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Kathmandu Saturday April 21, 2001 Baishakh 08, 2058.
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Governor
urges for credit rating agency in Nepal
Post Report
KATHMANDU, April 20 - Governor of Nepal Rastra
Bank (NRB) Dr Tilak Rawal, on Friday, stressed the need of credit rating agency in the
present financial scenario of Nepal. The provision of such agency was mentioned in the
last year’s budget speech.
Addressing a seminar on Investment Information
and Credit Rating in Nepal, Dr Rawal said that the central bank is keen to see such agency
established within the current fiscal year. The seminar was organized by Vishal Group in
association with Investment and Information Credit Rating Agency Limited (ICRA), India.
Highlighting the role of private sector in
providing better financial services, he expressed the hope that the presence of ICRA to
Nepal would be helpful in bringing its international credit rating expertise and
experiences to expand financial activities in Nepal.
Ram Babu Pant, Deputy Governor of NRB, outlined
the importance of credit rating agency for the medium term financial reforms frameworks in
Nepal. Appreciating the initiation of private sectors in such business, he said that the
credit rating agency is an integral part of the on-going reform process in Nepal.
T C Agrawal, Vice Chairman of the Group, said
that establishment of credit rating agency is a landmark step in developing financial
market in Nepal and informed that the credit rating agency would be promoted by a broad
cross section on investors, representatives all major institutional sectors of Nepal.
Dr Bishwamber Pyakurel underlined the need of
credit rating agency, as it would help to consolidate the growth of market and to provide
necessary safeguards for the interest of the investors.
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