Hoteliers welcomed monetary policy revision

KATHMANDU, May 16:The revision of the monetary policy has been welcomed  by Hotel Association Nepal (HAN). In order to help the troubled hotel sector manage its debt through review, Nepal Rastra Bank has declared that it will be permitted to restructure and reschedule up until the end of Asar 2080. The Nepal Rastra Bank has been thanked for this by the hotels.

In order to implement the changes announced in the review of monetary policy as quickly as feasible, the executive council meeting held in Kathmandu demanded that procedures and guidelines be distributed to banks and financial institutions. The HAN has also urged that banks and other financial institutions establish the conditions necessary for the proper implementation of their proclaimed policies and directives.

The HAN said that there has been a delay in the release of the rules and guidelines that were announced in the previous reviews as well as the decision of the relevant board of directors of banks and financial institutions.

The HAN has been calling for an interest rate of one percent. In order to improve and grow this business, the HAN has also urged that the hotel industry be recognized as a national priority industry in the government's plans and programs, national budget, and financial and monetary policies for the upcoming fiscal year. The HAN has also requested that a national strategy for the growth of the tourist and hotel sectors include a business-friendly large-scale promotional program.