Stories By 'Rajesh Khanal'
Investors now can conduct electronic transfers via any member bank by paying a fee
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Nepal bought Indian rupees worth Rs393.77 billion by selling US dollars to pay for imports from the southern neighbour during the first nine months of the fiscal year despite pressure on its greenback reserves. The figure includes Indian rupees bought by Nepal Rastra Bank and commercial banks.
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Nepal Stock Exchange last week surged by 26.75 points to close at 1,318.71 points as investors rushed to buy shares of commercial banks after an unaudited report showed that majority of commercial banks posted strong profits.
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Nepal’s private sector has long been complaining that the high interest rates charged by banks had increased their production costs. Banks have been reluctant to revise interest rates citing a shortage of loanable funds.
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The Securities Board of Nepal’s plan to allow stockbrokers to work as securities dealers is in doubt as the regulator continues to procrastinate on revising the related laws.
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