No Travellers Cheque (TC) Anymore!!

Previously, when you were visiting abroad to have some fun or for any purpose, you would not carry cash but purchase a travellers cheque from banks that made them available. Now, if you go to bank and ask for TC, they are going to say, 

“We are extremely sorry, they are no longer available”.

They say this because American Express Travel Related Services (AMEX) that used to sell traveller cheque (TCs) in Nepal has stopped selling those from 27 August 2013. So, banks could not provide TCs to their customers.

Does that mean you need to carry cash for such purpose? Definitely not.

The demand for the US dollar did not decrease. The demand surged and banks needed to find an alternative. To address the problem, banks launched US$ denominated International Prepaid cards in MasterCard brand and Visa Cards. Currently the prepaid cards are available through Nabil Bank Ltd., Himalayan Bank Ltd., Civil Bank Ltd. and Standard Chartered Bank Nepal Ltd. There are different cards for those visiting India and other countries of the world.

The features of the Prepaid International Remittance Card (PIRC)

• Card is Valid Worldwide except Nepal and India
• Provided against Travel Facility by Nepal Rastra Bank
• Cash Withdrawal option up to 100% of available balance
• No Interest charges
• Recharge available as per the regulations of NRB
• No need to have a bank account
• Electron/Un-embossed card accepted in ATM & POS terminals
• Can be used for Cash Advance and Retail Purchases
• Balance Enquiry Options
• Personalized Cards
• Quick Turn Around Time- Card issued within 10 to 15 Minutes
• Balance can be topped up within the card validity
• Monthly statement issued
• Easy to Apply
• e-Statement service

 The cards are issued against

• Travel Quota- As per Central Bank’s rules
• Export Account
• FCY Account
• NRB Permit/Letter
• No Objection Letter from Ministry of Education & Sports

 For Nepal and India

• As per the applicants request for use in Nepal & India
• For use in India – Limit determined as per Central Bank’s rule

Requirements

• Completed Application forms
• Passport and Confirmed Air Ticket
• Authority Letter, NRB permit, as applicable

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Changing Insurance History

For the first time in the history of Nepal, Lumbini General Insurance has issued an insurance policy worth Rs. 280 million, under the category of Agriculture and Birds Insurance on Bhadra 29, 2070 (September 14, 2013). The policy was issued to Ostrich Nepal Pvt. Ltd. It is largest insurance policy ever issued for the coverage of Agricultural Product (Birds) in Nepal. 700 ostrich were valued to be worth Rs. 280 million by Lumbini Insurance and accordingly the policy was issued. The policy is issued for six months and the premium is 2.62% of the total amount. The policy can be renewed after the duration of six months.

Ostrich Nepal Pvt. Ltd. is located in Rupandehi district and it is going to expand its branch in Dang. Currently there are more than 2000 ostrich with the company and it is helping two farmers of Rupandehi to breed Ostrich.

Though there is provision of 5% premium and 50% subsidy by the government in the premium amount, the insurance of the ostrich is currently done only by the company. Insurance company has provided deductions in the premium. The reason for unavailability of the subsidy by the government may be due to the availability of provision for insurance amounting only to maximum of 10 million. If the company could get subsidy, the revenue generated from it is expected to be more than that from all the exports of the country.

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Prepaid Remittance Card: What to Expect!!

For the management of foreign exchanges, Nepal Rastra Bank (NRB), the central bank of Nepal has proposed “Prepaid Remittance Card” which is to be issued by the remitting companies and will be used by the family members of the remitter to receive the amount remitted. However, further whatsoever about the features, function and usage of card has not yet been disclosed. And, there are all types of assumption going around.

The features the remittance card that will be issued as per the monetary policy for fiscal year 2013-2014 may be:

• Used by the beneficiary of the remitter.
• Card valid throughout Nepal.
• No need to have bank account.
• Cash withdrawal up to 100% of available balance.
• No interest charges.
• Accepted in ATM and POS terminals.
• Monthly statement issued (e statements).
• Balance enquiry option.
• Balance can be topped within card validity.
• Quick Turn Around Time- Card issued within 10 to 15 Minutes.

The benefit of the prepaid remittance card will be easy access, usability, convenience and safer than carrying cash (security). 

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Rising Non-perfroming Assets

Non-performing assets (NPA) are those assets whose interest and or installment of principal is delayed and not received before a stipulated time. An asset becomes nonperforming when it stops to generate income; whether it is interest or principle. The international standard for an asset becoming non-performing is 90 days mark beyond normal installment reception day. The same standard has been followed by Nepal Rastra Bank in Nepal. That means when loan becomes 90 days overdue or outstanding, it is said to be non- performing.

NPA has been evergreen nightmare for the banking industry around the world. Banking industry is used as measure of economic growth of any country. Effect in banking industry has a great impact in the economy of country. NPA can paralyze the entire economy; the health of banking industry is reflected by NPA. Higher the NPA, greater will be risk of banks’ failure.

Impacts of Rising NPA

Financial performance of banks and financial institutions (BFIs) is affected severely by rising NPAs; because most of the time and effort (resources) are diverted by BFIs for the recovery process. This will further impact on the business functioning because BFIs are concentrating somewhere else. Also, BFIs get scared to lend money and make less risky investment that generates less income. Rising NPA has also serious impact on perception of customers, depositors and shareholders.

Rising NPA indicates operational inefficiency (poor performance) of banking institutions as well. The effects of rising NPAs in Nepalese banks are highlighted as under:

• Focus on recovery of loan and not on major business function
• Change bank’s psychology - restrict loan to productive sectors - choose risk free investment
• Affect customer, depositors and shareholders
• Reduces profitability of the bank and affects liquidity and solvency of the bank
• Disturbs capital adequacy ratio and cost of capital
• Reduces Economic Value Addition (EVA=Net Operating Profit after tax -
• Cost of capital)
• Creates negative image of the banks
• Affects stock price of the bank

Strategies to deal with NPA

The strategy to deal NPA can be categorized as

1. Preventive Measures
2. Curative Measures

1. Preventive Measures 

• Early Warning Signals
• Proper Credit Appraisal
• Organizational Restructuring
• Other Sources of Income
• Impact of Economic Changes

2. Curative Measures

• Recovery Department
• Debt Recovery Tribunal

1. Preventive Measures

They are used while approving loans or monitoring the loan facility. They prevent an asset to turn into non-performing.

Early Warning Signals

The situation of the client’s financial position and performance, operational efficiency, management, banking transaction, external factors that affect the customers must always be monitored and early warning must be provided.

Proper credit assessment of the client must be done. It can be done by properly analyzing 6 C’s (character, capacity, capital, collateral, condition, cash flow) of customer. Also, the credit auditing and the directives and policies of the regulators and organizations should be strictly followed.

Organizational Restructuring

Organizational restructuring includes improving managerial efficiency, skills up gradation for proper assessment of credit worthiness and a change in the attitude of the banks towards legal action, which is traditionally viewed as a measure of the last resort.

Alternate Sources of Income

Alternate sources of income for banks may be commission and charges that are obtained from different activities such as bank guarantees, letter of credit, and remittance services etc. This will decrease dependency of banks in interest income and NPAs will have less impact on profitability.

Analysis of Economic Changes:

The banks should prepare watch list of clients vulnerable to becoming non performer because of adverse economic or business condition as they are exposed to these conditions.

2. Curative Measures

These are the steps taken to recover the asset once it becomes non-performing. Curative measures are medicine used in order to minimize the bad debt or recover the loan

Recovery Department

The major role of recovery department is recovering the substandard, doubtful and bad loans. It is a department within the credit department of a bank. It prepares delinquency report (report that includes clients whose installment or interest is due). It also continuously monitors delinquent client and follow up them by calling and visiting their sites, offices or home.

Debt Recovery Tribunal

Banking institutions can file a case against delinquent client in Debt Recovery Tribunal (DRT). It is however done only when there are no other ways to recover the bad asset. DRT has authority and power to give decision regarding the case. DRT is established under Bank and Financial Institution Debt Recovery Act, 2058 by Nepal Government. All the procedures regarding the legal processing is governed by this act itself.

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Human Resource issues

The banking industry is the most stable and glamorous industry of Nepal. Most of the graduates tend to pursue their career in Banking industry. This may be due to the stability, compensation and facilities and the respect that those working in banking industry get in Nepalese Society. In one hand banking industry pose numerous career opportunities and in the other the banks are complaining about the human resources produced by the colleges. They claim that the graduate lack the skills and appropriate knowledge to work as a banker. The human resource issues that are related with the banking industries can be discussed as:

1. Turnover
2. Nepotism and Favoritism
3. Skilled Manpower
4. Performance Management System
5. Workplace Safety and Health
6. Professionalism
7. Others

1. Turnover

Turnover means employee leaving the organization. The action may be conducted due to better job offers elsewhere or due to frustration in the current job. There is also an increasing trend of new generation not sticking to the job they are offered. After a person joins a bank, he/she receives better job offer from other banks and tend to hop the job. Also there is increasing problem of people moving out of banking industry.

2. Nepotism and Favoritism

Though banking industries are most regulated and transparent among the industries, it has not been free from nepotism and favoritism. Most of the time internal hiring is done on the basis of nepotism. Favoritism plays major role in promotional opportunities.

3. Skilled Manpower

The supply of manpower in the lower level of banking industry is high, however the number is low in top and middle level of management. The level of job vacancies in the entry level also shows that people are keenly interested to join the industry.

4. Performance Management System

There is a huge gap in the compensation level between the higher level (management) and lower level employees. Research shows that the difference between the CEO’s salary and the salary of lower level employee is more than 25 times in Kumari Bank Ltd. (Shrestha et.al. 2011).

5. Workplace Safety and Health

Healthy employees can have great contribution for the profitability of any organization. However, the banking industry seems indifferent about the workplace safety and health of the employees.

6. Professionalism
Leaking information to other organization, negative communication about organization violating rules and regulations are taken as unprofessional behavior. It is very difficult to ensure that employees are adhering to the code of conduct and maintaining high degree of professionalism.

7. Others
There are various other issues relating to human resources in banking industry. They are

• Lack of organizational citizenship behavior.
• Managing work-life balance.
• Succession Planning.
• Employee Diversity Management.
• Unionism.

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Anti Money Laundering

Money Laundering is the process of transferring illegally obtained money to conceal its sources. It is an act of converting dirty money into clean money. Money Laundering has been major issue since the end of 1980s. However, it started getting high priority after the event of 9/11, when it was connected to fight against fighting  terrorism financing. The preexisting anti money laundering (AML) measures were expended.

In Nepal, Anti Money Laundering (AML) and Combating Financing of Terrorism (CFT) came into highlights after getting the membership of Asia Pacific Group on Money Laundering, which was established in 1997. Nepal became its member in 2002. This membership helped Nepal to realize the importance of AML/CFT regime in the system and raised awareness about its responsibility towards international community in this regard. Money Laundering Prevention Act, 2008 and Rules, 2010 came in force.

Financial Information Unit (FIU) was established as per the provision of this Act by Nepal Rastra Bank. FIU is a central agency which collects, analyzes and disseminates financial information. For the purpose, FIU has issued different directive to financial and non-financial institutions. It receives different Threshold Transaction Reports and Suspicious Transaction Report from them. It also conduct different workshops, interactions and training programs for different stakeholders to make them familiar with the concepts of AML/CFT.

In the year 2010, Nepal received correspondence from International Cooperation Review Group (ICRG) stating Nepal could be listed as non-cooperative country. In July, 2011 Mutual Legal Assistance and Extradition Bills were drafted by the Government. They were passed by the Interim Constitution acting as Parliament according to its Provision of Section 83 in October, 2012. Bill Against Organized Crime was passed in February 2013. The bills has provided the government with the power to act against money laundering.

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Products Offered by Banks in Nepal

In Nepal, Banks are regulated by Nepal Rastra Bank (NRB), the central bank of the country which was established in 1956. The banks in Nepal are categorized under four heads namely Class A, Class B, Class C and Class D by NRB. All the commercial banks with core capital more then 2 billion are as Class A bank. Development bank are categorized as Class B, Finance companies as Class C and Micro finance as Class D.

All of the banks in Nepal are involved in retail banking. They make petty lending to individuals and corporations. The banks are strictly regulated by NRB, and there are restrictions for lending and borrowing.

The common products and services commonly offered by the banks in Nepal are:

Credit

• Corporate Banking:

Banks provides short to medium-term commercial lending, structured finance and transaction banking to meet customer’s banking requirements. Besides traditional lending, Banks also engineer tailor-made solutions to meet constantly changing needs. The credit facilities provided by Banks in Nepal are:

·       Funded Facilities

·       Overdraft Loan

·       Hypothecation Loan

·       Structured Overdraft secured against Govt. Bonds

·       Loans against government bonds

·       Loan against fixed deposit

·       Pledge Loan

·       Priority/Deprived Sector Loans

·       Trust Receipt Loan

·       Term Loan

·       Packing Credit (Export) Loan

·       Margin Lending against shares

·       Loan Against First Class Bank Guarantee

·       Hire Purchase Loans

·       Consortium Lending

• Retail Banking

Realizing the dreams may now just be a phone call away. A house of dreams, a brand new car, a great marriage, a MBA degree from the best B-School ... the list is endless. Whatever customer dreams are, it can now be realized by opting for Consumer Loans from Banks. The retail banking facility includes the following:

·       Housing Loan

·       Auto Loan

·       Education Loan

·       Loan against gold silver

Deposit

• Current Account

Everyone has different banking needs, but every business needs a bank account. Banks have tailor made Current account that rightly meets needs of today's fast-paced business. Networked branches of Bank give customer the power to transfer funds in and across cities (where Banks has its offices/branches) in a flash.

Features

·       Withdrawal Below Minimum Balance

·       Extended Banking Hours in Kathmandu Valley Branches

·       Standing Instruction

·       Cash Management

·       Free Cheque book

Limited Liability Company/Social Organization/School

·       Completed Account Opening Form

·       Board Resolution to Open and Operate the Account)

·       Certificate of Registration/Incorporation

·       Articles of Association

·       Memorandum of Association

·  Evidence of Identification of Account Operator (Citizenship/Passport/Driving License/Voter's ID)

·      Two Recent Passport Size Photographs of Account Operator(s)

Proprietorship/ Partnership Firm

·       Completed Account Opening Form

·       Certificate of Registration/Incorporation

·       Income Tax Certificate (PAN Card)

·       Partnership Deed (in case of partnership firm)

·       Evidence of Identification of Account Operator (Citizenship/Passport/Driving License/Voter's ID)

·       Two Recent Passport Size Photographs of Account Operator(s)

• Saving Account

Designed with array of features, Savings account not only ensures attractive returns to customers idle money but also makes personal banking convenient and efficient.

Features

·       Affordable Balance

·       Unlimited Withdrawals/Deposits

·       Withdrawal Below Minimum Balance

·       Extended Banking Hours in Kathmandu Valley Branches

·       Free Cheque book

Documentation

·       Completed Account Opening Form

·  Evidence of Identification of Account Operator (Citizenship/Passport/Driving License/Voter's ID)

·     Power of Attorney (If the account operator is other than the accountholder/applicant)

·      Two Recent Passport Size Photographs of Applicant/Account Operator

• Fixed Account

Tenure ranging from seven days to over two years, Fixed/Call deposit at Bank allows depositors to diversify your portfolio to best suit your investment plan.

Features

·       Attractive Interest Rate.

·       Wide Options of Tenure

·       Convenient Account Opening

·       Auto Renewal Possible

·       Loan Facility up to 90% of Deposit Amount.

Documentation

·       Completed Account Opening Form

·  Evidence of Identification of Account Operator (Citizenship/Passport/Driving License/Voter's ID)

·     Power of Attorney (If the account operator is other than the accountholder/applicant)

·      Two Recent Passport Size Photographs of Applicant/Account Operator

1.1.3       Remittance

Remitters from any part of the world can send money from any bank to an account at many banks on Nepal that provide such facility. The originating bank will send the money through one of bank's correspondent banks.

The remitter must provide the following to the sending bank:

·        Beneficiary's name

·        Beneficiary's bank account number

·        Beneficiary's branch name or address, and

·        Beneficiary's Bank

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Components of Nepalese Financial System

The financial system is a system that allows the transfer of fund between the savers and the borrowers. The general component of financial system are government, general public, foreigners and business entities. The components or regulators of financial system in Nepal are:

1. Ministry of Finance
2. Nepal Rastra Bank
3. Insurance Board
4. Security Board of Nepal
5. National Cooperative Development Board
6. Investment Board

1. Ministry of Finance

Ministry of Economic and planning was established by Government of Nepal in 1963. Along with formulating plans, MEP also handled the economic affairs of the country. It also negotiated and coordinated with donors.  MEP was dissolved in 1968 and separate National Planning Commission and Ministry of Finance were established. Since then, MOF has been responsible for all economic and financial affairs of the country.

2. Nepal Rastra Bank (NRB)

Nepal Rastra Bank was established in 1956 under the Nepal Rastra Bank Act 1955. It is regulatory, monetary and supervisory of banking and financial institution. In Nepal the financial institution are categorized as Class A: Commercial banks, Class B: Development Banks, Class C: Financial Institutions and Class D: Micro Finance Institution. There are altogether 218 BFIs under NRB.

3. Insurance Board (IB)

Beema Samity or Insurance Board is constituted to systematize, regularize, develop and regulate insurance business in Nepal. Insurance business in Nepal is catogorized as Life-Insurance Business and Non-Life insurance business. There are all together 16 non-life insurance and 9 life insurance companies in Nepal.

4.Securities Board of Nepal (SEBON)

Government of Nepal established (SEBON) was established 1993 as an apex regulator of securities in Nepal. It currently regulates Nepal Stock Exchange (NEPSE), Mutual Fund and Derivatives Market of Nepal.

5. National Cooperative Development Board(NCDB)
NCDB was established by Nepal government in 1991 to revise the cooperative legislation and design a strategy for vitalizing the cooperative movement. Later in 1992 the permanent status of NCDB was conformed by the Parliament with the main function to assist the government and cooperative movement on policy matters organize the technical and financial assistance to cooperative movement and to serve as a coordinating body between the government and cooperative movement.

6. Investment Board
Investment Board Nepal is created under Nepal Investment Act, 2011 by constituent assembly acting as Parliament as per Article 83 of Interim Constitution of Nepal. The investment board is entrusted to promote the economic development of the country by crating investment-friendly environment by means of mobilizing and managing public-private partnership, cooperative, domestic and foreign private investment, orderly and rapid industrialization, development of infrastructure and other sectors for employment and offer meaningful contribution for poverty alleviation.

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Financial System

Generally speaking, financial system is any system that helps in channeling funds between those having excess of fund to those who have productive use of the fund. The general component of the financial system are government, household, business unit, financial market and financial institution. The government, household and business unit can be both the user and the supplier of the fund. Financial market consist of share markets and or exchange market like NEPSE in Nepal. The financial institution consist of depository and non depository institution.

The depository institution are those who accept chequeable deposits. That means, the institutions provide cheques to the customer against their deposit and, customers can withdraw their amount by presenting the cheques as per the requirement and the order of the institution. The example of the depository financial institution are banks, finance companies, cooperatives etc. The non depository institution include those institution that accept deposit from the customer but doesn't allow them to withdraw it through the cheques. They receive the deposit in the form of installments like premium in insurance companies or in the form of investments of individuals as in mutual funds.
The transfer of fund from the savers to the borrowers can be of two types. Direct lending and indirect lending. Direct lending is the purchase of shares and bonds by the people. Indirect lending is the borrowing fund from the financial institution by the firms that need funds. It may be in the form of loan or debt.

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Government Securities Available in Nepal

To collect the internal debt as per the fiscal policy of the Government of Nepal through the banks and financial institution, non bank financial institutions and through the general public, the Government of Nepal issues different short term and long term bonds and securities, as per National Debt Act 2059 and National Debt Regulation 2061. The government bonds are issued as per Government Securities Primary and Secondary Market Management regulation 2061. The responsibility of issuance of bonds, collection and providing funds to Nepal Government, collection and distribution of interest and principle for government to the related parties and other activities related to the proper management of the bonds are done by the central bank of Nepal, Nepal Rastra Bank (NRB). The government securities available in Nepal are:

1. Treasury Bills
2. Development Bonds
3. Citizen Saving Bonds
4. National Saving Bond
5. Foreign Employment Saving Bonds

1. Treasury Bills :

Treasury Bills are issued in Nepal for 28, 91, 182 and 364 days. They are issued through of auction process. For the calculation of the discount rate, 364 days are taken for a year. Any bank, financial institution, non financial institution or Nepalese citizen can apply for the purchase of the treasury bills.The request for the purchase of the treasury bills can be done as competitive or non-competitive participant. However, Class A, Class B and Class C financial institutions, categorized by NRB,  cannot apply as non-competitive. 15% of the total

2. Development Bonds:

Development Bonds are fixed coupon rate, mid-term bond issued on the basis of auction process. Bank and financial institution, non financial institution and Nepalese citizen can purchase this type of bond. The purpose of the bond is to utilize excess liquidity in the market to support the development of the nation. The auction and issuance of the bond is done on the day specified by the Open Market Operation Committee.

3. Citizen Saving Bond:
These types of bond are issued only for Nepalese citizen and contain fixed coupon rate of return. It is issued through auction process, for mid-term, for the purpose of collection of internal debt to support the financial development of nation. The auction and issuance of the bond is done on the day specified by the Open Market Operation Committee.

4. National Saving Bond:
National Saving Bonds are issued to fund the mid-term requirement of the government. Non-bank financial institution and Nepalese citizen can only purchase this type of bond.

5. Foreign Employment Saving Bond:
This bond is designed to provide opportunity of investment for citizens working abroad or those who are returned but the duration has not crossed three months or Non Residential Nepali (NRN). The investment must be done in Nepali currency (NRs.) and provides fixed coupon rate. The purpose of the bond is to encourage the citizens to invest in bonds of Nepal Government. All the processes relating to the bond is carried out by the agent licensed by NRB. The voucher of the transfer of money to Nepal from abroad must be presented while applying for the purchase of the bond.

While applying for any bonds or treasury bills, the applicant must clearly mention the amount of purchase and personal details and must be signed properly in case of individual and stamped by organization. The information about the issue of bonds are prior to the issuance and as per the regulation of NRB. In case of under aged, the bonds can be applied with the combined names of parent. All the required form and additional details are available in the Public Dept section of the website of Nepal Rastra Bank.

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History of banking Industry

Nepal, a landlocked country with the total surface area of 147181 sq. km and with the total population of around 26.49 million has 218 banking and financial institutions. The boom in the number of banks were witnessed after the economic liberalization. However, the banked population of Nepal is only around 30%. This shows that there is a lot of work that needs to be done in the field of development of the banking industry. Currently there are 31 commercial banks, 87 development banks, 79 finance companies and 21 micro credit development banks in Nepal.

Historical Background:

Banking industry is one of the oldest service industry in Nepal. Though modern banking institution has a very recent origin in Nepal, banking operations were in practice since the Vedic times. It has gone through various stages of evolution and development till this date. The history of modern form of banking in Nepal dates back to 14th Century. First banking transaction was started in Nepal with the establishment of "Tejarath Adda" by King Tribhuvan in 1937 which was later renamed as Nepal Bank Limited in 1994. The government owned 51 percent of the shares of the bank. It is the first commercial bank of Nepal.

Rastriya Banijya Bank (previously known as National Commercial Bank), a state owned bank, was established in 1966. The Land Reform Savings Corporation was established in 1966 to deal with finances related to land reforms. There were two other specialized financial institutions. Nepal Industrial Development Corporation (NIDC), a state-owned development finance organization was established in 1956 with United States assistance to offer financial and technical assistance to private industries. Although the government invested in the corporation, representatives from private sector were also included in board of directors. The Co-operative Bank, which became the Agricultural Development Bank in 1967, was the main source of financing for small agribusinesses and cooperatives. Almost 75 percent of the bank was state-owned; 21 percent was owned by the Nepal Rastra Bank and 5 percent by cooperatives and private individuals. The Agricultural Development Bank also served as the government's implementing agency for small farmers' group development projects assisted by the Asian Development Bank (see Glossary) and financed by the United Nations Development Programme.

In the mid-1980s, three foreign commercial banks opened branches in Nepal. The Nepal Arab Bank was co-owned by the Emirates Bank International Limited (Dubai), the Nepalese government, and the Nepalese public. The Nepal Indosuez Bank was jointly owned by the French Banque Indosuez, Rastriya Banijya Bank, Rastriya Beema Sansthan (National Insurance Corporation), and the Nepalese public. Nepal Grindlays Bank was co-owned by a British firm called Grindlays Bank, local financial interests, and the Nepalese public. Nepal Rastra Bank was created in 1956 as the central bank to function as supervisor of commercial banks and to guide the basic monetary policy of the nation. Its major aims were to regulate the issue of paper money; secure countrywide circulation of Nepalese currency and achieve stability in its exchange rates; mobilize capital for economic development and for trade and industry growth; develop the banking system in the country, thereby ensuring the existence of banking facilities; and maintain the economic interests of the general public.

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