Kathmandu, Jan. 13 -- Nepali banks will be paying 1 percentage point less interest on fixed deposits from January 15. "Depositors will get 11 percent interest on their money," said Sunil KC, CEO of NMB Bank and president of the Nepal Bankers Association.

As per the decision made by the association on Thursday, the institutional interest rate will also be slashed from 10.13 to 9 percent.

"We have decided to issue a notice to this effect on Friday. We are optimistic that the interest rate will gradually go down further," said KC.

"The impact of the decision will not be visible in the January-February period, but it might make a difference to new investment," he said, adding that there would not be "many changes" in the lending rates. "Bu...