Share investors welcomed the monetary policy unveiled by Nepal Rastra Bank (NRB) on Wednesday, but said that it failed to address the concerns of the market fully when stocks were in free fall. The Nepal Stock Exchange (Nepse), the country’s sole secondary market, has been wallowing in the doldrums for a long time.
Nepal Rastra Bank (NRB) has revised the cash reserve ratio (CRR) for commercial banks from 6 percent to 4 percent and slashed the interest rate spread from 5 percent to 4.5 percent. Unveiling the Monetary Policy for 2018-19, the central bank announced the new provisions to address a shortage of loanable funds besides reining in soaring interest rates on loans.
Monetary policy for current fiscal announced
Nepal Rastra Bank (NRB), the central bank, announced the new monetary policy for the fiscal year 2018/19 on Wednesday.
State-owned utility Nepal Electricity Authority (NEA) has rejected India’s proposal for upward revision of electricity tariff by 15 to 20 per cent per unit of power.
The Ministry of Energy, Water Resources and Irrigation (MoEWRI) has awarded the survey licence for the country’s largest hydropower project to Vidhyut Utpadan Company.
Nepal Airlines Corporation (NAC) is preparing to resume its Japan service in September after a 10-year break with three weekly flights to Tokyo.
With the heavens opening up sooner than usual, farmers got off to an early start and have finished transplanting paddy on nearly one-fourth of the country’s fields as of July 2. This is the fastest transplantation rate in many years, said officials.
Has the arrival of the new Chinese-made aircraft become a headache for Nepal Airlines Corporation (NAC), the national carrier?The corporation has started worrying that the Chinese-made aircraft, particularly the 17-seater Y12e would push them into a corner as there are no signs of these aircraft taking off anytime soon.
The Nepali rupee plunged to a record low on Thursday, with the Nepal Rastra Bank (NRB) — the country’s central bank, fixing the exchange rate at Rs110.37 per US dollar for Friday. The Nepali rupee’s freefall is an effect of the steady depreciation of the Indian rupee with which it is pegged.
Nepal Airlines Corporation (NAC) will finally welcome its first long-range Airbus A330 at Tribhuvan International Airport (TIA) on Thursday, culminating a bizarre procurement process that began nearly a decade ago and was marked by corruption charges, parliamentary hearings and imprisonment of its top brass.
Supreme Court on Wednesday quashed government’s decision to ban double amputees and blind persons from attempting to climb mountains including Mount Everest.
Samsung Electronics Nepal on Monday launched two new smartphones, the Galaxy A6 and A6, with Infinity Display in the domestic market.
A looming shortage of pilots has prompted Nepal Airlines Corporation (NAC) to turn to international recruitment agencies for help.
Prime Minister KP Sharma Oli on Wednesday said that Nepal aspired to be part of China’s unprecedented progress in many spheres, and urged the northern neighbour to help change the country’s socio-economic scenario and create success stories.
In March 2015, a Turkish Airlines jet skidded off the runway and veered onto the grassy shoulder during landing at Tribhuvan International Airport (TIA). The Airbus A330 carrying 224 passengers came to a stop barely 100 metres from the airport fuel depot.
Nepal and Japan on Monday revised their bilateral air services agreement (ASA), increasing the number of flights seven-fold from twice weekly to 14 weekly flights with any type of aircraft on a reciprocal basis.
Nepal’s oil import bill ballooned to a record Rs131.93 billion in the first 10 months of the fiscal year, largely due to a sharp growth in domestic consumption despite regular electricity supply.
China has abruptly raised travelling charges for devotees going on the Kailash Manasarovar tour to the distress of Nepali and Indian tour operators. Hindus believe that bathing in Lake Manasarovar and drinking its water will cleanse them from all sin.
The monsoon has entered Nepal from the eastern parts of the country on Friday, two days ahead of schedule, brightening the prospects for a bumper summer crop output—the key trajectory for the higher economic growth path.
A technical delegation from the Airports Authority of India (AAI) is scheduled to arrive in Nepal on June 14 to discuss cross-border airspace issues that have been pending for the last five years, Civil Aviation Authority of Nepal (Caan) officials said.
Domestic airfares reached a record high after carriers jacked up the fuel surcharge in line with increased aviation fuel prices. The Airline Operators Association of Nepal (AOAN) on Tuesday gave the go-ahead to its members to hike ticket prices to reflect higher fuel prices.
Stock traders on Tuesday continued their protest and halted all transactions on the floor of the Nepal Stock Exchange (Nepse) in protest against the government’s decision to revise the capital gains tax threshold on the sale of bonus and rights shares.
A committee has made its recommendation to buy six new Viking Air DHC6-400 Twin Otter aircraft to Nepal Airlines Corporation (NAC). The five-member committee had been formed to evaluate the need for NAC to purchase new aircraft to serve the domestic sector.
Petrol and diesel prices touched a four-year high on Sunday after Nepal Oil Corporation (NOC) increased the rates, citing hike in the international market. This could become a big headache for the KP Sharma Oli government which has set a target of achieving 8 percent economic growth and keep the annual inflation in check.
The federal budget presented by Finance Minister Yubaraj Khatiwada on Tuesday announced the launch of Visit Nepal campaign version 3.0 in 2020 with the goal of attracting 2 million foreign tourists.
Breaking the silence over the construction modality of 750MW West Seti Hydropower Project, the government has decided to build the project with domestic resources.
The government has rolled out an ambitious annual budget, putting a strong emphasis on development of major infrastructure projects. The government has allocated adequate funds for the development of various national pride projects. Finance Minister Yubaraj Khatiwada has earmarked a whopping Rs 1.09 trillion for the development of transportation and infrastructure.
Nepal Airlines Corporation (NAC) has not been able to fly its new Chinese-made planes for lack of qualified pilots since they arrived in February, and they could remain in their hangars indefinitely, company officials said.
The opening hours of Tribhuvan International Airport (TIA) are now 6 am to 3 am the next day. Tourism Minister Rabindra Adhikari inaugurated the new 21-hour schedule on Monday that is expected to reduce congestion at the country’s sole international aerial gateway to some extent.
Tribhuvan International Airport (TIA) will remain open 21 hours a day from Monday as it extends its opening hours by 2 hours 30 minutes due to a sharp growth in air passenger traffic, airport authorities said.
The hilltop of Nagidanda in Kavrepalanchok district is the best site among the three spots studied to build a domestic airport close to the Kathmandu Valley, the report of the government technical study group said.
Nepal received 98,650 foreign visitors in the month of April, up 11.4 percent as compared to the same period last year, according to the Department of Immigration statistics.
The contractors for the Narayanghat-Muglin road widening project have asked for a deadline extension because they have not been able to complete it as per the timeline set by the Roads Department.
Local traders are warning customers to think twice before eating mangoes sold at the markets. They are warning that the markets in Tarai districts have already been overrun with imported mangoes from India laced with hazardous chemicals. Local Nepali mangoes are still not yet ready for consumption as it needs another month to ripen.
NEA receives help from the heavens
The Nepal Electricity Authority (NEA) received unexpected help from the heavens in its effort to eliminate loadshedding in the industrial sector. Incessant rain in the last few days has raised the water levels in the rivers, allowing domestic hydropower plants to boost production.
A Chinese mountaineer who lost both legs to frostbite while attempting to climb Everest four decades ago finally fulfilled his dream Monday.
The 2018 Everest climbing season officially began on Sunday with eight high-altitude Nepali climbing guides making it to the hallowed peak. These highly-skilled mountaineers prepare the 8,848-metre peak for climbers.
The Nepal Electricity Authority (NEA) has officially announced elimination of load-shedding for the industrial sector from Monday, a year after relieving residential customers who had suffered never-ending power cuts for decades. This makes the whole country free from load-shedding.
Nepal is once again planning to prod India to commence operation of the proposed cross-border air routes, putting the issue that was in the backburner for nearly five years back into the spotlight.
Prime Minister KP Sharma Oli has said reiterated that the time has come for the government to deliver on its promise of good-governance, economic prosperity and development.
The Roads Department plans to call global tenders to appoint a contractor for the construction of the Rs20.2-billion Nagdhunga-Naubise tunnel in two-three weeks.
Minister for Energy, Water Resources and Irrigation Barsha Man Pun on Friday laid the foundation stone for the construction of 25MW solar plant at Devighat Hydropower Station in Nuwakot. The government has targeted to complete the project within a year. Once complete, it will become Nepal’s largest solar power plant at a single location.
The project to extend the runway at Tribhuvan International Airport (TIA) will be delayed by a year as the contractor fled after signing the contract.
Nepal Airlines Corporation’s (NAC) brand new Airbus A330-200 is expected to touch down at Tribhuvan International Airport on June 27, company officials said.
Nepal’s gross domestic product (GDP) at basic prices is expected to grow at the rate of 5.89 percent to reach Rs3 trillion this fiscal year ending mid-July, the Central Bureau of Statistics (CBS) said Wednesday.
Nepal’s economy is expected to grow by 5.89 percent in the fiscal year 2017-2018. Unveiling the National Account Estimate on Wednesday, the Central Bureau of Statistics (CBS) said the country’s gross domestic product (GDP) will grow by 5.89 percent, less than the government’s projection made in mid-term review in March.
Parag Pathak, a young American economist of Nepali origin, has won the prestigious John Bates Clark Medal 2018 from the American Economic Association (AEA), bolstering his chances of becoming a Nobel laureate in future.
A Malindo Air Boeing 737 aborted takeoff and swerved off the runway and on to the grass on Thursday night, forcing Tribhuvan International Airport (TIA) to shut down for more than 12 hours.
World renowned mountaineer Reinhold Messner said Thursday that climbing Everest had become quite safe and economical as there were around thousand of hopeful Everesters every year, even as charges continue to be raised against lax attitudes to safety on the world’s tallest peak.
Tribhuvan International Airport (TIA) plans to remain open for 21 hours a day to handle a growth in flights and provide incentives to air traffic controllers (ATCs) and other staff as compensation for the increased workload.
Nepal’s employment rate highest in South Asia
Nepal has secured the top spot in job creation in South Asia, with employment rate hovering around 68 percent, says the latest World Bank report
A number of hydropower companies were found to be issuing initial public offerings without taking prior approval from Securities Board of Nepal (Sebon), the sector’s regulator. This is in violation of Securities Act 2007.
The 2017 Everest climbing season ended with a mix of triumphs and tragedies: deaths, injuries, record crowds, frauds and other controversies. That was last year.
Tribhuvan International Airport (TIA) in Kathmandu has undergone a dramatic makeover from the ‘disaster zone’ described by various inspection reports.
2017 remained yet another bumper year for domestic airlines, as they recorded 39.47 percent jump in domestic air passenger movement following addition of new aircraft to cater to the growing number of air travellers.
The main opposition Nepali Congress came down heavily upon Finance Minister Yuba Raj Khatiwada on Tuesday for presenting economic data “as per his convenience to mislead the public and downplay the roles of previous governments in the country’s economic development".
Boutique Asian casino operator and developer, Silver Heritage Group (SVH), is embroiled in a legal battle in Nepal after it removed its local partner, who was overseeing implementation of a casino project in Bhairahawa.
Newly appointed Tourism Minister Rabindra Adhikari has issued a 100-day action plan to address stalled tourism and airport infrastructure projects, speed up reconstruction of heritage structures and review policies hampering tourism growth.
Kami Rita Sherpa will soon make an attempt to set a new world record by climbing Everest for the 22nd time.
Nepal’s total debt soared by 19.1 percent in the first six months of the current fiscal year to 32 percent of the gross domestic product (GDP), as internal borrowing surged and Nepali currency weakened vis-a-vis special drawing rights (SDR), a unit of money created by the International Monetary Fund.
The Narayanghat-Muglin Road Project has given the contractors three more months to complete upgrading the 33.2-km route, which is one of the busiest highways in the country and the Kathmandu Valley’s key supply line.
The government has been studying ways to reduce paperwork for exporters in a bid to make life easier for them and boost exports. The move is expected to slash the cost of trading by minimising hassles and streamlining export procedures.
Nepal Stock Exchange (Nepse) index plunged 26.77 points to close at 1,288.36 points, as investors took a wait and watch stance triggered by uncertainty of the new government’s policy, tussles between the Nepal Bankers’ Association and NIC Asia Bank coupled with a shortage of loanable funds with the banks.
The Central Investigation Bureau (CIB) of the Nepal Police has arrested 13 persons including a board member of Nepal Credit and Commerce (NCC) Bank for their involvement in a Rs1.5 billion scam.
Families of the victims of US-Bangla Airline Flight 211, which crashed while trying to land at Tribhuvan International Airport (TIA) on Monday, are unlikely to receive a reasonable amount of compensation due to delays by Nepal and Bangladesh in signing the Montreal Convention 1999.
The Narayanghat-Muglin road widening project is expected to incur a cost overrun of Rs430 million due to extra expenses related to delays, removal of landslide debris and increased width of black topping.
Nepal’s organically grown large cardamom is gradually being pushed out of global markets as a handful of new players have started producing ‘duplicate’ products following a rise in demand for the high-value crop, a government finding shows.
The Department of Roads (DoR) is preparing to upgrade the 96-km Naubise-Muglin section of the Prithvi Highway, one of Nepal’s busiest highways and the Kathmandu Valley’s key supply line.
A grounded Airbus aircraft of Nepal Airlines Corporation (NAC) is expected to resume service on Thursday as its damaged engine has been replaced.
Nepal Electricity Authority (NEA), the state-owned power utility, has achieved fair bit of success in curbing electricity theft in Lalitpur district. In the last few weeks since NEA upped the ante against locals of the Lalitpur district involved in electricity theft, the power utility has collected around Rs1.5 million in fines.
The Tourism Ministry is at loggerheads with the Civil Aviation Authority of Nepal (Caan) over issuing and renewing licences to fly international routes.
Nepal Stock Exchange (Nepse) index gained 5.57 points to close at 1,411.52 points last week.
An Airbus A320 belonging to Nepal Airlines Corporation (NAC) has been stuck at New Delhi, India due to a damaged engine with few chances of its resuming operations any time soon.
Did the central bank make a mistake by not pushing for merger of banks and financial institutions when recapitalisation process began in the banking sector two-and-a-half years ago?
The fate of 400kV New Butwal-Gorakhpur cross-border transmission line hangs in balance, as India is dragging its feet to build the crucial infrastructure that can further stimulate electricity trading between Nepal and the neighbouring country.
The Nepal Electricity Authority’s (NEA) plan to diversify the energy mix by launching 22 grid-connected solar projects with a total installed capacity of 61 MW is in limbo due to the government’s policy inconsistency.
Nepal’s move from unitary to federal government system has enabled local bodies and provinces to design policies, make decisions, introduce budget and deliver public goods and services on their own.
Former British Gurkha soldier Hari Bahadur Magar, who lost both his legs during a war in Afghanistan, has decided to shelve his dream of conquering the world’s tallest peak for now, thanks to the government’s latest decision to bar people with disabilities from scaling mountains.
Tourism Minister Jitendra Narayan Dev has hinted at plans to revoke the order tightening rules for differently-abled people from attempting to climb Mt Everest.
Nepal earned Rs29.32 billion in foreign exchange from the tourism industry in the first five months of this fiscal year 2017-18, according to the latest figures released by Nepal Rastra Bank (NRB).
Nepal’s trade deficit swelled to Rs397.79 billion between mid-July and mid-December, up 13 percent year-on-year, as imports ballooned and exports slowed.
The Japan International Cooperation Agency (Jica) has been assisting state-owned power utility Nepal Electricity Authority (NEA) and its subsidiary Tanahu Hydropower to carry out a preliminary feasibility study to build two pumped storage projects.
The Inland Revenue Department (IRD) has enforced the guideline on electronic billing system with the aim of eventually implementing it at all points of sale.
Officials leave for Brussels to lift European airspace ban
High-level officials of Nepal’s civil aviation authority left for the Belgian capital of Brussels on Wednesday to persuade the European Commission (EC) to lift the order that has barred Nepali airline companies from flying in the skies of major European countries.
Riverbed materials such as sand, pebbles and stones are being extracted illegally without permission from local authorities in many parts of the country. Indiscriminate exploitation of river-based resources not only hits government revenue but also poses environmental hazards.
Nepalis are eating less rice compared to a decade ago as changes in eating and spending habits take hold.
Jungle safari operators in Chitwan and Nawalparasi say that they will go out of business if the government gives in to demands from animal rights activists to ban elephant-back tours.
Thirteen hydropower projects have sought permission from the Securities Board of Nepal (Sebon), the securities market regulator, to float shares worth Rs3.6 billion in the primary market.
The government’s decision to ban blind climbers from joining Everest expeditions has run into flak from the National Federation of the Blind, the World Blind Union and the National Federation of the Disabled,
Arrivals to Nepal hit a new record in 2017 but remained short of the much ballyhooed target of 1 million individuals as national elections in November and December resulted in weaker-than-expected growth, the Department of Immigration said.
Foreign Direct Investment (FDI) of Rs 151 billion has entered the country so far, according to a study conducted by the Nepal Rastra Bank.
Tomato farmers have been rejoicing as favorable climatic conditions have led to a bumper harvest. Every day, farmers are supplying more than 50 tonnes of tomato to different parts of the country and pocketing over Rs1 million per day. Sarlahi is famous in the country for tomato cultivation.
Nepal Oil Corporation (NOC) has said it might need to hike fuel prices again after ramping up the rates for the third time in a month, moaning that its projected loss for January stands at a staggering Rs264 million.
Nepal Stock Exchange (Nepse) index witnessed a roller coaster ride this year as the market went from highs to lows in an eventful year that consisted of multiple elections, fluctuations in bank’s interest rates, regulatory measures by Securities Board of Nepal (Sebon) and more.
High-level officials of the Civil Aviation Authority of Nepal (Caan) will be meeting with members of the European Commission (EC) in Brussels, Belgium on January 19 to explain the steps taken by Nepal to address safety deficiencies following the continuation of its ban against Nepali airlines.
From now on, things are going to be tougher for Mt Everest aspirants as the government, in an attempt to improve safety of climbers, has announced some major changes in its policy.
The Asian Development Bank (ADB) has warned that it might pull out of the Gautam Buddha Airport project in Bhairahawa due to the extremely slow pace of progress. Work at Gautam Buddha Airport, which is being upgraded to an international airport, has slowed to a crawl, and the project has been floundering for four years.
The government has spent Rs 340 billion in the first six months of the current fiscal year, which is around 27 per cent of the total budget.
Sugar mills in Sarlahi have started purchasing sugarcane from farmers without fixing the price of the crop.
The state-owned Dairy Development Corporation (DDC) has produced 33.9 tonnes of cheese and 11.7 tonnes of butter made from yak’s milk from its plants located in four different locations in Rasuwa district this year.