पाउलान् त बेलायतबाट नेपालीले १२ खर्ब क्षतिपूर्ति ?

भूतपूर्व गोर्खा सैनिकले १२ खर्ब हाराहारी क्षतिपूर्ति बेलायतले दिने दावी गरेका छन् । उक्त रकम नेपालको आगामी आर्थिक वर्षको बजेट सिलिङबराबर हो । परराष्ट्र मन्त्रालयले रकमको यकिन भइनसकेको बताए पनि भूतपूर्व गोर्खा सैनिकको आफ्नै गणनाअनुसार १२ खर्ब एकमुष्ट क्षतिपूर्ति पाउनुपर्ने देखिएको हो ।
भूतपूर्व गोर्खा सैनिकको लामो समयदेखिको बराबरीको हक तथा अधिकारको आन्दोलनलाई सम्बोधन गर्दै बेलायत सरकार क्षतिपूर्ति तिर्न राजी भएको उनीहरूले दावी गरेका छन् । अधिकार प्राप्तिको लडाइँको फलस्वरूप भूतपूर्व गोर्खा सैनिकले क्षतिपूर्तिबापत एकमुष्ट रकम तथा बर्सेनि ३७ अर्ब पेन्सन पाउन लागेको उनीहरूको भनाइ छ ।
एकमुष्ट १२ खर्ब हाराहारी क्षतिपूर्ति दिने विषयमा बेलायत सरकार तयार भएकोले नेपालले छिट्टै द्विपक्षीय वार्ता गरी उक्त रकम दावी गरिहाल्नुपर्ने भूपू गोर्खा सैनिकहरूको विभिन्न संगठनहरू एकजुट भएर बेलायतमा बनेको सत्याग्रह संघर्ष समितिका संयोजक कृष्णबहादुर राईले बताए । बेलायत सरकारले नेपालसँग सरकारसंग द्विपक्षीय वार्ता गर्न पत्रसमेत पठाइसकेको पनि उनले बताए । यसैक्रममा प्रधानमन्त्री केपी शर्मा ओलीसँग शनिबार भएको भेटघाटमा प्रधानमन्त्रीले आफूलाई पनि यस विषयमा जानकारी भएको तथा १ महिनादेखि ३ महिनाभित्र सरकारले यो मुद्दा टुंग्याउने बताएको पनि उनले जानकारी दिए । “प्रधानमन्त्रीले उक्त रकम नेपालमा उत्पादनशील क्षेत्रमा खर्च गर्न पनि आग्रह गरेका छन्,” राईले बताए ।
बेलायत सरकारको रक्षा मन्त्रालयअन्तर्गत आम्र्ड फोर्स मामिलामन्त्री लांककास्टरलाई गत वर्ष ४० पृष्ठ लामो प्रतिवेदन बुझाएपछि आफ्नो आन्दोलनले सफलताको बाटो टेकेको दावी गर्दै पूर्व गोर्खा राईले नेपाल सरकारले अब गम्भीर रूपमा वार्ता गरी क्षतिपूर्तिको मुद्दा टुंग्याउनुपर्ने बताए । गत वर्ष गोर्खा, नेपाली राजदूतावास र बेलायत सरकारबीच भएको त्रिपक्षीय वार्तामा पनि लांककास्टर सहभागी थिए । वार्तापछि लांककास्टरले गोर्खाहरूको समस्या बारेमा आफू गम्भीर भएको तथा उनीहरूको माग सम्बोधनको लागि पहल गर्ने बताएका थिए ।
गोर्खा भर्ती सुरु भएको २ सय वर्षपछि बेलायतले गोर्खाहरूलाई बिभेद गरेको भन्दै भूपू गोर्खाहरूले आन्दोलन गरेपछि बेलायत सरकार, नेपाली राजदूतावास र गोर्खाहरूबीच विभिन्न चरणमा वार्ता भएका थिए । बेलायतमा रहेका विभिन्न संघ संगठनले आन्दोलन जारी राखेपनि पूर्व गोर्खा सैनिक ज्ञानराज राईले ५ वर्षअघि तत्कालिन बेलायती प्रधानमन्त्री डेविड क्यामरुनको कार्यालयअगाडि आमरण अनसन बसेपछि बेलायत वार्ता गर्न तयार भएको थियो । आन्दोलनका क्रममा गैरआवासीय नेपालीका तर्फबाट तत्कालिन उपाध्यक्ष तथा हालका अध्यक्ष भवन भट्टलगायतले गोर्खाको मागमा ऐक्यबद्धता जनाएको स्मरण गर्दै अब बल नेपाल सरकारको कोर्टमा रहेको राईले बताए ।
गोर्खा सैनिकले सन् १८१६ देखि प्रत्येक सैन्य मोर्चामा ब्रिटिस साम्राज्यको पक्षबाट लडाईं लड्दै १३ भिक्टोरिया क्रस, दुई जर्ज क्रससहित ६ हजार ५ सय ठूला तक्माहरू पाएका छन् । तर, हजारौंको संख्यामा तक्मा तथा बहादुरीका विभूषण पाएका गोर्खा बराबरी पेन्सन तथा अन्य सुविधाको विषयमा भने ठगिँदै आएका छन् ।
मन्त्री लांककास्टरले नै जीटुजी द्विपक्षीय वार्तामा चासो राखेका थिए । गोर्खा सैनिकहरूको रेजिमेन्ट बाँडफाँडलाई केन्द्रित गरेर गरिएको सम्झौतालाई बेलायतको ‘रोयल कोर्ट अफ जस्टिस’ले ३० सेप्टेम्बर २००८ मा अमानवीय, अन्यायपूर्ण र अवैधानिक ठहर गरिसकेपछि नेपाल र बेलायतबीच द्विपक्षीय सम्झौताको कुरा उठान भएको हो । बेलायतले एउटा सार्वभौम नागरिकको रूपमा गोर्खा सैनिकहरूलाई समानताको सिद्धान्तका आधारमा व्यवहार गर्ने जनाएको हो ।
त्यसो त गोर्खा भूतपूर्व सैनिक संघ (गेसो)को आन्दोलनपछि पेन्सनमा केही वृद्धि गरिए पनि भूतपूर्व गोर्खा सैनिकले गोरा सैनिकको तुलनामा धेरैगुणा कम पेन्सन पाइरहेका भन्दै ऐतिहासिक अन्यायसमेतको क्षर्तिपूर्ति हुने गरी पेन्सन दिइनुपर्नेमा अडिग थिए ।
गत वर्ष सेवानिवृत्त गोर्खा सैनिकहरूको समस्या अध्यायन गर्न बनेको त्रिपक्षीय प्राविधिक समितिले तयार पारेको अन्तिम प्रतिवेदनका अनुसार २२ वर्ष नोकरी पूरा गरेका ब्रिटिस गोर्खा सिपाहीले ब्रिटिस सिपाही समान दर्जाअनुसारको पूर्ण पेन्सन पाउनुपर्ने, २१ वर्ष उमेरपछि १६ वर्ष नोकरी पूरा गरेका ब्रिटिस गोर्खा अफिसरले ब्रिटिस अफिसर समान दर्जा अनुसारको पूर्ण पेन्सन पाउनु पर्ने, १५ वर्ष नोकरी पूरा गरेका ब्रिटिस गोर्खा सिपाहीले ब्रिटिस सिपाहीले पाउने २२ वर्षको पेन्सनको अनुपातिक १५ वर्षको पेन्सन दर्जा अनुसारले पाउनुपर्ने, अप्रेसनल ड्युटीमा मारिएका, मरेका र घाइते भएका ब्रिटिस गोर्खाले ब्रिटिस समान लिबरल र डीसएबिलिटी (घाइते) पेन्सन पाउनु पर्ने साथै अन्य पेन्सनहरू जस्तैः बिधवा, मेडिकलआदि सबैखाले पेन्सनहरू ब्रिटिस सिपाहीसमान पाउनुपर्ने, सन् १९७५ अघि नोकरीबाट बर्खास्त गरिएकाहरूले क्षतिपूर्ति एकमुष्ट रकम पाउनुपर्ने, सन् १९७५ पछि नोकरीबाट बर्खास्त गरिएकाहरूले ब्रिटिस सिपाही समान प्रिजर्भड पेन्सन पाउनु पर्ने, ब्रिटिस गोर्खा सिपाहीले बेलायतमा रहदा नेसनल इन्स्योरेन्स (राष्ट्रिय बिमा) तिरेको र मलाया, हङकङ र नेपालमा रहँदा ब्रिटिस सिपाही समान तलब नदिएको हुँदा ‘स्टेट पेन्सन’ पाउनु पर्ने, ब्रिटिस गोर्खा सिपाहीको पेन्सन ब्रिटिस सिपाही समान तुरुन्त बनाउनु पर्ने, ब्रिटिस गोर्खाहरूलाई ऐतिहसिक अन्याय भएको हुँदा अन्यायको क्षतिपूर्तिका लागि सद्भावना पेमेन्ट (गुडवील पेमेन्ट) दर्जा र नोकरीको अवधि अनुसार पाउनुपर्ने, पेन्सन वा बर्खास्त भएका तर मरिसकेका ब्रिटिस गोर्खाका छोराछोरीहरूले सद्भावना पेमेन्ट (गुडवील पेमेन्ट) पाउनुपर्ने, ब्रिटिस रक्षा मन्त्रालयले ब्रिटिस गोर्खाहरूको लागि मेडिकल सुबिधा इन्डियन गोर्खाहरूले नेपालमा पाएको समान मेडिकल सुविधा दिनुपर्ने, ३० वर्ष भन्दामाथि उमेरका ब्रिटिस गोर्खाका छोराछोरी सबैलाई बेलायती आवासीय भिसा दिइनुपर्ने, भूतपूर्व ब्रिटिस गोर्खा र परिवारलाई ९० दिन नेपाल बस्न पाउने सुविधा पाउनु पर्ने तथा भूतपूर्व ब्रिटिस गोर्खाहरूले पाउने पेन्सन सुबिधा नेपाल राष्ट्र बैंकमा जाने व्यवस्था मिलाउनु पर्नेलगायतका बुँदा प्रतिवेदनमा समेटिएका छन् ।
भूतपूर्व गोर्खाहरूले बेलायत सरकारबाट पाउने पेन्सन नेपाल राष्ट्र बैंकमार्फत पाउनुपर्ने माग राख्दै हालसम्म गोर्खा सैनिकहरूले अवकास प्राप्त गरेपछि पाउने पेन्सन ‘भारतीय रिजर्भ बैंक’ मार्फत नेपाल पठाइने गरिएको छ । राईका अनुसार यसले गोर्खा सैनिकहरूलाईमात्र होइन मुलुकको अर्थतन्त्र र स्वाधिनतामा समेत आँच आउने काम गरेको छ । यो रकम सिधै नेपाल आउँदा देशको परिवत्र्य विदेशी मुद्रा संचितिमा पनि योगदान गर्ने गोर्खाहरूको तर्क छ ।

Nepal getting new software to track old Indian notes

The central bank is getting new software to facilitate the exchange of banned Indian currency (IC) Rs 500 and Rs 1000 notes in the country.
The software will also make it impossible for non-Nepalis to exchange demonitised Indian notes, central bank deputy governor Chintamani Shiwakoti said speaking to mediapersons in Biratnagar today.
"We have already sent a proposal to the Reserve Bank of India (RBI) on the system that will be in place to exchange demonistised notes,” he said adding that an individual will only get to exchange Rs 25,000 worth of Indian currency (IC). "If we find that anyone has exchanged more than Rs 25,000, we will seize the excess amount."
In accord to the new template, a Nepali citizen wanting to exchange money has to fill up a form, submit a copy of Nepali citizen and other personal details, which will be uploaded in the software. The software will bar any user coming to exchange money for the second time and has exceeded the limit.
Nepal Rastra Bank – the central bank – will provide a form for anyone, who wishes to exchange IC and on the form the person needs to provide his/her citizenship number and phone number, according to Shiwakoti.
The central bank is now waiting for RBI nod to use this software. As soon as the central bank gets the permission, it will distribute the software across its branches in Nepal.
IC worth over Rs 3.36 billion Nepali currency is believed to be in Nepal, according to the unofficial figure. Likewise, around Rs 2.52 billion of worth of IC in Rs 500 and 1,000 denominations is believed to be in the banking sector and around Rs 810 million with travel agencies and other businesses.
The Indian government – in its bid to fight against black money – is less concerned about the implications of demonitisation on the neighbouring countries, according to central bank officials. "This is a secondary issue for them as their focus is on mitigating the problems brought about by the announcement," the official added.
The demonetisation of Indian notes has affected the banking system of Nepal. The cemntral bank has permitted very small amount of the IC 100 rupee notes to people, who want to visit India.
The central bank has also been witnessing long queues since the demonetisation of notes in India.
Prime Minister Pushpa Kamal Dahal and his Indian counterpart Narendra Modi have also discussed the issue over the phone. Likewise, finance minister Krishna Bahadur Mahara and his Indian counterpart Arun Jaitley also held talks on the issue over phone. India has assured it will provide exchange facility but it has not provided any details.
Meanwhile, the Reserve Bank of India (RBI) has told the central bank that it will not be providing India notes till April of next year. Nepal buys Indian Currency (IC) paying dollar as the country imports most of the merchandise from India in Indian Currency. Apart from, the payment of imports bill, Nepalis going to India for education, pilgrimage, trading or for treatment, also need IC in regular basis. But they are facing hard times due to Indian government's move to ban IRs 500 and IRs 1,000 banknotes.
On November 8, Indian Prime Minister Modi, in an unscheduled live televised address at 20:15, declared that use of all IRs 500 and IRs 1,000 banknotes of the Mahatma Gandhi Series would be invalid from midnight of the same day and announced the issuance of new Rs 500 and Rs 2,000 bank notes of the Mahatma Gandhi New Series in exchange for the old banknotes.
Though, the Indian government claimed that demonetisation was an effort to stop counterfeiting of the current banknotes allegedly used for funding terrorism, as well as a crack down on black money in the country, it has hit the general public in the rural areas more. The move was also described by the Indian government as an effort to reduce corruption, the use of drugs, and smuggling.
The Indian government’s deadline to exchange the demonitised notes elapses on December 30. Chances are that the Indian government would allow Nepalis to deposit their notes in their bank accounts in Nepal after bearers present their documents to prove the source of the currency. But the window period will be short.

India lifts ban on high value IC notes with cap but it takes time to come into effect in Nepal

The Reserve Bank of India – the central bank of India – today allowed Indians to carry high value denomination notes while travelling to Nepal and Bhutan with a cap of Rs 25,000 on the total amount. Though, India has lifted the ban, Nepal is yet to formally revoke the legal restriction to come into effect in Nepal.
The necessary amendments have been carried out in the regulations to permit this, the Reserve Bank of India (RBI) said in a statement.
However, the central bank will request the government to publish a notice in Nepal Gazette – that has earlier on June 26, 2000 published notice banning the 500 and 1,000 Indian currency notes in Nepal – before the high value denomination Indian currency notes are allowed into Nepal, said executive director of Foreign Exchange Management Department of Nepal Rastra Bank Bhisma Raj Dhungana. "We will request the government next week to cancel the earlier notice," he added.
Indian citizens can travel to Nepal with Rs 500 and Rs 1,000 denomination notes as well after the government publishes a notice in Nepal Gazette allowing it into Nepal.
Following the request from Indian government to curb the smuggling of counterfeit currency, the government had imposed ban on carrying 500 and 1,000 denomination Indian currency notes in Nepal in 2000.
According to Foreign Exchange Act, a person possessing Indian currency notes of 500 and 1,000 denomination can be imprisoned two years, the police will seize the currency and in addition to fine of equal amount.
Nepal had been long requesting India to lift the ban as it has created inconvenience to Nepalis workers in India and Indian tourists travelling to Nepal. They were only allowed to carry Indian currency notes of Rs 100 denomination, but there was no limit on the amount.
Indian Prime Minister Narendra Modi, while inaugurating National Trauma Centre of Bir Hospital in November 2014, had announced to allow high value Indian currency notes to allow in Nepal. 

Rupee hits historic low of 108.90 per dollar, will it cross 115 ?

The Nepali rupee plunged to an all time low of Rs 108.90 against the US dollar today after the Indian rupee sank to the record low of Rs 68.75.
The central bank today morning revised the foreign currency exchange reference rate for selling at Rs 108.90 vis-à-vis US dollar in the morning for today’s trading, making a US dollar Rs 10 expensive in a month.
Earlier yesterday evening, the central bank had fixed the reference selling rate of the US Dollar at Rs 105.35 for today.

The central bank fixed the reference exchange rate twice today – most probably for the first time – once in the morning for today and another in the evening for tomorrow.

The exchange rate of the morning at Rs 108.90 has been revised to Rs 108.60 in the evening for tomorrow, after the Indian currency made some gain in the evening. Experts claim that the Nepali rupee is going to slip as low as Rs 115 against a US dollar as there is less chances of Indian rupee – against which Nepali rupee is pegged – to gain.

Despite several measures by the Indian government and Reserve Bank of India (RBI), there is a less chance of the Indian rupee strengthening heavily in the context of the election year – that is 2014 – in India when major policy decisions for reforms are unlikely to be taken. “Foreign investors have little confidence on Indian economy and they are unlikely to return any time soon, gold imports likely to go up and deficit usually go up in the election year,” according to the reports.

But the remittance-based economy can neither benefit nor lose from the current currency volatility as the increased remittance in flow will also be eaten by the increased price of the imported goods, though the poors will suffer due to rising inflation that could not be checked by either central bank or the government.

 The Nepali rupee depreciation against the greenback could be beneficial had Nepal been able to export over Rs 100 billion, but the country’s export basket is too small to take benefit from the rising US dollar. The country had exported Rs 76.92 billion worth merchandise in the last fiscal year, whereas the imports stood at Rs 556.74 billion.

Though, the importers have cut down imports by two-thirds and are still waiting for the Nepali rupee to stabilise, the import bill of the petroleum products – that is the single largest commodity import – will anyway increase hitting the market price that is already going up due to weak rupee.

The poors are going to suffer anyway as all the other currencies against Nepali rupee have been gaining pushing the Nepali rupee to its lowest ever that is going to increase poverty incident in the current fiscal year in the country.

Rupee sinks further, hits a low of 103.50 per US dollar

Nepali rupee continued its free fall against the greenback as the rupee witnessed a single-day fall of Rs 2.03 per US dollar.

The central bank has fixed Rs 103.50 as a reference exchange rate for tomorrow.

The weakening Indian rupee has pulled the Nepali rupee together as it has been pegged at Rs 160.

According to the various media reports in India, the Indian rupee dropped to an all-time low of 65.04 against the US dollar today despite Reserve Bank of India (RBI) interventions also due to growing outflow of capital from India.

Nepali rupee continues to weaken against US dollar, inflation to flare up

Nepalis now need Rs 102 to buy a US dollar as Nepali rupee continued to weaken vis-à-vis US dollar that will make central bank hard to contain at eight per cent, as it has estimated in Monetary Policy for the current fiscal year.

Though, the central bank has fixed Es 100.6 as a reference selling rate for today, the commercial banks have fixed more than Rs 102 for a US dollar. The commercial banks can fix the exchange rate, according to the liberal forex regime, on the basis of the reference rate fixed by the central bank.

The Nepal Rastra Bank – the central monetary authority – also has no control over the US dollar exchange rate as Nepali rupee is pegged with Indian Rupee at Rs 1.6. The weakening Indian rupee has taken its toll on the Nepali rupee as the dollar rate fixed by the Reserve Bank of India (RBI) – the central monetary authority – is the base for the central bank too.
Normally, the central bank multiplies the exchange rate fixed by RBI with 1.6 and fixes the reference rate for Nepal.

Though, it was expected Nepali rupee to be over Rs 100 for a US dollar due to weakening Indian rupee, the Indian government and RBI initiatives were supposed to stop the further nosedive of the Indian rupee that could have stopped Nepali rupee too.

The continue depreciation of the Indian rupee took the Nepali currency along the dive forcing the central bank has fixed Rs 102.05 reference rate for selling for tomorrow.

Gloomy economic outlook in the Indian economy has pulled the Indian rupee apart from a fear of US Federal Reserve tapering its massive bond buying programme.

Though, Reserve Bank of India today arrested the further depreciation of Indian rupee by selling dollars, its measures like increasing FDI cap in asset reconstruction companies and easing rules of non-resident Indians’ investment in shares and bonds have not been helpful as overall sentiment is not favourable.

However, the weakening rupee will increase inflationary pressure to the import-based economy. The country’s largest export manpower – migrant workers – though send more remittance, as foreign currencies including US dollar has strengthened, it will also push the market prices up. The increasing inflow of remittance will increase the number of rural poor as the households that do not receive remittance will feel the heat the most.
Last but not the least, the central bank’s and budget’s target to contain inflation at eight per cent will also get a further hit due to weakening rupee.

Gold, silver prices also up

KATHMANDU: The appreciation of US dollar vis-à-vis Nepali rupee has pushed the prices of precious yellow metal also up in the domestic market. Gold price on Tuesday has reached a six-month high of Rs 57,300 per tola (11.664 gram), an increase by Rs 600 from Monday’s price. Gold was traded at $1,370 per ounce in the international market. The gold price is fixed on the basis of international market and converted in terms of US dollar. If the price in the international market changes $10 upwards or downwards, the domestic market also adjusts the price. In the last fiscal year 2012-13, the country witnessed an import of Rs 26.11 billion worth gold from the third country. The silver import also stood at Rs 8.78 billion in the last fiscal year 2012-13. Likewise, silver was traded at Rs 985 per tola in the domestic market.

Dollar drops to six-month low

The exchange rate of the US dollar reached Rs 83.34 today – the lowest in six and a half months – due to the sustained appreciation of the Indian currency (IRs).
The central bank has fixed the exchange rate for the dollar at Rs 83.34 for today.

With the increased capital inflow to India, the Indian currency – with which the Nepali currency is pegged to – has continued to head up reaching IRs 52.39 by today's closing in the forex markets. Earlier, the plunging Indian currency had pulled the Nepali currency to Rs 91.28 for a dollar – the highest ever in late June.

However, monetary intervention by Reserve Bank of India (RBI) saved the Indian currency from plunging further. RBI controlled the arbitrage and speculation in futures and options markets, and ordered exporters to repatriate Indian currency from abroad instead of holding dollars.

Moreover, India's widening trade and current account deficits coupled with declining foreign fund inflows have depressed the rupee. India's recent steps like removing subsidy on fuel and allowing foreign investment in retail stores and aviation has sparked global confidence in the Indian currency once again, further propelling its rise.

The weak dollar against the Nepali currency means imports will be relatively cheaper while exports will be expensive. Likewise, cheaper dollars mean shrinkage in size of the remittance coming to Nepal from migrant workers.

RBI offers $2 billion swap arrangement facility for SAARC countries

The Reserve Bank of India (RBI) will offer a swap arrangement of $2 billion both in foreign currency and Indian rupees to member countries of the South Asian Association of Regional Co-operation (SAARC) to strengthen regional financial and economic cooperation.
With the new facility, SAARC member countries — Afghanistan, Bangladesh, Bhutan, Maldives, Nepal, Pakistan and Sri Lanka — can now approach the Reserve Bank of India to avail the facility, announced governor of the central bank of India Dr D Subbarao today at the 24th SAARCFINANCE Governors’ meeting in Pokhara.
The SAARC Swap Arrangement will have a corpus of $2 billion. India will contribute the entire fund. The swap amount available to various member central banks has been arrived at broadly based on two months import cover subject to a floor of $100 million and a maximum of $400 million per country.
The swap will be offered in US dollars, euros or Indian rupees against the domestic currency or domestic currency denominated government securities of the requesting country.
Under the facility, the requesting member countries can draw US dollars, euros or Indian rupees in multiple tranches. Each withdrawal will be of a three-month tenure and can be rolled over twice. The first rollover will be at the normal rate of interest, while the second one will attract 50 bps interest more than the normal interest rate that is agreed upon as per the London Interbank Offered Rate (Libor) — for three months — plus 200 basis points. The normal interest rate for Indian rupee swap is RBI Repo Rate minus 200 basis points. The Libor is the average interest rate that leading banks in London charge when lending to other banks.
For availing the facility, the central banks of requesting countries will need to enter into bilateral swap agreements, which will require final approval from the Indian government. RBI’s proposal to offer swap facility to SAARC member countries had earlier been approved by the union cabinet of India.
The swap arrangement is intended to provide a back stop line of funding for SAARC member countries to meet any balance of payments and liquidity crisis until long-term arrangements is made or if there is a need for short-term liquidity due to market turbulence.
The SAARCFINANCE Governors Symposium and Group Meeting with a theme
'Food Inflation in SAARC Region' today discussed on rising inflation and changed consumption pattern.
"The food price inflation has seen increment due to rising petroleum prices in the international market that has also increased the dependency," said central bank governor Dr Yubraj Khatiwada addressing the symposium that has also held a separate round table discussion on 'Macroprudential and Monetary Policies in SAARC Region'.
SAARCFINANCE is a network of central bank governors and finance secretaries of SAARC member countries established in 1998. "The increase in food price in the SAARC will increase poverty in the region," he added.
Similarly, the Asian Clearing Union (ACU)'s meeting, hosted by Nepal Rastra Bank, kicked off in Pokhara from yesterday. The 41st board of directors meeting is scheduled to be held today along with the technical meeting.
The central banks of Bangladesh, Bhutan, India, Iran, Maldives, Myanmar, Nepal, Pakistan and Sri Lanka are the members of ACU that is a clearing house operating in various regions of the world. It allows member countries to settle payments for intra-regional transactions among the participating central banks on a multilateral basis.
The settlements of payments for exports and imports between nations are undertaken by banks in New York which is a costly affair so ACU -- established in 1974 to coordinate inter regional payments among the central banks in Asia -- undertakes the settlements of the payments among the member nations every two months and the remaining payments are settled by banks in New York.
They discussed on local currency payment in regional trade instead of US dollar payment in the meeting, where the representatives of World Bank and Asian Development Bank, apart from the SAARC representatives were also present. "We also discussed on how to simplify the import and export of petroleum products," Khatiwada said.