December 23: Industrialists of eastern Nepal staged a sit-in for six hours in front of Province 1 office of Nepal Rastra Bank (NRB) in Biratnagar on Thursday. The sit-in protest was held from 10 am to 4 pm against the central’ bank’s reluctance to lower the exorbitant interest rates of banks.

Altogether 42 organisations of businessmen had picketed the NRB office in Biratnagar at the request of Morang Merchant’s Association, Chamber of Industries Morang and Province 1 chapter of the Confederation of Nepalese  Industries.

President of Morang Merchant’s Association Naveen Rijal informed that the protest programme will continue until their demands are addressed.

According to Rijal, the rally that started at 9:30 am on Thursday circled the city and reached the NRB office at 10 am. He warned that they will launch stern protests if their demands are not fulfilled.

Rijal argued that the monetary policy of Nepal Rastra Bank had put the industrialists and businessmen in difficult situation.

He said that the protest will continue until the central bank lowers the interest rate to single digit, maintains the spread rate at 2 percent and scraps the Current Working Capital Guidelines.

President of Province 1 chapter of CNI Bhim Ghimire accused the central bank of acting as a feudal lord despite championing liberal economy. He said that the banks and financial institutions have been looting the general public with the backing of the central bank.

Meanwhile, Vice President of the Chamber of Industries Morang Pradeep Muraraka said that although the NRB has reviewed its monetary policy and maintained the spread rate at 4 percent on papers, the decision is yet to be implemented.

He claimed that the central bank was responsible for the high interest rates.

Likewise, former president of Morang Merchant’s Association Prakash Mundada said that the government intends to “break the backbone” of the industrialists by maintaining high interest rates.