3 39.1

Other 25712.5 54333.5 31138.8 63378.7 26759.4 21.1 -14.1

Services: debit -49556.5 -104179.0 -62121.8 -121670.9 -63366.7 25.4 2.0

Transportation -19985.7 -39822.0 -22615.8 -43996.3 -20438.9 13.2 -9.6

Travel -20351.2 -42175.6 -27269.7 -53190.2 -28029.4 34.0 2.8O/W Education -7429.1 -15121.3 -8928.6 -17065.4 -9358.5 20.2 4.8

Government services:debit -732.6 -1625.7 -1410.2 -1974.8 -1284.3 92.5 -8.9

Others -8487.0 -20555.7 -10826.1 -22509.6 -13614.1 27.6 25.8

Bal ance on Goods and Services -267623.7 -574530.5 -313987.1 -635879.2 -236205.8 17.3 -24.8

Income: Net 14171.6 32751.7 13287.1 34242.5 14875.2 -6.2 12.0

Income: credit 17810.7 39539.8 16551.8 42831.5 18400.5 -7.1 11.2

Income: debit -3639.1 -6788.1 -3264.7 -8589.0 -3525.3 -10.3 8.0

Bal ance on Goods, Servi ces and I ncome -253452.1 -541778.8 -300700.0 -601636.7 -221330.6 18.6 -26.4

Transfers: Net 308468.3 631500.3 314518.5 709956.5 378846.9 2.0 20.5

Current transfers: credit 309742.5 634854.8 315605.2 712522.2 380104.0 1.9 20.4

Grants 22688.0 48519.8 19533.3 52855.4 35744.2 -13.9 83.0

(Rs. in million)

Particulars

Table 13

Summary of Balance of Payments

Percent Change2013/14 2014/15 2015/16

P

During Six Months


36/37


2014 2015 2015 2016

Mid-Jul Mid-Jan Mid-Jul Mid-JanP

2014/15 2015/16

Nepal Rastra Bank 572400.9 594609.0 703060.9 853555.9 3.9 21.4

Convertible 426132.9 434744.0 517456.7 649132.8 2.0 25.4

Inconvertible 146268.0 159865.0 185604.2 204423.1 9.3 10.1

Banks and Financial Institutions 93006.1 109827.2 120995.1 134839.8 18.1 11.4

Convertible 87372.3 102965.8 114843.4 130700.4 17.8 13.8

Inconvertible 5633.8 6861.4 6151.7 4139.4 21.8 -32.7

Total Foreign Exchange Reserve 665407.0 704436.2 824056.0 988395.7 5.9 19.9

Convertible 513505.2 537709.8 632300.1 779833.3 4.7 23.3

Share in total (in percent) 77.2 76.3 76.7 78.9

Inconvertible 151901.8 166726.4 191756.0 208562.4 9.8 8.8

Share in total (in percent) 22.8 23.7 23.3 21.1

Import Capacity (Equivalent Months)

M erchandise 11.5 11.4 13.0 21.7

M erchandise and Services 10.0 9.8 11.2 17.6

1. Gross Foreign Exchange Reserve 665407.0 704436.2 824056.0 988395.7 5.9 19.9

Table 14

Gross Foreign Exchange Holding of the Banking Sector

Mid-Jul to Mid-Jan

Percent Change

(Rs. in million)

Particulars


37/37


( Amount in million)

US$ NRs. US$ NRs. US$ NRs. US$ NRs. US$ NRs. US$ NRs. IC Purchase US$ Sale IC Purchase US$ Sale

August 275.7 26,790 - - 275.7 26,790 332.5 34,039 - - 332.5 34,039 12,116.9 200.0 20,502 320.0

September 195.9 18,987 - - 195.9 18,987 376.9 39,887 - - 376.9 39,887 18,189.2 300.0 14,578 220.0

October 330.1 26,237 - - 330.1 26,237 416.5 43,535 - - 416.5 43,535 21,992.4 360.0 3,920 60.0

November 294.9 28,965 - - 294.9 28,965 350.5 36,817 - - 350.5 36,817 19,659.2 320.0 10,495 160.0

December 309.3 30,642 - - 309.3 30,642 399.8 42,556 - - 399.8 42,556 21,053.6 340.0 22,658 340.0

January 253.0 25,574 - - 253.0 25,574 349.9 37,302 - - 349.9 37,302 13,923.1 220.0 18,645 280.0

February 246.3 24,361 3.50 346.64 242.8 24,014 22,249.5 360.0

March 320.4 31,916 - - 320.4 31,916 16,188.3 260.0

April 315.5 31,510 1.20 115.55 314.3 31,394 18,723.1 300.0

May 546.4 55,404 2.66 269.67 543.8 55,134 13,888.3 220.0

June 539.6 55,104 - - 539.6 55,104 19,177.5 300.0 July 416.3 42,365 4.00 407.44 412.3 41,958 20,395.3 320.0

Total 4,043.3 397,855 11.4 1,139.3 4,031.9 396,716 2,226.1 234,135 - - 2,226.1 234,135 217,556.5 3,500.0 90,799 1,380.0

Purchase Sale Net Purchase Sale Net

Table 15

Purchase/Sale of Foreign Currency

Purchase/Sale of Convertible Currency IC Purchase

2014/15 2015/16 2014/15Months 2015/16

monetary policy 2072 mid term review

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