Ghimire is associated with Republica, English National Daily, since November 2013. He reports and writes on banking, financial, cooperatives, labor, foreign employment and Mount Everest expedition issues. Twitter:@sagarghi firstname.lastname@example.org
The government has tabled the budget for the upcoming fiscal year 2017/18 amid positive economic outlook of the country with growth rate in the current fiscal year projected at 6.94 percent -- the highest since 1993/94. The International Monetary Fund has also made a projection of 5.5 percent of GDP growth for Nepal. Sagar Ghimire of Republica caught up with Andreas Bauer, the Senior Resident Representative of the International Monetary Fund (IMF) for India, Nepal and Bhutan, to talk about a broad range of economic issues of Nepal. Excerpts:
KATHMANDU, April 26: The Central Bureau of Statistics (CBS) has projected the national economy to grow by 6.94 percent for the current fiscal year 2016/17, up from the 6 percent target set by the government.
KATHMANDU, April 19: The number of suspicious transaction reports (STRs) by various bank and financial institutions, insurance companies and securities companies, among other entities that deals with cash transactions, more than tripled in the last fiscal year.
KATHMANDU, April 15: Bank and financial institutions (BFIs) are seeing the exodus of depositors from saving and call deposit accounts to fixed deposits following the rise in interest rates of fixed deposits.
KATHMANDU, March 31: As the banking industry rushes to meet its new paid-up capital requirement by the mid-July 2017 deadline, insurance companies too were told Friday to raise their own paid-up capitals and given about 15 months to do so.
KATHMANDU, March 23: Bankers have said that it was not possible to follow a new rule proposed by the Nepal Rastra Bank (NRB) that will prohibit them to revise interest rates on floated loans more than twice a year.
The Asian Infrastructure Investment Bank (AIIB) started its operation as a new multilateral financial institution on January 16 last year. Its president Jin Liqun is in Kathmandu to attend Nepal Investment Summit as a keynote speaker. Sagar Ghimire of Republica talked to Liqun on the sidelines of the summit. Excerpts:
KATHMANDU, Feb 23: The Indian government has sanctioned an investment of Rs 91.58 billion (Indian Rs 57.24 billion) by the Satluj Jal Vidyut Nigam Limited (SJVNL) for the development of the 900 MW Arun III Hydropower Project, giving new momentum to the project that was first mooted by Nepal some three decades ago.
KATHMANDU, Feb 22: As the banking industry grapples with the mismatch in deposit and credit growth that have causing shortage of lendable fund, the Nepal Rastra Bank has come up with some relaxations to the BFIs which will free up some funds for them to float as loans.
KATHMANDU, Feb 22: Nepal Rastra Bank (NRB) has tightened lending toward auto and vehicle purchases, allowing banks and financial institutions (BFIs) to provide loans of up to only 50 percent of the valuation of a private vehicle.
KATHMANDU, Feb 9: Concluding that the banks and financial institutions (BFIs) are perpetuating anomalies in the financial sector, Nepal Rastra Bank (NRB) has instructed them to abide by self-regulation before the central bank takes stern action against them.
KATHMANDU, Jan 31: The tightening of margin lending by banks and financial institutions (BFIs) and rapid rise in interest rates in recent days has sent a jitters among investors, causing a panic sell off in the stock market.
KATHMANDU, Jan 25: Commercial banks are literally left without any money to extend new loans, indicating that credit expansion of most of these banks will come to a grinding halt if they do not receive fresh financing facility.
KATHMANDU, Jan 24: Amid concerns that the decision to scrap high value Indian banknotes by the Indian government is also likely to weigh on economic growth of Nepal, the International Monetary Fund (IMF) has played down such risk.
KATHMANDU, Jan 24: The International Monetary Fund (IMF) has said that the Nepali economy will grow by 5.5 percent in Fiscal Year 2016/17. The World Bank (WB) has a different estimate: 5 percent. In a more conservative estimate, the Asian Development Bank (ADB) has forecast that Nepal's economy will grow only by 4.88 percent. And, the government has set economic growth target at 6.5 percent.