Kathmandu, Feb. 10 -- Nepal Rastra Bank, the central monetary authority of the country said that it was impossible to bring down the high interest rates charged by banks and financial institutions on loans and advances as demanded by the business community.

Industrialists in the eastern region upset by high interest rates charged by banks on loans have demanded that such rates be slashed to 7 to 9 percent. They have blamed the Nepal Rastra Bank (NRB) for being indifferent towards the rising interest rates which is favouring the banks at the cost of businesses.

However, Central Bank Deputy Governor Chinta Mani Siwakoti told the Post that the central bank was not in a position to ask the banks and financial institutions to bring down the ...