Parajuli elected FEDAN chair; inter-bank forex dealing guidelines in offing

ShareSansar, November 2:

The newly elected executive committee of Foreign Exchange Dealers Association of Nepal (FEDAN)—the association of the banks dealing with foreign exchange—has said that its focus will be toward the development of the foreign exchange market and its efficiency, depth and liquidity with great market discipline.

The 20th Annual General Meeting of held last week elected a new executive committee under the chairmanship of Arun Parajuli.

Parajuli, a treasury specialist, is currently working with Sunrise Bank Ltd as its chief manager.

The new executive committee has also vowed to develop an active market and promote the interests of the foreign exchange sector in the public arena.

“An active foreign exchange market in the country can contribute significantly to the growth of the national economy,” said newly elected chairman Parajuli, “we will work closely with member banks, Nepal Banker Association and Nepal Rastra Bank (NRB) toward that end.”

FEDAN, it its statement, also said that it is working for guidelines for inter-bank foreign exchange dealings as well as advising and assisting member banks in settling issues in their dealings.

FEDAN’s major activities include framing of rules governing the conduct of inter-bank foreign exchange business among banks vis-à-vis public and liaison with NRB for reforms and development of Forex market.