Kathmandu, 21 October: Nepal’s economy is moving to a worse situation in recent months. The rising value of the US dollar and the high-interest rates of the banks have affected almost all sectors of businesses, which may invite serious recession in near future. Economists to businessmen and laymen have been expressing their worries because of the growing financial crisis they are facing over the weeks. With the sharp depreciation of the Nepali Rupees against the US dollar, prices of everything have soared, the construction works have been affected and the government has been spending more to pay the interest on the foreign loans. Likewise, the high-interest rates of banks have affected local businesses and industrialists. On the one hand, they are unable to get a new loan, they are failing to pay the interest on the old loans on the other. Considering this problem, the Nepalese Chambers of Commerce and Industry (FNCCI) has recently drawn the attention of Nepal Rastra Bank (NRB) citing that the internal and external factors are affecting the economy in multiple ways. The last time the banks and financial institutions started increasing the interest rate of loans, the delegation of FNCCI drew the attention of NRB to protest against the move. The Federation drew the attention of the NRB on issues such as liquidity management, interest rate stability, external sector management and price stability. A team led by FNCCI president Shekhar Golchha met the Acting Governor of NRB Dr Neelam Dhungana Timsina along with high officials of NRB on Monday and requested to address their demands. Earlier, the government implemented the Export Subsidy Work Procedure (Second Amendment) 2079 for providing export subsidies, as was mentioned in the budget for the fiscal year 2022/23. With the implementation of the procedure from Friday, the exporters of Nepal will get up to 8 per cent subsidy in export. Exporters who export goods, including clinker, cement, steel, footwear, processed water, information technology-based services and business process outsourcing will get a subsidy of up to 8 per cent for export from Nepal. The government has increased the cash subsidy to exporters to increase export trade and minimise the growing trade deficit. In the budget speech last May, Finance Minister Janardhan Sharma announced that he would provide up to 8 per cent subsidy to increase exports. But these measures may not be a big help to avert looming recession risks. People's News Monitoring Service