Nepal Rastra Bank (NRB), the central bank, announced the new monetary policy for the fiscal year 2018/19 on Wednesday.

As per the new monetary policy, the cash reserve ratio has been reduced to 4 percent. Earlier it was 6 percent for commercial banks, 5 percent for development banks and 4 percent for finance companies.

Likewise, the monetary policy has also targeted to facilitate mobilisation of monetary instrument in compliance to 8 percent economic growth.

Similarly, visitors to third country other than India through land route could also get $1000 under the passport facility.

Meanwhile, the mandatory spread rate has been reduced to 4.5 percent from 5 percent and will be effective from fiscal year 2019/20.