Kathmandu. Finance Minister Dr Swarnim Wagle on Tuesday called the chief executive officers (CEOs) of commercial banks and took stock of various issues.

During the meeting held at the Ministry of Finance, Minister Wagle asked 8 questions to the bankers about them.

What is the psychology of Nepal’s economy today?

Why are businessmen reluctant to expand?

Why has the demand for loans not increased even when interest rates are historically low?

Why has the excess liquidity in the banking system not been converted into production and investment?

Does the solution lie in monetary policy, fiscal policy, or private sector confidence?

What structural reforms are needed to increase the flow of credit to the productive sector of the banking system?

What is the new approach to monetary policy, regulation and supervision?

How can the coordination between the Ministry of Finance, Nepal Rastra Bank and the banking sector be made more effective? They have asked.

According to the minister’s secretariat, he has taken a clear and frank view of the CEOs on these issues.

Minister Wagle said that he discussed the financial system with the CEOs today after intense discussion with the private industrialists.

According to him, the banking system is at the centre of production, investment, savings, financial confidence and economic activities.

“In fact, commercial banks are the most important confluence of the economy. “Savers, entrepreneurs, farmers, industrialists, investors and youths who want to start a new business will also come here,” he said, “Therefore, you can feel the real psychology of the economy, the confidence of the market, the thinking of the investors and the expectation about the future most clearly.” ”

He said that the budget has set a clear direction for the economic transformation of Nepal.

“Now our focus is on execution. Therefore, today I have come to listen to your experiences and suggestions to resolve the problems seen in the economy along with the implementation of the budget,” Minister Wagle said.

All have the same goal: to make Nepal’s economy dynamic again, increase investment, expand production, create jobs and restore the confidence of private sector.

He informed that the government was forwarding the process of regulatory, legal and institutional reforms.

“One question we have to ask ourselves is: Are these reforms enough? What more needs to be done?” asked Minister Wagle. “We will not shy away from taking decisions where there is a need for legal reforms, reforming laws where there are procedural problems, coordinating where institutional coordination, coordinating where the government is necessary,” he said.

“We want to make the economy full of self-confidence, decisive and optimistic towards the future, not in a reactive manner,” he said, adding, “Let us take today’s meeting not as a periodic dialogue with the banking sector, but as a workshop to make Nepal’s financial system a leading partner in economic transformation.” ”

He reminded that the relation between the government and the banking sector was not only that of regulatory and regulatory bodies but also of shared national responsibility.

“Economic growth, investment expansion, job creation and financial stability are our common objectives,” he said. We are committed to translating them into a clear roadmap for implementation. ”

He said the common agenda of all is to build trust, expand investment, increase production and usher Nepal into a new phase of high growth and high productivity.