🏦 1.4 मौद्रिक नीति (Monetary Policy) — NRB को मुख्य भूमिका ★
परिभाषा: मौद्रिक नीति भनेको Central Bank (NRB) ले मुद्राको आपूर्ति, ब्याजदर र कर्जाको उपलब्धता नियन्त्रण गरेर अर्थतन्त्रको स्थायित्व कायम गर्ने नीति हो।
| उद्देश्य | Target |
|---|---|
| मूल्य स्थायित्व (Price Stability) | CPI Inflation ≤ 7% |
| वित्तीय प्रणाली स्थायित्व | BFI का NPL ≤ 5%, CAR ≥ 11% |
| बाह्य क्षेत्र स्थायित्व | Foreign Reserve ≥ 7 months import |
| आर्थिक वृद्धि सहयोग | GDP Growth support (Secondary Goal) |
| Monetary Policy Tool | विवरण | हाल Nepal |
|---|---|---|
| Policy Rate (Bank Rate) | NRB ले BFI लाई दिने ऋणको ब्याजदर | 5% |
| CRR | Cash Reserve Ratio — NRB मा जम्मा गर्नुपर्ने % | 4% |
| SLR | Statutory Liquidity Ratio — Liquid Assets % | 10% |
| OMO | Open Market Operations — Securities Buy/Sell | नियमित प्रयोग |
| Interest Rate Corridor | Deposit Facility Rate ↔ Lending Facility Rate | 4%-6% |
| Credit Ceiling | Total Credit Growth limit | Annual MP मा निर्धारण |
💹 1.5 वित्तीय नीति (Fiscal Policy)
परिभाषा: वित्तीय नीति भनेको सरकारले Government Expenditure र Taxation मार्फत अर्थतन्त्र नियन्त्रण गर्ने नीति हो।
| पक्ष | Fiscal Policy | Monetary Policy |
|---|---|---|
| निकाय | अर्थ मन्त्रालय (MoF) | NRB (Central Bank) |
| औजार | Tax, Government Spending, Subsidies | Policy Rate, CRR, OMO |
| लक्ष्य | Employment, Growth, Distribution | Inflation, BOP, Financial Stability |
| Speed | Slow (Budget approval) | Faster (NRB Directive) |
| Crowding Out | Govt Borrowing बढे Private Investment घट्छ | Interest Rate Tool बाट नियन्त्रण |
💡 Coordination: NRB र MoF को Monetary-Fiscal Coordination महत्त्वपूर्ण। Expansionary Fiscal Policy संगसंगै Contractionary Monetary Policy भए Crowding Out हुन सक्छ।
📋 1.6 आर्थिक योजना (Economic Planning in Nepal)
| योजना | अवधि | मुख्य जोड |
|---|---|---|
| 16औं पञ्चवर्षीय योजना | २०८१/८२ – २०८५/८६ | Sustainable Development, LDC Graduation |
| SDGs | 2016–2030 | 17 Goals; Nepal party; NPC coordinate |
| LDC Graduation | 2026 Target | GNI, HAI, EVI criteria पूरा |
| Agenda 2030 | UN Framework | No Poverty, Zero Hunger, Quality Education… |
NPC (National Planning Commission): नेपालको आर्थिक योजना बनाउने सर्वोच्च निकाय।
✍️ १० अंक — “नेपाल राष्ट्र बैंकको मौद्रिक नीतिका उद्देश्य र उपकरणहरू विस्तार गर्नुस्”
- परिभाषा: NRB ले Money Supply र Interest Rate मार्फत अर्थतन्त्र regulate गर्ने नीति
- उद्देश्य: Inflation ≤7%, Financial Stability, Foreign Reserve ≥7 months, Growth support
- Policy Rate: 5% — बैंकहरूलाई NRB ले दिने ऋणको rate — benchmark rate
- CRR (4%) + SLR (10%): Liquidity Management tools
- OMO: Inflation High → Securities Sell (Absorb Liquidity); Low → Buy (Inject Liquidity)
- Interest Rate Corridor: 4% (Deposit) to 6% (Lending) — short-term rate बाँध्छ
- Credit Policy: Sector-wise credit ceiling, Priority Sector Lending (Agriculture, SME)
- Expansionary vs Contractionary: COVID मा Expansionary; Inflation बढ्दा Contractionary
- Transmission Mechanism: Policy Rate → Bank Rate → Lending Rate → Investment → GDP
- सीमा: Nepal-India Peg कारण limited independence; Fiscal Dominance
🔑 Monetary Policy Instruments (NRB):
Policy Rate: 5% | CRR: 4% | SLR: 10%
OMO = Open Market Operations (Buy=Inject, Sell=Absorb)
Interest Corridor: 4%-6% | Inflation Target: ≤7%
MP Published: Annual (Shrawan) | Monetary Policy Review: Quarterly
Policy Rate: 5% | CRR: 4% | SLR: 10%
OMO = Open Market Operations (Buy=Inject, Sell=Absorb)
Interest Corridor: 4%-6% | Inflation Target: ≤7%
MP Published: Annual (Shrawan) | Monetary Policy Review: Quarterly
💡 सम्भावित प्रश्न: “NRB को मौद्रिक नीतिका उद्देश्य” | “OMO भनेको के हो?” | “Monetary र Fiscal Policy को फरक” | “CRR र SLR को भूमिका”