My Republica

Sagar Ghimire

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

sagar.use@gmail.com

New budget more an aspiration than a framework that can be implemented

Published On: June 2, 2017 11:00 PM NPT By: Sagar Ghimire

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:

Bank accounts must in Nepal for people heading abroad to work

Published On: May 30, 2017 01:30 PM NPT By: Sagar Ghimire

KATHMANDU, May 29: Those leaving for foreign employment will now be required to open bank accounts before flying abroad.

CBS predicts economy to grow 6.94 pc, highest since 1993/94

Published On: April 26, 2017 01:00 AM NPT By: Sagar Ghimire

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.

Suspicious transactions: Reporting entities more vigilant

Published On: April 19, 2017 08:18 AM NPT By: Sagar Ghimire

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.

Banks see deposits move from saving to FD accounts

Published On: April 15, 2017 12:40 AM NPT By: Sagar Ghimire

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.

Paid-up capital requirement for insurance cos hiked by 4 times

Published On: April 1, 2017 10:25 AM NPT By: Sagar Ghimire

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.

Bankers oppose NRB proposal on floating interest rate loans

Published On: March 23, 2017 01:00 AM NPT By: Sagar Ghimire

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.

OBOR important for connectivity, integration: AIIB chief

Published On: March 3, 2017 12:20 AM NPT By: Sagar Ghimire

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:

Govt okays Rs 30b foreign investment for six joint ventures

Published On: March 2, 2017 12:40 AM NPT By: Sagar Ghimire

KATHMANDU, March 2: The government has approved a total of Rs 29.83 billion in foreign direct investments for six different joint venture projects.

Indian govt okays Rs 91.58b investment for Arun III

Published On: February 23, 2017 01:10 AM NPT By: Sagar Ghimire

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.

NRB offers some relaxations to release funds for BFIs

Published On: February 22, 2017 10:18 AM NPT By: Sagar Ghimire

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.

NRB tightens personal auto loans to 50 pc of valuation

Published On: February 22, 2017 12:20 AM NPT By: Sagar Ghimire

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.

NRB sets 50% loan limit on private vehicle

Published On: February 21, 2017 02:48 PM NPT By: Sagar Ghimire

KATHMANDU, Feb 21: Nepal Rastra Bank (NRB) has said that it won’t allow banks to extend more than 50 percent of the valuation of the private vehicles while lending loans.

NRB tells BFIs to stop interest rate distortion, other anomalies

Published On: February 9, 2017 09:33 AM NPT By: Sagar Ghimire

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.

Nepse dives 5 percent on first trading day

Published On: January 31, 2017 07:27 AM NPT By: Sagar Ghimire

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.

Liquidity-starved banks enforce interest rate cartel

Published On: January 27, 2017 12:18 AM NPT By: Sagar Ghimire

KATHMANDU, Jan 27: In what seems to be an interest rate cartel, bankers have agreed to cap deposit rates at 12 percent.

Halt in lending likely as banks see loan-able funds dry up

Published On: January 25, 2017 01:10 AM NPT By: Sagar Ghimire

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.

IMF mission sees 'limited impact' of Indian demonetization in Nepal

Published On: January 24, 2017 01:30 AM NPT By: Sagar Ghimire

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.

Why do the economic growth forecasts differ?

Published On: January 24, 2017 12:50 AM NPT By: Sagar Ghimire

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.

Shortage of funds prompts bankers to ask NRB to scrap CCD ratio requirement

Published On: January 21, 2017 10:02 AM NPT By: Sagar Ghimire

KATHMANDU, Jan 21: Bankers have urged Nepal Rastra Bank (NRB) to scrap the credit to core-capital-cum-deposit (CCD) ratio requirement that bank and financial institutions (BFIs) have to maintain.