Gold price dips Rs 900 per tola

May 18, 2022 15:44 pm

KATHMANDU, May 18: Fine gold is being traded at Rs 95,800 per tola on Wednesday. The price of spot gold dropped by Rs 900 compared to Tuesday when the precious yellow metal was traded at Rs 96,700 per tola, according to the Federation of Nepal Gold and Silver Dealers’ (Fenegosida).

COLOMBO, May 17: Sri Lankan Prime Minister Ranil Wickremesinghe said on Monday that the South Asian country's economy is extremely precarious with the next few months being a very hard time, and urged Sri Lankans to work together to overcome the difficulties.

Carving Roads to Prosperity

May 8, 2022 19:30 pm

Nepal’s Karnali Province is the only province that is not connected to neighboring India. And as the province has no road-link with the northern neighbor China, either, this province has remained under shadow despite huge potentials for development. But this story of the sorry state of Karnali Province is going to change for the better in a few years because the Karnali and Bheri corridors, which are currently under-construction, are set to emerge as game-changers for Karnali.

COLOMBO, May 7: Sri Lanka’s president declared a state of emergency on Friday giving him broad authority amid widespread public protests demanding his resignation over the country’s worst economic crisis in recent memory.

KATHMANDU, May 6: The government is preparing the budget for the Fiscal Year 2022/23, focusing on the revival of the country's economy hit hard by the COVID-19 pandemic through production and productivity growth.

The local governments receive conditional money from the federal and provincial governments. That may not address all local needs. So, the local rulers should focus on planning and economic autonomy.

KATHMANDU, May 2: The arrival rate of foreign tourists in Nepal has increased by 159.9 percent in April 2022 as compared to the corresponding period last year.

LONDON, April 30: The Gurkhas have objected to the loss of millions of rupees to Nepal as the pensions of the former Gurkhas in the UK are still being deposited in the Reserve Bank of India.

Since it seems that high staff swirl is going to reside now for a while, the existing companies should reengineer their retention strategies.

Start-ups: A Glimmer of Hope

April 28, 2022 17:30 pm

The start-up scene in Nepal is okay, if not too well. The launching of start-ups didn’t slow down although all other sectors of the economy were held back by the COVID-19 pandemic for over two years. Similarly, there is no dearth of innovative business ideas introduced by the budding and young entrepreneurs in the country. That certainly gives us a glimmer of hope in these torrid times. But right government policies, implementation of government commitments made to the start-ups in the past, and investors willing to take risks are lacking.

Exploiting the full potential of adventure tourism in Nepal is a sure-shot way to prosperity for the country, provided that we just do not talk the talk but also walk the walk. That said, it’s good to see the local and provincial governments taking the initiatives of their own to promote tourism in their areas, especially after the country adopted federalism some five years ago.

KATHMANDU, April 25: Although agriculture has been a major sector of the country's economy as the main source of livelihood, employment and economic and social transformation, it has been found that the country has been importing huge quantities of agricultural goods.

KATHMANDU, April 22: The country has witnessed an increase in its exports by 69.44 percent in the last nine months of the current fiscal year 2021/22, compared to corresponding period of the last fiscal year 2020/21.

KATHMANDU, April 18: A delegation including President of Confederation of Nepalese Industries (CNI) Vishnu Kumar Agrawal has called on Finance Minister Janardan Sharma. During the meeting held at the Ministry of Finance, the overall condition of the economy was discussed.

KATHMANDU, April 17: The discussion was held about providing two days of holidays a week and running the office five days a week from 9AM to 5PM in the meeting of the Council of Ministers held on April 7.

KATHMANDU, April 17: Nepal is asking citizens living abroad to deposit funds in domestic banks as part of efforts to ensure the financial system has enough liquidity and to preserve foreign exchange reserves, finance finister Janardan Sharma said on Saturday.

ISLAMABAD, April 16: Pakistan's new government on Friday decided not to roll back billions in fuel subsidies for the time being despite the strain on public funds, citing the possible backlash if it were to raise fuel prices just days after taking power.

A drastic increase in the import of goods is the primary reason why Nepal’s foreign reserves have been depleting. In the first eight months of FY 21/22, Nepal’s import bill increased by USD 2.82 billion or 36.1%, compared to the same period of the previous fiscal year.

No miracle is going to happen in our historic trend of low capital expenditure this year, too. Same as ever, we will see a huge portion of the expenses being made in the last month of this fiscal year too (Asare Bikas accounting for almost 30% of capital expenditure).

KATHMANDU, April 12: The Non-Resident Nepali Association (NRNA) is to hold interaction with the non-resident Nepalis regarding their support in easing the situation of decreasing foreign currency reserves in the country. The interaction will also have the participation of government officials.

KATHMANDU, April 12: Minister for Finance Janardan Sharma clarified that the national economy has not faced any crisis.

KATHMANDU, April 11: Amid growing criticisms over his decision to suspend Nepal Rastra Bank (NRB) Governor Maha Prasad Adhikari, Finance Minister Janardan Sharma on Monday said that the government took action against Adhikari as per the NRB Act.

Economy not in peril: FinMin Sharma

April 11, 2022 17:50 pm

KATHMANDU, April 11: Finance Minister Janardan Sharma has said Nepal’s economy is not in peril. Talking to media persons at a meeting held on Monday at the Ministry of Finance, Minister Sharma said that the economy is not in a major crisis but they should still remain cautious.

KATHMANDU, April 11: Speaker of the House of Representatives, Agni Prasad Sapkota has called on the private sector to focus on the development of an independent economy. Stating that many problems occur when the economy is dependent, he stressed the need for cooperation and collaboration between the government and the private sector.

KATHMANDU, April 10: The CPN-UML has accused the government of suspending the governor of Nepal Rastra Bank (NRB) to cover up its incompetence.

KATHMANDU, April 10: The main opposition party, the CPN-UML, is set to make public its views on the country's economic situation today.

KATHMANDU, April 10: Minister for Urban Development Ram Kumari Jhakri has argued that Nepal's economy is not in a shambles as rumored in the market.

KATHMANDU, April 9: One of the mainstays of Nepal's economy-tourism- is gradually limping back to normalcy after being battered by COVID-19 pandemic for nearly two years.

KATHMANDU, April 8: Finance Minister Janardan Sharma has made it clear that Nepal's economy will not collapse like that of Sri Lanka.

KATHMANDU, April 8: Brushing aside reports that the country was heading to an economic slump, the central bank of the country, Nepal Rastra Bank (NRB) has said the overall economic situation of the country is not in a tailspin.

KATHMANDU, April 7: Nepal Rastra Bank (NRB) Spokesperson Gunakar Bhatta has said that the government has decided to stop the import of luxury items to prevent the decline of the foreign exchange (forex) reserves of the country.

KATHMANDU, April 6: Senior Vice President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal has said that although the country’s economy could face a serious challenge, the situation will not be as critical as it is in Sri Lanka.

KATHMANDU, April 6: The government of Nepal has decided to give  Rs 4.20 billion to Nepal Oil Corporation (NOC) from the price stabilization fund.

COLOMBO, April 2: Sri Lankan President Gotabaya Rajapaksa declared a nationwide public emergency late on Friday following violent protests over the country's worst economic crisis in decades.

KATHMANDU, April 1: Nepal Petroleum Entrepreneurs Institutional Coordination Committee has decided to stop the distribution of petroleum products from Friday midnight.

KATHMANDU, March 29: Economists and experts have accused the Ministry of Finance (MoF), the pivotal government agency to look after the economic health of the country, of focusing on populist programs and acting as a revenue collection organ rather than solving the real problems of the economy.

KALIKOT, March 29: Rakam Karnali Rafting Firm has brought rafting service into operation at Aathbish Municipality in Karnali district with a goal to promote tourism in the region.

The most comprehensive research done on the topic of inequality shows that in the year 1820, the average income of the global top 10 percent was 18 times higher than the bottom 50 percent while that number skyrocketed 38 times in the year 2020. The primary driver of this income disparity is financial deregulation, lack of unions, poor safety nets and the growth in executive pay and bonuses that far outstrips the salary growth of average blue and white collar workers.

LALITPUR, March 18: Finance Minister Janardan Sharma has said that the government has introduced various plans to get the COVID-19-hit economy back on track.

KATHMANDU, March 18: The government has spent over Rs 18 billion on the development of the Sikta Irrigation Project in the past 17 years. The main canal of the project has been extended to 45 km west of Banke.

KATHMANDU, March 12: The country imported paddy worth over Rs 12 billion in the first seven months of the current fiscal year 2021/22. The paddy amounting to 426,357,810 kilogram in weight was imported during this period.

RASUWA, March 12: The quantity of Chinese goods imported through the Rasuwagadhi transit is set to increase. An agreement was reached to increase the volume of Chinese goods imported into Nepal from the transit during 'virtual' talks between the border officials of Rasuwa and Jilung Province in Kerung, according to the District Administration Office.

KATHMANDU, March 11: Finance Minister Janardan Sharma has said that the economy is not in a depressing state as rumored outside. He said that the economy was under the control of the government and the problem would be resolved soon.

DAMAULI, March 4: Tanahu Hydropower Ltd, which is constructing a 140-MW hydropower project at Rishing Rural Municipality-1 in the district, is to construct another hydel project.

KATHMANDU, March 4: Private sector petroleum entrepreneurs are agitated after the Nepal Oil Corporation (NOC) decided not to increase the commission for petrol pumps, following the increase in crude oil prices in the international market.

KATHMANDU, Feb 23: The Tourism Revitalization Steering Committee has inked an agreement with Buddha Airlines Pvt Ltd and Yeti Airlines to provide a discount in the airfare to foreign tourists as Nepal is attracting more and more external tourists.

KATHMANDU, Feb 18: Finance Minister Janardan Sharma has said that Nepal should improve its partnership with the Asian Development Bank (ADB) further in order to take domestic products to the international market. Minister Sharma made the statement during a virtual meeting with ADB Executive Director Dr Wan Farisan on Friday.

BIRGUNJ, Feb 14: The import of petroleum products via Birgunj transit, the country’s major transit point,  has significantly increased this year as compared to the previous year.

KATHMANDU, Feb 11: The Government of Nepal had allocated Rs 3.53 billion for the construction of the Gautam Buddha International Airport in the current fiscal year. However, the project has made financial progress of just Rs 180 million in the first half of the current fiscal year.

LAMJUNG, Feb 5: Honey production of domestic bees has decreased in Lamjung district this year owing to various reasons such as adverse weather, infections and cold wave, among others.