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US-Iran Conflict May Disrupt Nepal Economy

The assassination of the Iranian Major General Soleimani by US forces has escalated tensions, globally. Significantly, the incident is expected to have grave repercussions on the economy of South Asian countries like Nepal. Nepal is one of the prominent countries highly dependent on remittances from the Gulf. Around 1.5 million Nepalis are working in the Gulf countries. 600,000 in Qatar ... Read More »

Mega Bank’s financial literacy programme

KATHMANDU: Mega Bank has conducted a financial literacy programme for the Nepali Army in Surkhet district. The one-day training was conducted by Mega Bank’s Manager of Surkhet Branch Bikram Thapa, wherein he discussed secured savings, how to invest in productive sectors, family budget, risk reduction, along with various savings and credit schemes of the bank, as per a media release. ... Read More »

Scattered production and export makes country’s trade weak

Nepal’s trade deficit, which had been consistently rising, had started narrowing down in recent months especially following a rise in export of refined palm oil lately and fall in import of petroleum products. However, the recent decision of the Indian government to ban import of refined palm oil, Nepal’s top export, has raised many eyebrows. Sujan Dhungana of The Himalayan ... Read More »

Govt felicitates highest taxpayers

The government has honoured the highest taxpayers of the country under different categories on the occasion of the eighth National Tax Day today. The highest taxpayers were honoured also to promote the taxpaying culture. Finance Minister Yubaraj Khatiwada honoured the top companies in 15 categories amidst a programme organised by Inland Revenue Department. IRD has classified the highest taxpayers as ... Read More »

Investor sentiment hits Nepse, down by 1.35pc

With investors getting more and more frustrated with the government apathy regarding the concerns they have raised, the country’s sole secondary market has failed to rebound. According to Uttam Aryal, chairperson of Investors Association of Nepal, the finance minister and his policies are to be blamed for the bearish trend. Stating that shareholders have lost as much as Rs 500 ... Read More »

Nepal’s increased bullion import duty to help India reduce smuggling

The Nepal government’s decision to sharply increase import duty of gold and silver is expected to help both Nepal and India, as part of the volume imported by Nepalese jewellers enters India illegally, significantly squeezing their supplies. The government of Nepal, which shares a porous border with India, had last week increased Customs duty on import of up to 50 ... Read More »

India extends $28-mn aid to Nepal for rebuilding earthquake-hit houses

India released the third tranche of financial aid to Nepal to provide help to people in Nuwakot and Gorkha districts rebuild their houses damaged in the devastating earthquake in 2015. India released 3.10 billion Nepali rupees (approx USD 27.9 million) to Nepal government from concessional Line of Credit as a part of reimbursement of housing reconstruction in Nuwakot and Gorkha ... Read More »

Nepal Jumps 16 Places to Secure 94th Rank in World Business Index

Nepal’s efforts for all-round development is becoming evident with the number of recognitions it has been receiving recently, internationally. The latest achievement is its World Business Index ranking, wherein the World Bank (WB) has ranked Nepal 94th out of the 190 countries, worldwide. As per the Doing Business Report 2020 released by WB, Nepal has scored 63.2 points on the ... Read More »

No headway in optical fibre laying project

The government-initiated optical fibre laying project along the Mid-Hill Highway, which intended to develop an information superhighway in the country, has failed to make tangible progress even though the project was started more than three years ago. On different dates in 2016 and 2017, Nepal Telecommunications Authority (NTA) had awarded the contract to lay optical fibre along the Mid-Hill Highway ... Read More »

Nepal External Sector Deteriorates Following Rising Trade Deficit

Nepal external sector performance continues to deteriorate, drawing concern from related stakeholders. Despite a steady economic growth rate over the last three years, some of Nepal’s macroeconomic indicators show that all is not well with the country’s external sector. According to Nepal Rastra Bank’s (NRB) recent update, the country’s Balance of Payments (BoP) has fallen by NPR 67.4 billion in ... Read More »

Nepal Income Tax: 5 Key Takeaways for Entrepreneurs

Nepal has seen some notable improvements in the recent years in offering business opportunities to its dominant young population. The Oli government’s pitch for start-up businesses and entrepreneurship is helping many young entrepreneurs to turn their dreams into reality. There are a wide range of entrepreneurs stemming up across the country through some game-changing initiatives. However, on the finance side, ... Read More »

Nepal Government Launches Trade Information Portal – NTIP

After the launch of the Visit Nepal Year 2020 website and news portal, the Nepal government has now launched the ‘Nepal Trade Portal (NTIP)’. Nepal Industry, Commerce and Supply Minister Matrika Yadav launched the portal at a program organized at the Ministry. The NTIP has started the portal with the objective to facilitate export promotion and covers all information related ... Read More »

NRB launches RTGS in banking sector

Nepal Rastra Bank (NRB) has formally launched real time gross settlement (RTGS) in the country from today. NRB Governor Chiranjibi Nepal and Lord Mayor of London (UK) Peter Estlin jointly inaugurated the high-value cheque payment system in real-time in Nepal amid a function held today. UK Aid is technically supporting Nepal for the launch and implementation of the RTGS in ... Read More »

Nepal Rising Trade Deficit Jumps By 14.26 Pc

Nepal’s trade deficit is widening further with every passing year. The country’s trade deficit increased by 14.26 percent to NPR 1.32 trillion in the last fiscal year 2018-19. According to data from the Department of Customs, Nepal imported commodities worth NPR 1.42 trillion in the last fiscal, whereas it’s revenue earned from exports stood at NPR 97.11 billion. Even though ... Read More »

Nepal Records All-time High Gold Price of NPR 70,000 Per Tola

Touching a new high, gold prices in Nepal reached NPR 70,000 per tola. The Himalayan nation recorded an increase of another NPR 500 on August 08, 2019, taking gold prices from NPR 69,500 to a shooting NPR 70,000. The price of the yellow metal reached NPR 70,000 to record an all-time high, informed the Federation of Nepal Gold and Silver ... Read More »

Nepal Rising Trade Deficit Jumps By 14.26 Pc

Nepal’s trade deficit is widening further with every passing year. The country’s trade deficit increased by 14.26 percent to NPR 1.32 trillion in the last fiscal year 2018-19. According to data from the Department of Customs, Nepal imported commodities worth NPR 1.42 trillion in the last fiscal, whereas it’s revenue earned from exports stood at NPR 97.11 billion. Even though ... Read More »

Silver Heritage gets US$34mln offer for Nepal ops

Boutique Asian casino operator Silver Heritage Group Ltd says it has received a US$33.9 million offer to buy its Nepal casino “operations”. The firm operates the purpose-built Tiger Palace Resort Bhairahawa (pictured), and also manages gaming at the Millionaire’s Club and Casino, in Kathmandu, the capital of Nepal. The offer, from an individual called Indra Bahadur Thapa, placed a US$33.9-million ... Read More »

Nepal-Georgia Ink MoU on Trade Expansion, Diplomat Visa Fee Waiver

Nepal inks another important bilateral cooperation deal, this time with Georgia. The Nepal Chamber of Commerce and Georgian Chamber of Commerce and Industry signed a MoU on trade expansion and investment promotion. Nepal Chamber of Commerce President Rajesh Kazi Shrestha and Georgian Chamber of Commerce President and Industry signed the bilateral agreement on July 22, 2019 in the presence of ... Read More »

World Bank Extends USD 11 Billion in Financial Aid to Nepal

The World Bank (WB) has lifted its hand to support Nepal again. This time, it has renewed its support to Nepal under the Second Programmatic Fiscal and Public Financial Management Development Policy Credit Project. In a move supporting Nepal’s efforts towards fiscal federalism and developing public financial management, WB offered the country a grant of NPR USD 100 million for ... Read More »

US Raises Concern Over Increasing North Korean Business Activities in Nepal

Voicing concern over growing business activities of North Koreans in Nepal, the US has asked the Nepal government not to entertain North Koreans in the country stating that Nepal as a member of the UN should respect the decision taken by the global body to impose sanctions on the country. Mark Lambert, special US envoy for North Korea, who is ... Read More »