KATHMANDU, July 29: The Ministry of Agriculture Development has said that to achieve the target of doubling agricultural produce in five years, which the government has stated in its annual budget for the Fiscal Year 2018/19, a growth rate of 15 percent has to be achieved on every agricultural product.
KATHMANDU, June 5: Capacity utilization of industries increased by 3.8 percentage points to 58 percent over the first six months of Fiscal Year 2017/18, reflecting a slight improvement in the usage of resources and plants by industries.
KATHMANDU, May 19: The price of vegetables in the Nepali market has grown by a whopping rate according to the Nepal Rastra Bank (NRB). A report published by the NRB suggests that the vegetable prices have risen significantly by 24.7 percent in the first nine months of this fiscal year.
MYAGDI, May 13: When a seven years old from Mangala-3 attempted suicide, his family rescued him in a critical stage. After the young one was found hanging in his house, he was immediately rushed to Pokhara for treatment. The reason behind his suicide attempt is yet to be ascertained. Although the child has returned home safely, his parents are preoccupied with the feeling that he may attempt this again.
BAITADI, April 22: Twenty-six people have committed suicide in the first nine months of the current fiscal in Baitadi, a district in the Province 7, police data shows. The data showing the increasing trend of suicide has drawn the attention of people concerned.
NEPALGUNJ, April 3: Since the last few months, repeated cases of rapes of minors, young girls and women have rocked the whole nation. From school-going girls to working and household women, no one has been spared from the hands of some lecherous men.
JANAKPUR, Feb 20: After Janakpur-based Ramas Public Pharmacy was found to be selling medicines in half the rate of the existing market price, the district chapter of Nepal Chemist and Druggist Association had halted the supply of medicine to the drug store, arguing that it would render other pharmacies jobless.
KATHMANDU, Feb 10: Bibeksheel Sajha Party (BSP) has hit the streets in protest of the Hatauda Sub Metropolitan City’s decision to provide land owned by Municipal Development Committee to the lawmakers of Province 3 at the government’s rate.
KHOTANG, Feb 7: As a result of the 'Literate Nepal' mission introduced in 2012, 96.56% people from 15 to 60 years of age are to be declared literate in Khotang, according to the District Education Office (DEO).
KATHMANDU, Dec 23: Freefall of stocks continued this week too as Nepal Stock Exchange (Nepse) benchmark index slumped 36.99 points to close at 1,472.15 points on Thursday, the last trading day of the week.
KATHMANDU, Nov 15
Nepal Rastra Bank (NRB) has introduced working procedure for interest rate corridor system in line with the revision made in the Monetary Policy for the current fiscal year 2017/18.
The central bank issued the new working procedure to implement the interest rate corridor system with a fixed interest rate of lending and deposit to and from BFIs, as well as the policy rate.
By implementing the interest rate corridor system, the NRB wants to guide the short-term market interest rates of the banking sector within a certain range. Though the system was implemented by the NRB in FY 2016/17, the central bank has decided to revise the way it operates due to huge gap in the interest corridor. To fix the problem of huge gap in the corridor, the NRB has fixed the floor, ceiling and policy rates.
Standing liquidity facility (SLF) rate, which works as the ceiling in the interest rate corridor, has been fixed at 7 percent. This means that the NRB now lends funds to BFIs at 7 percent interest rate whenever they face shortage of liquidity for a short period of time.
On the another hand, the NRB has fixed the two-week term deposit rate at 3 percent which forms the lower bound, or the floor rate, in the corridor system. This is the rate that the central bank offers to BFIs for excess fund that they deposit at the central bank. Though similar to the SLF, this is the instrument through which BFIs borrow from the central bank for a relatively longer period of time, i.e. two weeks.
According to NRB officials, the central bank always aims to bring both the floor and ceiling rates closer to the policy rate. Now onwards, the short term market interest rates would not fall below 3 percent while it cannot climb above 7 percent.
Bankers say that the revised interest rate corridor system would help to correct the problem of huge gap seen between the upper bound and lower bound of the corridor in the last fiscal year contrary to the objective of guiding short term interest rates within a certain band. They also say that the interest rate corridor system will help to stabilize the interest rates of BFIs.
“The interest rate corridor system helps to keep check on interest rates volatility that the banking sector has been facing and ensure rate stability,” Bhuvan Dahal, CEO of Sanima Bank Ltd, said.
Though this may not necessarily directly or immediately affect the lending rates that general borrowers or deposit rates for general savers get, NRB officials say that the ultimate goal is to offer benefit of such interest rate stability to general depositors and borrowers through the transmission of the policy. “The interest rate corridor system is aimed at bringing ceiling and floor to a desired level,” Narayan Prasad Paudel, the spokesperson for the NRB, told Republica.
MANILA, August 1: The Philippines has registered the fastest-growing HIV/AIDS epidemic in the Asia-Pacific in the past six years with a 140-percent increase in the number of new infections, the health ministry and the United Nations said on Tuesday.
KATHMANDU, June 28: Nepal Rastra Bank (NRB) officials have hinted that the central bank may further reduce interest spread for bank and financial institutions (BFIs) from the monetary policy of the upcoming fiscal year 2017/18.
KATHMANDU, June 20: Private sector leaders have said that the monetary policy for the coming fiscal year 2017/18 should address the current problem of high interest rates and shortage of lendable funds in the banking system.
KATHMANDU, April 25: Sanima Bank Ltd has increased its interest on deposits to 8 percent. Issuing a statement, the commercial bank said that it had raised the interest rates on all saving accounts by 3 percentage points with an objective to provide maximum interest rates to its customers.
KATHMANDU, April 20: A delegation of Confederation of Nepalese Industries (CNI) on Wednesday met the acting governor of Nepal Rastra Bank (NRB), Chintamani Shiwakoti, and expressed its concern over recent rise on bank lending rates.
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.
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.
URLABARI (Morang), Jan 10: The death rate among the persons infected with HIV/AIDs has increased despite a decline in the newly transmitted cases, Sparsha Nepal, Biratnagar said at a press meet held on Monday.
KATHMANDU, Aug 13: Nepal Rastra Bank (NRB) Deputy Governor Chintamani Shiwakoti has said that the central bank would review the provision of 7 percent spread cap on the cost of fund of microfinance institutions only if they feel any difficulty in implementation of the policy.
PALPA, June 24:Although the government has set a target to bring down the rate of HIV/AIDS transmission to zero within 2016, the rate of transmission of the virus in Palpa district has been on the rise instead.