Stories By 'BIBEK SUBEDI'
Nepal Electricity Authority (NEA)—the state-owned power utility—and Indian government owned NTPC Vidyut Vyapar Nigam (NVVN) are close to signing a memorandum of understanding (MoU) to export electricity generated by Nepali hydropower plants to Bangladesh, using the Indian transmission line.
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The police have arrested Kamal Gyawali, fugitive former managing director of then Kist Bank who has been absconding since 2016 after being convicted of financial crime. Kist Bank was part of a mega merger between multiple banks to form Prabhu Bank.
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The government is preparing guidelines to establish hedging funds, an insurance-like mechanism to cover currency exchange rate risks associated with infrastructure projects being developed with foreign direct investment.
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The fiscal year began with a bang for the remittance industry with inflows reaching Rs73.95 billion in the first month—up 33.1 percent year-on-year—even as migrant worker departures recorded a sharp drop.
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Budhi Gandaki Hydropower Project, once again, has fallen into politicking. The KP Sharma Oli administration last week decided to rope in China Gezhouba Group Corporation (CGGC), reverting the erstwhile Sher Bahadur Deuba government’s decision to develop the 1200MW project with internal resources.
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A rising US dollar is going to make the upcoming festive season painful for the general public as dearer imports will force them to fork out more cash to buy the same amount of goods. Nepal Rastra Bank (NRB) fixed the exchange rate of the US dollar at Rs116.10 on Thursday. Compared to the beginning of the current fiscal year which started in mid-July, the Nepali rupee has depreciated by almost Rs7 per dollar.
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