December 17: The interest rates of banks have been declining with the increase in liquidity in the banking…
December 17: The interest rates of banks have been declining with the increase in liquidity in the banking…
December 17: The richest one percent of the global population are responsible for the same amount of carbon emissions as the world's poorest two-thirds, or five billion people, according to an analysis published recently by the nonprofit organization Oxfam…
December 17: The money spent by Nepali nationals for education in foreign countries is increasing every year.…
December 17: Vehicular movement along the Narayangadh-Muglin road section will be closed for four hours daily from December 23.…
The government has collected over Rs 12.8 billion in revenue from banks and financial institutions within two days. Following the government's direction to authorities to collect the revenues generated from bargain purchase gains through the premium of Follow-On Public Offers (FPO), mergers and acquisitions, and the sale of auction shares, Rs 12.8 billion was deposited in the state…
December 15: Nepal Oil Corporation (NOC) has reduces the prices of petroleum products effective from Saturday.…
December 15: The gross foreign exchange reserve of Nepal has increased 10.2 per cent in the first four months of the current fiscal…
The sugarcane farmers in Sarlahi district have expressed their objection to the minimum support price fixed by the government. They have submitted a memo to the Chief District Officer demanding to hike the floor price of…
December 15: Nepal’s trade deficit declined by 3.3 percent to Rs 461.94 billion in the first four months of the current fiscal year, according to the latest report of Nepal Rastra…
December 15: Consumer price inflation fell to its lowest point in mid-October to mid-November compared to the last 26…
December 15: The country's Balance of Payments (BoP) remained at a surplus of Rs 147.11 billion in the first four months of the current fiscal year, according to the latest report of Nepal Rastra…
December 15: Nepal Telecommunications Authority (NTA) has invalidated the licences of three internet service…
December 15: Thirty percent of families in Karnali Province are self-reliant on agricultural productions, according to the National Agriculture Census,…
December 15: The country received remittances worth Rs 477.96 billion in the first four months of the current fiscal year, according to the latest report of Nepal Rastra…
The Asian Development Bank (ADB) has approved a financing package totaling $166 million to enhance Nepal's local economy. The funds will be utilized to construct climate and disaster-resilient cities that prioritize sustainable tourism and aim to enhance the quality of life for…
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Banks now have excess of liquidity due to non-disbursement of loans compared to the increase in deposit collection.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Banks and financial institutions have reduced the interest rate on deposits for the month of Poush (mid-December to mid-January). Prabhu Bank and Sanima Bank are the only banks that have kept the interest rate on deposits stable for the review month. The rest of the commercial banks have reduced their interest rates.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Last Friday, Nepal Rastra Bank reduced the policy rates while reviewing the monetary policy for the current fiscal year. After the central bank changed the policy rates, the commercial banks started reducing the interest rates from Saturday. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The NRB has reduced the bank rate from </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent, the policy rate from </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">6.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent and the deposit collection rate from </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent through the first quarterly review of the monetary policy.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Commercial banks have been able to lower the interest rates after the central bank reduced the policy rate due to excess liquidity in the banking system.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Prime Commercial Bank offers the maximum interest rate of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent on personal fixed deposits for the month of Poush. The interest rate on personal term deposits of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">18</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> banks has fallen to a single digit. Everest Bank has set a maximum interest rate of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">8</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent on personal fixed deposits.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">As the banks have reduce the interest rate on deposits, the interest on loans are also expected to decline, says Nepal Rastra Bank’s Spokesperson Dr Gunakar Bhatt.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to NRB data, banks have the capacity to extend loans of more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">600</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion. However, due to lack of credit expansion, liquidity has accumulated in the banks. After the interbank interest rate fell below </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent, the central bank has been continuously mopping excess liquidity.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-12-17', 'modified' => '2023-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '19480', 'image' => '20231217021102_Banks - Copy.jpg', 'article_date' => '2023-12-17 14:10:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '19751', 'article_category_id' => '1', 'title' => 'World's Richest 1% Emit as much Carbon as Bottom Two-Thirds: Report', 'sub_title' => '', 'summary' => 'December 17: The richest one percent of the global population are responsible for the same amount of carbon emissions as the world's poorest two-thirds, or five billion people, according to an analysis published recently by the nonprofit organization Oxfam International.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">December 17: The richest one percent of the global population are responsible for the same amount of carbon emissions as the world's poorest two-thirds, or five billion people, according to an analysis published recently by the nonprofit organization Oxfam International.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">While fighting the climate crisis is a shared challenge, not everyone is equally responsible and government policies must be tailored accordingly, Max Lawson, who co-authored the report, told AFP.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"The richer you are, the easier it is to cut both your personal and your investment emissions," AFP quoted him as saying. "You don't need that third car, or that fourth holiday, or you don't need to be invested in the cement industry."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The report titled "Climate Equality: A Planet for the 99%" was based on research compiled by the Stockholm Environment Institute (SEI) and it examined the consumption emissions associated with different income groups up to the year 2019.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">It was published ahead of the recently held climate talks at the COP28 summit in Dubai. Fears are growing that limiting long-term warming to 1.5 degrees Celsius could soon be impossible to achieve.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Among the key findings of this study are that the richest one percent globally -- 77 million people -- were responsible for 16 percent of global emissions related to their consumption.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">That is the same share as the bottom 66 percent of the global population by income, or 5.11 billion people.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The income threshold for being among the global top one percent was adjusted by country using purchasing power parity -- for example in the United States the threshold would be $140,000, whereas the Kenyan equivalent would be about $40,000.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Within country analyses also painted very stark pictures.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">For example, in France, the richest one percent emit as much carbon in one year as the poorest 50 percent in 10 years.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Excluding the carbon associated with his investments, Bernard Arnault, the billionaire founder of Louis Vuitton and richest man in France, has a footprint 1,270 times greater than that of the average Frenchman.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The key message, according to Lawson, was that policy actions must be progressive.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"We think that unless governments enact climate policy that is progressive, where you see the people who emit the most being asked to take the biggest sacrifices, then we're never going to get good politics around this," he said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">These measures could include, for example, a tax on flying more than ten times a year, or a tax on non-green investments that is much higher than the tax on green investments.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">While the current report focused on carbon linked only to individual consumption, "the personal consumption of the super-rich is dwarfed by emissions resulting from their investments in companies," the report found.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Nor are the wealthy invested in polluting industries at a similar ratio to any given investor -- billionaires are twice as likely to be invested in polluting industries than the average for the Standard & Poor 500, previous Oxfam research has shown. – AFP/RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-17', 'modified' => '2023-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '19479', 'image' => '20231217125950_Untitled-1024-×-768px-4.jpg', 'article_date' => '2023-12-17 12:59:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '19750', 'article_category_id' => '1', 'title' => 'Nepalis Students Spending More in Foreign Education', 'sub_title' => '', 'summary' => 'December 17: The money spent by Nepali nationals for education in foreign countries is increasing every year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">December 17: The money spent by Nepali nationals for education in foreign countries is increasing every year. According to the latest report of Nepal Rastra Bank, Nepalis going abroad for studies transferred Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">38.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion to foreign countries in the first four months of the current fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The Current Macroeconomic and Financial Situation Report of Nepal published recently by the central bank shows Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">38.44</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion have been withdrawn from Nepal in the name of education from mid-July to mid-November of the current fiscal year (FY). This amount is </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">70</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent more than the money spent on foreign education in the corresponding period of last fiscal year. In the first four months of last FY, Nepali students who went to study abroad spent Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">22.68</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the Ministry of Education, Science and Technology, a total of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">33</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">865</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Nepali students took ‘No Objection Letter’ during the review period for higher education in foreign countries.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-12-17', 'modified' => '2023-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '19478', 'image' => '20231217112227_20230313020040_foreign education.jpg', 'article_date' => '2023-12-17 11:21:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '19749', 'article_category_id' => '1', 'title' => 'Narayangadh-Muglin Road to be Closed for Four Hours a Day from coming Saturday ', 'sub_title' => '', 'summary' => 'December 17: Vehicular movement along the Narayangadh-Muglin road section will be closed for four hours daily from December 23. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 17: Vehicular movement along the Narayangadh-Muglin road section will be closed for four hours daily from December 23. The road will remain closed to blast off a hill on the road side to build a bridge over a rivulet alongside the road. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Information Officer of Nagadhunga-Muglin Road Project (West Section) Krishna Acharya, shared that the road will be closed from 11:00 am to 3:00 pm every day. The road will be closed for three weeks in the first phase, added Acharya. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Four of the 19 bridges on that road were built four years ago. Out of the remaining 15 bridges, some are in the final stage of construction. Eight bridges will be operational within two months and four within a month. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the Khare Bridge will be operational within six months while only one bridge remains to be completed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The road section is one of the major roads leading to and from the federal capital, with more than 10,000 vehicles traveling every day. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-12-17', 'modified' => '2023-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '19477', 'image' => '20231217110147_2011120202_WB Road Project.jpg', 'article_date' => '2023-12-17 11:00:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '19748', 'article_category_id' => '1', 'title' => 'Govt Collects Over Rs 12.8 Billion in Revenue from Banks, Financial Institutions', 'sub_title' => '', 'summary' => 'The government has collected over Rs 12.8 billion in revenue from banks and financial institutions within two days. Following the government's direction to authorities to collect the revenues generated from bargain purchase gains through the premium of Follow-On Public Offers (FPO), mergers and acquisitions, and the sale of auction shares, Rs 12.8 billion was deposited in the state coffers.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 17: The government has collected over Rs 12.8 billion in revenue from banks and financial institutions within two days.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Following the government's direction to authorities to collect the revenues generated from bargain purchase gains through the premium of Follow-On Public Offers (FPO), mergers and acquisitions, and the sale of auction shares, Rs 12.8 billion was deposited in the state coffers. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The fund was deposited in the state coffers by Friday and Saturday (4 pm), said Dirgha Raj Mainali, the Director General of the Inland Revenue Department. The deadline for tax payment was Saturday midnight, and those who paid by this date were exempted from fines.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Office of Auditor General had been urging the government to recover revenues from FPO premiums, bargain purchase gains, and auction share sales since its 57th annual report in 2077 BS, citing potential tax evasion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Despite the office's persistent recommendations in four consecutive reports, the Ministry of Finance and the Inland Revenue Department had initially ignored the issue.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In response to the matter raised in the 60th report, Finance Minister Dr Prakash Sharan Mahat introduced a provision. Companies paying taxes in premiums of FPO, bargain purchase gains of mergers and acquisitions, and auction share sales by December 16 would be exempt from fines and interests. This move aimed to incentivize timely revenue payments.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">However, 16 commercial banks opposed the minister's decision, challenging it in the Supreme Court, arguing that taxing the bargain price of FPO and mergers and acquisitions, with exemptions on fees and fines, went against the constitution.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> On Thursday, the constitutional bench, led by Chief Justice Bishwoambhar Prasad Shrestha, and comprising justices Ananda Mohan Bhattarai, Sapana Pradhan Malla, Sushmalata Mathema, and Kumar Regmi, annulled the writ.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Following the annulment, banks and financial institutions had deposited the specified amounts into the state coffers. (RSS)</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-17', 'modified' => '2023-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '19476', 'image' => '20231217065135_collage (1).jpg', 'article_date' => '2023-12-17 06:44:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '19747', 'article_category_id' => '1', 'title' => 'NOC Reduces Prices of Petroleum Products', 'sub_title' => '', 'summary' => 'December 15: Nepal Oil Corporation (NOC) has reduces the prices of petroleum products effective from Saturday. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 15: Nepal Oil Corporation (NOC) has reduces the prices of petroleum products effective from Saturday. The NOC has slashed the prices of diesel, petrol and kerosene by Rs 3 per litre.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In a statement issued on Friday, the state-owned oil monopoly said that the new prices will come into effect at 1 am on December 16. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the revised list, petrol will now cost Rs 167 per litre in the Kathmandu valley. Likewise, diesel and kerosene will cost Rs 157 per litre each.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The price of cooking gas or liquefied petroleum gas remains unchanged.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The NOC said in the statement that it revised the prices of petroleum products after receiving the new price list from its supplier, the Indian Oil Corporation.</span></span></p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19475', 'image' => '20231215103643_petroo - Copy.jpg', 'article_date' => '2023-12-15 22:35:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '19745', 'article_category_id' => '1', 'title' => 'Foreign Exchange Reserve Increases to Rs 1696.78 Billion ', 'sub_title' => '', 'summary' => 'December 15: The gross foreign exchange reserve of Nepal has increased 10.2 per cent in the first four months of the current fiscal year.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 15: The gross foreign exchange reserve of Nepal has increased 10.2 per cent in the first four months of the current fiscal year.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The Current Macroeconomic and Financial Situation Report released by Nepal Rastra Bank on Thursday shows that the country’s foreign exchange reserves reached Rs 1696.78 billion from Rs 1539.36 billion from mid-July to mid-November of the current fiscal year.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Of the total foreign exchange reserves, reserves held by the NRB increased to Rs 1490.83 billion in mid-November from Rs 1345.78 billion in mid-July 2023. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Such reserves in terms of the US dollar increased by 8.9 per cent and reached 12.75 billion in mid-November from 11.71 billion in mid-July. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, reserves held by banks and financial institutions (except NRB) increased 6.4 percent to Rs 205.95 billion in mid-November from Rs 193.59 billion in mid-July, states the report. The share of Indian currency in total reserves stood at 21.8 percent in mid- November 2023. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Based on the imports of four months of 2023/24, the foreign exchange reserves of the banking sector is sufficient to cover the prospective merchandise imports of 13.6 months, and merchandise and services imports of 11.3 months, according to the report. </span></span></span></p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19474', 'image' => '20231215030747_1702262066.collection-dollar-money-usa-canada-australia_359031-4146.jpg', 'article_date' => '2023-12-15 15:07:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '19746', 'article_category_id' => '1', 'title' => 'Sugarcane Farmers Disown Government Decision on Support Price', 'sub_title' => '', 'summary' => 'The sugarcane farmers in Sarlahi district have expressed their objection to the minimum support price fixed by the government. They have submitted a memo to the Chief District Officer demanding to hike the floor price of sugarcane.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 15: The sugarcane farmers in Sarlahi district have expressed their objection to the minimum support price fixed by the government. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">They have submitted a memo to the Chief District Officer demanding to hike the floor price of sugarcane. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Three different organizations of sugarcane farmers handed over their memo to the Chief District Officer, Komal Prasad Dhamala, expressing their reservation to the government decision. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Recently, the government increased the floor price of sugarcane by Rs 25 per quintal compared to the last fiscal year. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">With the new decision, the farmers shall get Rs 565 per quintal in this season. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">However, the farmers have argued that the minimum support price of sugarcane should be fixed at Rs 750 per quintal, according to president of the Federation of Nepal Sugarcane Producers Association Kapil Muni Mainali. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In the memo, the farmers have also asked to immediately release the last year's subsidy grant to the farmers. (RSS) </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19473', 'image' => '20231215044612_collage (13).jpg', 'article_date' => '2023-12-15 16:45:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '19744', 'article_category_id' => '1', 'title' => 'Trade Deficit Declines by 3.3 Percent', 'sub_title' => '', 'summary' => 'December 15: Nepal’s trade deficit declined by 3.3 percent to Rs 461.94 billion in the first four months of the current fiscal year, according to the latest report of Nepal Rastra Bank.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 15: Nepal’s trade deficit declined by 3.3 percent to Rs 461.94 billion in the first four months of the current fiscal year, according to the latest report of Nepal Rastra Bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report of Nepal published by the NRB on Thursday states that such a deficit had decreased 15.9 percent in the corresponding period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The export-import ratio decreased to 9.9 percent in the review period from 10.3 percent in the corresponding period last year, added the report. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the central bank, the country’s merchandise imports during the review period decreased 3.8 percent to Rs 512.50 billion compared to a decrease of 18.1 percent a year ago. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, imports from India and other countries decreased 2.5 percent and 27.7 percent respectively while imports from China increased 34.4 percent. Imports of readymade garments, MS wire rod, bars, and coils, electrical equipment, textiles, aircraft spare parts, among others increased whereas imports of crude soybean oil, gold, petroleum products, crude palm oil, MS billet, among others decreased. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Based on customs points, imports from Bhairahawa, Dry Port, Jaleshwar, Kanchanpur, Krishnanagar, Nepalgunj, Rasuwa and Tatopani customs offices increased whereas imports from all the other major customs points decreased in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the review period, merchandise exports decreased 7.7 percent to Rs 50.57 billion compared to a decrease of 33.3 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, exports to India decreased 14.5 percent whereas exports to China and other countries increased 307.9 percent and 4.7 percent respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Exports of zinc sheet, particle board, juice, readymade garments, polyester yarn and thread, among others increased whereas exports of palm oil, soybean oil, tea, woolen carpet, rosin, among others decreased. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Based on customs points, exports from Bhairahawa, Dry Port, Jaleshwar, Kanchanpur, Krishnanagar, Mechi, Rasuwa, Tatopani and Tribhuwan Airport customs offices increased whereas exports from all the other major customs points decreased in the review period.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19472', 'image' => '20231215030625_Trade.jpg', 'article_date' => '2023-12-15 15:05:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '19741', 'article_category_id' => '1', 'title' => 'Inflation Lowest in Last 26 Months', 'sub_title' => '', 'summary' => 'December 15: Consumer price inflation fell to its lowest point in mid-October to mid-November compared to the last 26 months.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 15: Consumer price inflation fell to its lowest point in mid-October to mid-November compared to the last 26 months. Earlier in mid-October 2021, inflation stood at 4.24 percent. In the following months, it was above 5.38.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the Current Macroeconomic and Financial Situation Report published by the Nepal Rastra Bank on Thursday, the year-on-year (y-o-y) consumer price inflation moderated to to 5.38 percent in mid-November 2023 compared to 8.08 percent a year ago.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In the last fiscal year (FY), Nepal Rastra Bank had set a target of maintaining inflation within the limit of 7 percent. The central bank has set a target of keeping it within 6.5 percent for the current fiscal year. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In mid-October last year, inflation reached as high as 8.5 percent. Inflation increased during the review period after the Nepal Rastra Bank issued a tight monetary policy and tightened import and credit investment.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">As the prices of petroleum products, vegetables and vehicles as well as transportation fares decreased this year, inflation has come down considerably. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the NRB report, food and beverage inflation stood at 6.01 percent in the review month whereas non-food and service category inflation stood at 4.89 percent.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Under the food and beverage category, y-o-y consumer price index of spices subcategory increased 36.46 percent, sugar and sugar products 14.59 percent, fruit 14.01 percent, cereal grains and their products 12.02 percent and milk products and eggs 11.00 percent. The y-o-y consumer price index of ghee and oil and vegetable sub-category decreased 14.23 percent and 5.35 percent respectively in the review month. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Under the non-food and services category, y-o-y consumer price index of recreation and culture sub-category increased 12.84 percent, miscellaneous goods and services 10.76 percent, education 8.92 percent, furnishing and household equipment 5.27 percent and clothes and footwear 4.96 percent. The y-o-y consumer price index of transportation sub-category decreased 1.86 percent in the review month.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Decline in inflation in India also had a positive impact on Nepal. According to Nepal Rastra Bank, India's inflation in October was 5.55 percent.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the NRB report shows that there has been a significant improvement in the indicators of the economy as of mid-November this year.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The policies adopted by the government and Nepal Rastra Bank to address the impacts of the global economic recession due to the Covid-19 and the Russia-Ukraine tension has resulted in a significant improvement in macroeconomic indices of Nepal.</span></span></span></p> <p> </p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19469', 'image' => '20231215014318_inflation less.jpg', 'article_date' => '2023-12-15 13:42:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '19740', 'article_category_id' => '1', 'title' => 'Balance of Payments at a Surplus of Rs 147.11 Billion: NRB ', 'sub_title' => '', 'summary' => 'December 15: The country's Balance of Payments (BoP) remained at a surplus of Rs 147.11 billion in the first four months of the current fiscal year, according to the latest report of Nepal Rastra Bank. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 15: The country's Balance of Payments (BoP) remained at a surplus of Rs 147.11 billion in the first four months of the current fiscal year, according to the latest report of Nepal Rastra Bank. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Current Macroeconomic and Financial Situation Report of Nepal published by the central bank on Thursday shows that the BOP remained at a surplus of Rs 147.11 billion in the review period against a surplus of Rs 20.03 billion in the same period of the previous fiscal year. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In terms of the US dollar, the BOP remained at a surplus of 1.11 billion in the review period against a surplus of 149.6 million in the same period of last fiscal year. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the current account remained at a surplus of Rs 96.38 billion in the review period against a deficit of Rs 37.79 billion in the corresponding period last year. In terms of the US dollar, the current account registered a surplus of 725.1 million in the review period against a deficit of 296.1 million in the same period last year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the review period, capital transfer decreased 46.6 percent to Rs 1.59 billion and net foreign direct investment (FDI) remained positive of Rs 3.64 billion, the report stated. In the same period of the previous year, capital transfer amounted to Rs 2.97 billion and net FDI amounted to Rs 429.2 million. </span></span></span></p> <p> </p> <p> </p> <p> </p> <p><br /> </p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19468', 'image' => '20231215010041_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2023-12-15 12:59:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '19739', 'article_category_id' => '1', 'title' => 'NTA Invalidates Licence of Three Internet Service Providers ', 'sub_title' => '', 'summary' => 'December 15: Nepal Telecommunications Authority (NTA) has invalidated the licences of three internet service providers', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 15: Nepal Telecommunications Authority (NTA) has invalidated the licences of three internet service providers. The licence of United Telecom Limited, Putalisadak, Kathmandu, Max Net Solution Pvt Ltd, Koteshwor, Kathmandu and Chitwan Network Pvt Ltd were annulled for not getting their companies renewed timely, said the NTA Director and spokesperson Santosh Paudel. The companies did not apply in time for renewal of their licence, he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NTA has also asked other companies of the same kind to make timely payments and submit required details within 30 days for getting their licences renewed. It has also warned of action as per the existing laws in case of not following the directive. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19467', 'image' => '20231215115621_20230811012501_20230411103022_Internett.jpg', 'article_date' => '2023-12-15 11:55:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '19738', 'article_category_id' => '1', 'title' => '30 Percent Families in Karnali Province Self-Reliant in Agricultural Production ', 'sub_title' => '', 'summary' => 'December 15: Thirty percent of families in Karnali Province are self-reliant on agricultural productions, according to the National Agriculture Census, 2078.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 15: Thirty percent of families in Karnali Province are self-reliant on agricultural productions, according to the National Agriculture Census, 2078. The census report made public by the National Statistics Office shows that majority of families or 70 percent of the farmers’ population cannot feed themselves with home-grown products throughout the year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Out of the total 302,000 families who are involved in agriculture in the province, the production sustains only 90,600 families throughout the year, states the report published by the National Statistics Office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A total of 82.63 percent of people in Karnali Province are farmers who cultivate food in 17,411 hectares of land. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As a large number of people are dependent on agriculture, but the production is not enough to sustain their livelihood, the NSO has suggested the government should bring a production-friendly policy, said NSO Director Badri Kumar Karki. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Most of the citizens of Karnali are involved in agriculture. But the production is very low. It is necessary for the government to bring a production friendly plan in the days to come," he said. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The report states that farmers have used new technology replacing the old one. For an instance, tractors and power tillers have replaced iron or wooden ploughs, according to the report. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Due to the increasing trend of people from rural areas migrating to city areas and foreign countries for various purposes including job opportunities, many lands especially in the hill areas have remained barren, says the report. Against this backdrop, experts have suggested the government to announce plan based on the data that show decline in production activities.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Saying that it was difficult to bring a plan and a budget due to the lack of statistics of the province, Minister for Land Management, Agriculture and Cooperatives of the province, Bhim Prakash Sharma said these statistics would help the government to make a plan and bring a budget accordingly. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He also stressed the need for the government at all three levels to bring a plan so as to increase the productions and guarantee a market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Around 7,000 workforces were mobilised for the census and it took 45 days, said Dr Dilliraj Joshi, joint secretary and deputy chief of the NSO. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19466', 'image' => '20231215110529_agri maize.jpg', 'article_date' => '2023-12-15 11:04:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '19737', 'article_category_id' => '1', 'title' => 'Nepal Receives Remittances of Rs 477.96 Million in Four Months ', 'sub_title' => '', 'summary' => 'December 15: The country received remittances worth Rs 477.96 billion in the first four months of the current fiscal year, according to the latest report of Nepal Rastra Bank. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 15: The country received remittances worth Rs 477.96 billion in the first four months of the current fiscal year, according to the latest report of Nepal Rastra Bank. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Current Macroeconomic and Financial Situation Report of Nepal released by the central bank on Thursday shows that the inflow of remittance increased by 26.4 percent to reach Rs 477.96 billion as of mid-November in the current FY against 20.4 percent increase in remittance inflow in the corresponding period of the previous year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In terms of the US dollar, remittance inflow increased 23.1 percent this year to 3.60 billion against 10.8 percent in the corresponding of last year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the review period, the number of Nepali workers, both institutional and individual, taking first-time approval for foreign employment stood at 137,475 while those taking approval for renew entry was 68,841. Last year, such numbers were 196,735 and 87,428 respectively. According to the NRB report, the net transfer increased 24.9 percent to Rs 521.40 billion in the review period. Such a transfer had increased 20.2 percent in the same period of the last fiscal year. </span></span></span></p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19465', 'image' => '20231215103744_Remittance.jpg', 'article_date' => '2023-12-15 10:36:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '19736', 'article_category_id' => '1', 'title' => 'ADB Approves $166 Million Financing Package', 'sub_title' => '', 'summary' => 'The Asian Development Bank (ADB) has approved a financing package totaling $166 million to enhance Nepal's local economy. The funds will be utilized to construct climate and disaster-resilient cities that prioritize sustainable tourism and aim to enhance the quality of life for residents.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 15: The Asian Development Bank (ADB) has approved a financing package totaling $166 million to enhance Nepal's local economy. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The funds will be utilized to construct climate and disaster-resilient cities that prioritize sustainable tourism and aim to enhance the quality of life for residents. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">A $6 million grant from the Asian Development Fund is included in the package. The beneficiary cities encompass Pokhara Metropolitan City, Janakpur Sub-Metropolitan City, Devdaha, Lumbini Sanskritik, Sainamaina, Siddharthanagar, and Tilottama municipalities.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The initiative, known as the Urban Resilience and Livability Improvement Project, is designed to contribute to the economic growth, resilience, and livability of the aforementioned cities. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The ADB plans to reinforce municipal resilience to climate and disaster risks through infrastructure development, involving the construction of 150 kilometers of drainage, rebuilding 100 kilometers of roads, and 45 kilometers of footpaths, as per a statement released by the ADB Headquarters on Thursday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Laxmi Sharma, ADB Senior Urban Development Specialist, emphasized that the project aligns with the government’s National Urban Development Strategy, aiming to enhance planning and investments in urban corridors for sustainable economic growth.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The initiative extends the ADB’s longstanding commitment to Nepal, focusing on strengthening municipal governance and improving the delivery of basic services.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Sharma added, “ADB’s support will help the concerned municipalities design climate-resilient urban infrastructure, develop tourism potential, and strengthen institutional capacity to achieve their full economic potential and sustainable growth.”</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> The project is anticipated to foster tourism development, thereby stimulating the local economy and enhancing historical, cultural, and natural heritage sites. (RSS)</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19464', 'image' => '20231215060753_collage (10).jpg', 'article_date' => '2023-12-15 06:05:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '19752', 'article_category_id' => '1', 'title' => 'Interest Rates of Banks Declining', 'sub_title' => '', 'summary' => 'December 17: The interest rates of banks have been declining with the increase in liquidity in the banking system.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">December 17: The interest rates of banks have been declining with the increase in liquidity in the banking system.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Bank deposits have been increasing due to the increase in remittance inflows and economic activities. Banks now have excess of liquidity due to non-disbursement of loans compared to the increase in deposit collection.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Banks and financial institutions have reduced the interest rate on deposits for the month of Poush (mid-December to mid-January). Prabhu Bank and Sanima Bank are the only banks that have kept the interest rate on deposits stable for the review month. The rest of the commercial banks have reduced their interest rates.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Last Friday, Nepal Rastra Bank reduced the policy rates while reviewing the monetary policy for the current fiscal year. After the central bank changed the policy rates, the commercial banks started reducing the interest rates from Saturday. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The NRB has reduced the bank rate from </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent, the policy rate from </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">6.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent and the deposit collection rate from </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent through the first quarterly review of the monetary policy.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Commercial banks have been able to lower the interest rates after the central bank reduced the policy rate due to excess liquidity in the banking system.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Prime Commercial Bank offers the maximum interest rate of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent on personal fixed deposits for the month of Poush. The interest rate on personal term deposits of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">18</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> banks has fallen to a single digit. Everest Bank has set a maximum interest rate of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">8</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent on personal fixed deposits.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">As the banks have reduce the interest rate on deposits, the interest on loans are also expected to decline, says Nepal Rastra Bank’s Spokesperson Dr Gunakar Bhatt.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to NRB data, banks have the capacity to extend loans of more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">600</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion. However, due to lack of credit expansion, liquidity has accumulated in the banks. After the interbank interest rate fell below </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent, the central bank has been continuously mopping excess liquidity.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-12-17', 'modified' => '2023-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '19480', 'image' => '20231217021102_Banks - Copy.jpg', 'article_date' => '2023-12-17 14:10:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '19751', 'article_category_id' => '1', 'title' => 'World's Richest 1% Emit as much Carbon as Bottom Two-Thirds: Report', 'sub_title' => '', 'summary' => 'December 17: The richest one percent of the global population are responsible for the same amount of carbon emissions as the world's poorest two-thirds, or five billion people, according to an analysis published recently by the nonprofit organization Oxfam International.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">December 17: The richest one percent of the global population are responsible for the same amount of carbon emissions as the world's poorest two-thirds, or five billion people, according to an analysis published recently by the nonprofit organization Oxfam International.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">While fighting the climate crisis is a shared challenge, not everyone is equally responsible and government policies must be tailored accordingly, Max Lawson, who co-authored the report, told AFP.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"The richer you are, the easier it is to cut both your personal and your investment emissions," AFP quoted him as saying. "You don't need that third car, or that fourth holiday, or you don't need to be invested in the cement industry."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The report titled "Climate Equality: A Planet for the 99%" was based on research compiled by the Stockholm Environment Institute (SEI) and it examined the consumption emissions associated with different income groups up to the year 2019.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">It was published ahead of the recently held climate talks at the COP28 summit in Dubai. Fears are growing that limiting long-term warming to 1.5 degrees Celsius could soon be impossible to achieve.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Among the key findings of this study are that the richest one percent globally -- 77 million people -- were responsible for 16 percent of global emissions related to their consumption.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">That is the same share as the bottom 66 percent of the global population by income, or 5.11 billion people.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The income threshold for being among the global top one percent was adjusted by country using purchasing power parity -- for example in the United States the threshold would be $140,000, whereas the Kenyan equivalent would be about $40,000.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Within country analyses also painted very stark pictures.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">For example, in France, the richest one percent emit as much carbon in one year as the poorest 50 percent in 10 years.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Excluding the carbon associated with his investments, Bernard Arnault, the billionaire founder of Louis Vuitton and richest man in France, has a footprint 1,270 times greater than that of the average Frenchman.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The key message, according to Lawson, was that policy actions must be progressive.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"We think that unless governments enact climate policy that is progressive, where you see the people who emit the most being asked to take the biggest sacrifices, then we're never going to get good politics around this," he said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">These measures could include, for example, a tax on flying more than ten times a year, or a tax on non-green investments that is much higher than the tax on green investments.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">While the current report focused on carbon linked only to individual consumption, "the personal consumption of the super-rich is dwarfed by emissions resulting from their investments in companies," the report found.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Nor are the wealthy invested in polluting industries at a similar ratio to any given investor -- billionaires are twice as likely to be invested in polluting industries than the average for the Standard & Poor 500, previous Oxfam research has shown. – AFP/RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-17', 'modified' => '2023-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '19479', 'image' => '20231217125950_Untitled-1024-×-768px-4.jpg', 'article_date' => '2023-12-17 12:59:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '19750', 'article_category_id' => '1', 'title' => 'Nepalis Students Spending More in Foreign Education', 'sub_title' => '', 'summary' => 'December 17: The money spent by Nepali nationals for education in foreign countries is increasing every year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">December 17: The money spent by Nepali nationals for education in foreign countries is increasing every year. According to the latest report of Nepal Rastra Bank, Nepalis going abroad for studies transferred Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">38.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion to foreign countries in the first four months of the current fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The Current Macroeconomic and Financial Situation Report of Nepal published recently by the central bank shows Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">38.44</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion have been withdrawn from Nepal in the name of education from mid-July to mid-November of the current fiscal year (FY). This amount is </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">70</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent more than the money spent on foreign education in the corresponding period of last fiscal year. In the first four months of last FY, Nepali students who went to study abroad spent Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">22.68</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the Ministry of Education, Science and Technology, a total of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">33</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">865</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Nepali students took ‘No Objection Letter’ during the review period for higher education in foreign countries.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-12-17', 'modified' => '2023-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '19478', 'image' => '20231217112227_20230313020040_foreign education.jpg', 'article_date' => '2023-12-17 11:21:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '19749', 'article_category_id' => '1', 'title' => 'Narayangadh-Muglin Road to be Closed for Four Hours a Day from coming Saturday ', 'sub_title' => '', 'summary' => 'December 17: Vehicular movement along the Narayangadh-Muglin road section will be closed for four hours daily from December 23. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 17: Vehicular movement along the Narayangadh-Muglin road section will be closed for four hours daily from December 23. The road will remain closed to blast off a hill on the road side to build a bridge over a rivulet alongside the road. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Information Officer of Nagadhunga-Muglin Road Project (West Section) Krishna Acharya, shared that the road will be closed from 11:00 am to 3:00 pm every day. The road will be closed for three weeks in the first phase, added Acharya. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Four of the 19 bridges on that road were built four years ago. Out of the remaining 15 bridges, some are in the final stage of construction. Eight bridges will be operational within two months and four within a month. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the Khare Bridge will be operational within six months while only one bridge remains to be completed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The road section is one of the major roads leading to and from the federal capital, with more than 10,000 vehicles traveling every day. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-12-17', 'modified' => '2023-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '19477', 'image' => '20231217110147_2011120202_WB Road Project.jpg', 'article_date' => '2023-12-17 11:00:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '19748', 'article_category_id' => '1', 'title' => 'Govt Collects Over Rs 12.8 Billion in Revenue from Banks, Financial Institutions', 'sub_title' => '', 'summary' => 'The government has collected over Rs 12.8 billion in revenue from banks and financial institutions within two days. Following the government's direction to authorities to collect the revenues generated from bargain purchase gains through the premium of Follow-On Public Offers (FPO), mergers and acquisitions, and the sale of auction shares, Rs 12.8 billion was deposited in the state coffers.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 17: The government has collected over Rs 12.8 billion in revenue from banks and financial institutions within two days.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Following the government's direction to authorities to collect the revenues generated from bargain purchase gains through the premium of Follow-On Public Offers (FPO), mergers and acquisitions, and the sale of auction shares, Rs 12.8 billion was deposited in the state coffers. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The fund was deposited in the state coffers by Friday and Saturday (4 pm), said Dirgha Raj Mainali, the Director General of the Inland Revenue Department. The deadline for tax payment was Saturday midnight, and those who paid by this date were exempted from fines.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Office of Auditor General had been urging the government to recover revenues from FPO premiums, bargain purchase gains, and auction share sales since its 57th annual report in 2077 BS, citing potential tax evasion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Despite the office's persistent recommendations in four consecutive reports, the Ministry of Finance and the Inland Revenue Department had initially ignored the issue.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In response to the matter raised in the 60th report, Finance Minister Dr Prakash Sharan Mahat introduced a provision. Companies paying taxes in premiums of FPO, bargain purchase gains of mergers and acquisitions, and auction share sales by December 16 would be exempt from fines and interests. This move aimed to incentivize timely revenue payments.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">However, 16 commercial banks opposed the minister's decision, challenging it in the Supreme Court, arguing that taxing the bargain price of FPO and mergers and acquisitions, with exemptions on fees and fines, went against the constitution.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> On Thursday, the constitutional bench, led by Chief Justice Bishwoambhar Prasad Shrestha, and comprising justices Ananda Mohan Bhattarai, Sapana Pradhan Malla, Sushmalata Mathema, and Kumar Regmi, annulled the writ.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Following the annulment, banks and financial institutions had deposited the specified amounts into the state coffers. (RSS)</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-17', 'modified' => '2023-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '19476', 'image' => '20231217065135_collage (1).jpg', 'article_date' => '2023-12-17 06:44:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '19747', 'article_category_id' => '1', 'title' => 'NOC Reduces Prices of Petroleum Products', 'sub_title' => '', 'summary' => 'December 15: Nepal Oil Corporation (NOC) has reduces the prices of petroleum products effective from Saturday. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 15: Nepal Oil Corporation (NOC) has reduces the prices of petroleum products effective from Saturday. The NOC has slashed the prices of diesel, petrol and kerosene by Rs 3 per litre.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In a statement issued on Friday, the state-owned oil monopoly said that the new prices will come into effect at 1 am on December 16. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the revised list, petrol will now cost Rs 167 per litre in the Kathmandu valley. Likewise, diesel and kerosene will cost Rs 157 per litre each.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The price of cooking gas or liquefied petroleum gas remains unchanged.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The NOC said in the statement that it revised the prices of petroleum products after receiving the new price list from its supplier, the Indian Oil Corporation.</span></span></p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19475', 'image' => '20231215103643_petroo - Copy.jpg', 'article_date' => '2023-12-15 22:35:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '19745', 'article_category_id' => '1', 'title' => 'Foreign Exchange Reserve Increases to Rs 1696.78 Billion ', 'sub_title' => '', 'summary' => 'December 15: The gross foreign exchange reserve of Nepal has increased 10.2 per cent in the first four months of the current fiscal year.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 15: The gross foreign exchange reserve of Nepal has increased 10.2 per cent in the first four months of the current fiscal year.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The Current Macroeconomic and Financial Situation Report released by Nepal Rastra Bank on Thursday shows that the country’s foreign exchange reserves reached Rs 1696.78 billion from Rs 1539.36 billion from mid-July to mid-November of the current fiscal year.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Of the total foreign exchange reserves, reserves held by the NRB increased to Rs 1490.83 billion in mid-November from Rs 1345.78 billion in mid-July 2023. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Such reserves in terms of the US dollar increased by 8.9 per cent and reached 12.75 billion in mid-November from 11.71 billion in mid-July. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, reserves held by banks and financial institutions (except NRB) increased 6.4 percent to Rs 205.95 billion in mid-November from Rs 193.59 billion in mid-July, states the report. The share of Indian currency in total reserves stood at 21.8 percent in mid- November 2023. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Based on the imports of four months of 2023/24, the foreign exchange reserves of the banking sector is sufficient to cover the prospective merchandise imports of 13.6 months, and merchandise and services imports of 11.3 months, according to the report. </span></span></span></p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19474', 'image' => '20231215030747_1702262066.collection-dollar-money-usa-canada-australia_359031-4146.jpg', 'article_date' => '2023-12-15 15:07:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '19746', 'article_category_id' => '1', 'title' => 'Sugarcane Farmers Disown Government Decision on Support Price', 'sub_title' => '', 'summary' => 'The sugarcane farmers in Sarlahi district have expressed their objection to the minimum support price fixed by the government. They have submitted a memo to the Chief District Officer demanding to hike the floor price of sugarcane.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 15: The sugarcane farmers in Sarlahi district have expressed their objection to the minimum support price fixed by the government. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">They have submitted a memo to the Chief District Officer demanding to hike the floor price of sugarcane. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Three different organizations of sugarcane farmers handed over their memo to the Chief District Officer, Komal Prasad Dhamala, expressing their reservation to the government decision. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Recently, the government increased the floor price of sugarcane by Rs 25 per quintal compared to the last fiscal year. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">With the new decision, the farmers shall get Rs 565 per quintal in this season. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">However, the farmers have argued that the minimum support price of sugarcane should be fixed at Rs 750 per quintal, according to president of the Federation of Nepal Sugarcane Producers Association Kapil Muni Mainali. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In the memo, the farmers have also asked to immediately release the last year's subsidy grant to the farmers. (RSS) </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19473', 'image' => '20231215044612_collage (13).jpg', 'article_date' => '2023-12-15 16:45:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '19744', 'article_category_id' => '1', 'title' => 'Trade Deficit Declines by 3.3 Percent', 'sub_title' => '', 'summary' => 'December 15: Nepal’s trade deficit declined by 3.3 percent to Rs 461.94 billion in the first four months of the current fiscal year, according to the latest report of Nepal Rastra Bank.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 15: Nepal’s trade deficit declined by 3.3 percent to Rs 461.94 billion in the first four months of the current fiscal year, according to the latest report of Nepal Rastra Bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report of Nepal published by the NRB on Thursday states that such a deficit had decreased 15.9 percent in the corresponding period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The export-import ratio decreased to 9.9 percent in the review period from 10.3 percent in the corresponding period last year, added the report. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the central bank, the country’s merchandise imports during the review period decreased 3.8 percent to Rs 512.50 billion compared to a decrease of 18.1 percent a year ago. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, imports from India and other countries decreased 2.5 percent and 27.7 percent respectively while imports from China increased 34.4 percent. Imports of readymade garments, MS wire rod, bars, and coils, electrical equipment, textiles, aircraft spare parts, among others increased whereas imports of crude soybean oil, gold, petroleum products, crude palm oil, MS billet, among others decreased. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Based on customs points, imports from Bhairahawa, Dry Port, Jaleshwar, Kanchanpur, Krishnanagar, Nepalgunj, Rasuwa and Tatopani customs offices increased whereas imports from all the other major customs points decreased in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the review period, merchandise exports decreased 7.7 percent to Rs 50.57 billion compared to a decrease of 33.3 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, exports to India decreased 14.5 percent whereas exports to China and other countries increased 307.9 percent and 4.7 percent respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Exports of zinc sheet, particle board, juice, readymade garments, polyester yarn and thread, among others increased whereas exports of palm oil, soybean oil, tea, woolen carpet, rosin, among others decreased. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Based on customs points, exports from Bhairahawa, Dry Port, Jaleshwar, Kanchanpur, Krishnanagar, Mechi, Rasuwa, Tatopani and Tribhuwan Airport customs offices increased whereas exports from all the other major customs points decreased in the review period.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19472', 'image' => '20231215030625_Trade.jpg', 'article_date' => '2023-12-15 15:05:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '19741', 'article_category_id' => '1', 'title' => 'Inflation Lowest in Last 26 Months', 'sub_title' => '', 'summary' => 'December 15: Consumer price inflation fell to its lowest point in mid-October to mid-November compared to the last 26 months.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 15: Consumer price inflation fell to its lowest point in mid-October to mid-November compared to the last 26 months. Earlier in mid-October 2021, inflation stood at 4.24 percent. In the following months, it was above 5.38.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the Current Macroeconomic and Financial Situation Report published by the Nepal Rastra Bank on Thursday, the year-on-year (y-o-y) consumer price inflation moderated to to 5.38 percent in mid-November 2023 compared to 8.08 percent a year ago.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In the last fiscal year (FY), Nepal Rastra Bank had set a target of maintaining inflation within the limit of 7 percent. The central bank has set a target of keeping it within 6.5 percent for the current fiscal year. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In mid-October last year, inflation reached as high as 8.5 percent. Inflation increased during the review period after the Nepal Rastra Bank issued a tight monetary policy and tightened import and credit investment.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">As the prices of petroleum products, vegetables and vehicles as well as transportation fares decreased this year, inflation has come down considerably. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the NRB report, food and beverage inflation stood at 6.01 percent in the review month whereas non-food and service category inflation stood at 4.89 percent.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Under the food and beverage category, y-o-y consumer price index of spices subcategory increased 36.46 percent, sugar and sugar products 14.59 percent, fruit 14.01 percent, cereal grains and their products 12.02 percent and milk products and eggs 11.00 percent. The y-o-y consumer price index of ghee and oil and vegetable sub-category decreased 14.23 percent and 5.35 percent respectively in the review month. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Under the non-food and services category, y-o-y consumer price index of recreation and culture sub-category increased 12.84 percent, miscellaneous goods and services 10.76 percent, education 8.92 percent, furnishing and household equipment 5.27 percent and clothes and footwear 4.96 percent. The y-o-y consumer price index of transportation sub-category decreased 1.86 percent in the review month.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Decline in inflation in India also had a positive impact on Nepal. According to Nepal Rastra Bank, India's inflation in October was 5.55 percent.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the NRB report shows that there has been a significant improvement in the indicators of the economy as of mid-November this year.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The policies adopted by the government and Nepal Rastra Bank to address the impacts of the global economic recession due to the Covid-19 and the Russia-Ukraine tension has resulted in a significant improvement in macroeconomic indices of Nepal.</span></span></span></p> <p> </p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19469', 'image' => '20231215014318_inflation less.jpg', 'article_date' => '2023-12-15 13:42:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '19740', 'article_category_id' => '1', 'title' => 'Balance of Payments at a Surplus of Rs 147.11 Billion: NRB ', 'sub_title' => '', 'summary' => 'December 15: The country's Balance of Payments (BoP) remained at a surplus of Rs 147.11 billion in the first four months of the current fiscal year, according to the latest report of Nepal Rastra Bank. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 15: The country's Balance of Payments (BoP) remained at a surplus of Rs 147.11 billion in the first four months of the current fiscal year, according to the latest report of Nepal Rastra Bank. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Current Macroeconomic and Financial Situation Report of Nepal published by the central bank on Thursday shows that the BOP remained at a surplus of Rs 147.11 billion in the review period against a surplus of Rs 20.03 billion in the same period of the previous fiscal year. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In terms of the US dollar, the BOP remained at a surplus of 1.11 billion in the review period against a surplus of 149.6 million in the same period of last fiscal year. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the current account remained at a surplus of Rs 96.38 billion in the review period against a deficit of Rs 37.79 billion in the corresponding period last year. In terms of the US dollar, the current account registered a surplus of 725.1 million in the review period against a deficit of 296.1 million in the same period last year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the review period, capital transfer decreased 46.6 percent to Rs 1.59 billion and net foreign direct investment (FDI) remained positive of Rs 3.64 billion, the report stated. In the same period of the previous year, capital transfer amounted to Rs 2.97 billion and net FDI amounted to Rs 429.2 million. </span></span></span></p> <p> </p> <p> </p> <p> </p> <p><br /> </p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19468', 'image' => '20231215010041_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2023-12-15 12:59:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '19739', 'article_category_id' => '1', 'title' => 'NTA Invalidates Licence of Three Internet Service Providers ', 'sub_title' => '', 'summary' => 'December 15: Nepal Telecommunications Authority (NTA) has invalidated the licences of three internet service providers', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 15: Nepal Telecommunications Authority (NTA) has invalidated the licences of three internet service providers. The licence of United Telecom Limited, Putalisadak, Kathmandu, Max Net Solution Pvt Ltd, Koteshwor, Kathmandu and Chitwan Network Pvt Ltd were annulled for not getting their companies renewed timely, said the NTA Director and spokesperson Santosh Paudel. The companies did not apply in time for renewal of their licence, he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NTA has also asked other companies of the same kind to make timely payments and submit required details within 30 days for getting their licences renewed. It has also warned of action as per the existing laws in case of not following the directive. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19467', 'image' => '20231215115621_20230811012501_20230411103022_Internett.jpg', 'article_date' => '2023-12-15 11:55:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '19738', 'article_category_id' => '1', 'title' => '30 Percent Families in Karnali Province Self-Reliant in Agricultural Production ', 'sub_title' => '', 'summary' => 'December 15: Thirty percent of families in Karnali Province are self-reliant on agricultural productions, according to the National Agriculture Census, 2078.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 15: Thirty percent of families in Karnali Province are self-reliant on agricultural productions, according to the National Agriculture Census, 2078. The census report made public by the National Statistics Office shows that majority of families or 70 percent of the farmers’ population cannot feed themselves with home-grown products throughout the year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Out of the total 302,000 families who are involved in agriculture in the province, the production sustains only 90,600 families throughout the year, states the report published by the National Statistics Office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A total of 82.63 percent of people in Karnali Province are farmers who cultivate food in 17,411 hectares of land. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As a large number of people are dependent on agriculture, but the production is not enough to sustain their livelihood, the NSO has suggested the government should bring a production-friendly policy, said NSO Director Badri Kumar Karki. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Most of the citizens of Karnali are involved in agriculture. But the production is very low. It is necessary for the government to bring a production friendly plan in the days to come," he said. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The report states that farmers have used new technology replacing the old one. For an instance, tractors and power tillers have replaced iron or wooden ploughs, according to the report. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Due to the increasing trend of people from rural areas migrating to city areas and foreign countries for various purposes including job opportunities, many lands especially in the hill areas have remained barren, says the report. Against this backdrop, experts have suggested the government to announce plan based on the data that show decline in production activities.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Saying that it was difficult to bring a plan and a budget due to the lack of statistics of the province, Minister for Land Management, Agriculture and Cooperatives of the province, Bhim Prakash Sharma said these statistics would help the government to make a plan and bring a budget accordingly. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He also stressed the need for the government at all three levels to bring a plan so as to increase the productions and guarantee a market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Around 7,000 workforces were mobilised for the census and it took 45 days, said Dr Dilliraj Joshi, joint secretary and deputy chief of the NSO. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19466', 'image' => '20231215110529_agri maize.jpg', 'article_date' => '2023-12-15 11:04:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '19737', 'article_category_id' => '1', 'title' => 'Nepal Receives Remittances of Rs 477.96 Million in Four Months ', 'sub_title' => '', 'summary' => 'December 15: The country received remittances worth Rs 477.96 billion in the first four months of the current fiscal year, according to the latest report of Nepal Rastra Bank. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 15: The country received remittances worth Rs 477.96 billion in the first four months of the current fiscal year, according to the latest report of Nepal Rastra Bank. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Current Macroeconomic and Financial Situation Report of Nepal released by the central bank on Thursday shows that the inflow of remittance increased by 26.4 percent to reach Rs 477.96 billion as of mid-November in the current FY against 20.4 percent increase in remittance inflow in the corresponding period of the previous year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In terms of the US dollar, remittance inflow increased 23.1 percent this year to 3.60 billion against 10.8 percent in the corresponding of last year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the review period, the number of Nepali workers, both institutional and individual, taking first-time approval for foreign employment stood at 137,475 while those taking approval for renew entry was 68,841. Last year, such numbers were 196,735 and 87,428 respectively. According to the NRB report, the net transfer increased 24.9 percent to Rs 521.40 billion in the review period. Such a transfer had increased 20.2 percent in the same period of the last fiscal year. </span></span></span></p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19465', 'image' => '20231215103744_Remittance.jpg', 'article_date' => '2023-12-15 10:36:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '19736', 'article_category_id' => '1', 'title' => 'ADB Approves $166 Million Financing Package', 'sub_title' => '', 'summary' => 'The Asian Development Bank (ADB) has approved a financing package totaling $166 million to enhance Nepal's local economy. The funds will be utilized to construct climate and disaster-resilient cities that prioritize sustainable tourism and aim to enhance the quality of life for residents.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 15: The Asian Development Bank (ADB) has approved a financing package totaling $166 million to enhance Nepal's local economy. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The funds will be utilized to construct climate and disaster-resilient cities that prioritize sustainable tourism and aim to enhance the quality of life for residents. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">A $6 million grant from the Asian Development Fund is included in the package. The beneficiary cities encompass Pokhara Metropolitan City, Janakpur Sub-Metropolitan City, Devdaha, Lumbini Sanskritik, Sainamaina, Siddharthanagar, and Tilottama municipalities.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The initiative, known as the Urban Resilience and Livability Improvement Project, is designed to contribute to the economic growth, resilience, and livability of the aforementioned cities. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The ADB plans to reinforce municipal resilience to climate and disaster risks through infrastructure development, involving the construction of 150 kilometers of drainage, rebuilding 100 kilometers of roads, and 45 kilometers of footpaths, as per a statement released by the ADB Headquarters on Thursday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Laxmi Sharma, ADB Senior Urban Development Specialist, emphasized that the project aligns with the government’s National Urban Development Strategy, aiming to enhance planning and investments in urban corridors for sustainable economic growth.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The initiative extends the ADB’s longstanding commitment to Nepal, focusing on strengthening municipal governance and improving the delivery of basic services.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Sharma added, “ADB’s support will help the concerned municipalities design climate-resilient urban infrastructure, develop tourism potential, and strengthen institutional capacity to achieve their full economic potential and sustainable growth.”</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> The project is anticipated to foster tourism development, thereby stimulating the local economy and enhancing historical, cultural, and natural heritage sites. (RSS)</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19464', 'image' => '20231215060753_collage (10).jpg', 'article_date' => '2023-12-15 06:05:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '19752', 'article_category_id' => '1', 'title' => 'Interest Rates of Banks Declining', 'sub_title' => '', 'summary' => 'December 17: The interest rates of banks have been declining with the increase in liquidity in the banking system.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">December 17: The interest rates of banks have been declining with the increase in liquidity in the banking system.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Bank deposits have been increasing due to the increase in remittance inflows and economic activities. Banks now have excess of liquidity due to non-disbursement of loans compared to the increase in deposit collection.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Banks and financial institutions have reduced the interest rate on deposits for the month of Poush (mid-December to mid-January). Prabhu Bank and Sanima Bank are the only banks that have kept the interest rate on deposits stable for the review month. The rest of the commercial banks have reduced their interest rates.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Last Friday, Nepal Rastra Bank reduced the policy rates while reviewing the monetary policy for the current fiscal year. After the central bank changed the policy rates, the commercial banks started reducing the interest rates from Saturday. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The NRB has reduced the bank rate from </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent, the policy rate from </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">6.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent and the deposit collection rate from </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent through the first quarterly review of the monetary policy.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Commercial banks have been able to lower the interest rates after the central bank reduced the policy rate due to excess liquidity in the banking system.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Prime Commercial Bank offers the maximum interest rate of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent on personal fixed deposits for the month of Poush. The interest rate on personal term deposits of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">18</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> banks has fallen to a single digit. Everest Bank has set a maximum interest rate of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">8</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent on personal fixed deposits.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">As the banks have reduce the interest rate on deposits, the interest on loans are also expected to decline, says Nepal Rastra Bank’s Spokesperson Dr Gunakar Bhatt.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to NRB data, banks have the capacity to extend loans of more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">600</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion. However, due to lack of credit expansion, liquidity has accumulated in the banks. After the interbank interest rate fell below </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent, the central bank has been continuously mopping excess liquidity.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-12-17', 'modified' => '2023-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '19480', 'image' => '20231217021102_Banks - Copy.jpg', 'article_date' => '2023-12-17 14:10:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '19751', 'article_category_id' => '1', 'title' => 'World's Richest 1% Emit as much Carbon as Bottom Two-Thirds: Report', 'sub_title' => '', 'summary' => 'December 17: The richest one percent of the global population are responsible for the same amount of carbon emissions as the world's poorest two-thirds, or five billion people, according to an analysis published recently by the nonprofit organization Oxfam International.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">December 17: The richest one percent of the global population are responsible for the same amount of carbon emissions as the world's poorest two-thirds, or five billion people, according to an analysis published recently by the nonprofit organization Oxfam International.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">While fighting the climate crisis is a shared challenge, not everyone is equally responsible and government policies must be tailored accordingly, Max Lawson, who co-authored the report, told AFP.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"The richer you are, the easier it is to cut both your personal and your investment emissions," AFP quoted him as saying. "You don't need that third car, or that fourth holiday, or you don't need to be invested in the cement industry."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The report titled "Climate Equality: A Planet for the 99%" was based on research compiled by the Stockholm Environment Institute (SEI) and it examined the consumption emissions associated with different income groups up to the year 2019.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">It was published ahead of the recently held climate talks at the COP28 summit in Dubai. Fears are growing that limiting long-term warming to 1.5 degrees Celsius could soon be impossible to achieve.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Among the key findings of this study are that the richest one percent globally -- 77 million people -- were responsible for 16 percent of global emissions related to their consumption.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">That is the same share as the bottom 66 percent of the global population by income, or 5.11 billion people.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The income threshold for being among the global top one percent was adjusted by country using purchasing power parity -- for example in the United States the threshold would be $140,000, whereas the Kenyan equivalent would be about $40,000.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Within country analyses also painted very stark pictures.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">For example, in France, the richest one percent emit as much carbon in one year as the poorest 50 percent in 10 years.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Excluding the carbon associated with his investments, Bernard Arnault, the billionaire founder of Louis Vuitton and richest man in France, has a footprint 1,270 times greater than that of the average Frenchman.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The key message, according to Lawson, was that policy actions must be progressive.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"We think that unless governments enact climate policy that is progressive, where you see the people who emit the most being asked to take the biggest sacrifices, then we're never going to get good politics around this," he said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">These measures could include, for example, a tax on flying more than ten times a year, or a tax on non-green investments that is much higher than the tax on green investments.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">While the current report focused on carbon linked only to individual consumption, "the personal consumption of the super-rich is dwarfed by emissions resulting from their investments in companies," the report found.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Nor are the wealthy invested in polluting industries at a similar ratio to any given investor -- billionaires are twice as likely to be invested in polluting industries than the average for the Standard & Poor 500, previous Oxfam research has shown. – AFP/RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-17', 'modified' => '2023-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '19479', 'image' => '20231217125950_Untitled-1024-×-768px-4.jpg', 'article_date' => '2023-12-17 12:59:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '19750', 'article_category_id' => '1', 'title' => 'Nepalis Students Spending More in Foreign Education', 'sub_title' => '', 'summary' => 'December 17: The money spent by Nepali nationals for education in foreign countries is increasing every year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">December 17: The money spent by Nepali nationals for education in foreign countries is increasing every year. According to the latest report of Nepal Rastra Bank, Nepalis going abroad for studies transferred Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">38.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion to foreign countries in the first four months of the current fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The Current Macroeconomic and Financial Situation Report of Nepal published recently by the central bank shows Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">38.44</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion have been withdrawn from Nepal in the name of education from mid-July to mid-November of the current fiscal year (FY). This amount is </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">70</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent more than the money spent on foreign education in the corresponding period of last fiscal year. In the first four months of last FY, Nepali students who went to study abroad spent Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">22.68</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the Ministry of Education, Science and Technology, a total of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">33</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">865</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Nepali students took ‘No Objection Letter’ during the review period for higher education in foreign countries.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-12-17', 'modified' => '2023-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '19478', 'image' => '20231217112227_20230313020040_foreign education.jpg', 'article_date' => '2023-12-17 11:21:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '19749', 'article_category_id' => '1', 'title' => 'Narayangadh-Muglin Road to be Closed for Four Hours a Day from coming Saturday ', 'sub_title' => '', 'summary' => 'December 17: Vehicular movement along the Narayangadh-Muglin road section will be closed for four hours daily from December 23. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 17: Vehicular movement along the Narayangadh-Muglin road section will be closed for four hours daily from December 23. The road will remain closed to blast off a hill on the road side to build a bridge over a rivulet alongside the road. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Information Officer of Nagadhunga-Muglin Road Project (West Section) Krishna Acharya, shared that the road will be closed from 11:00 am to 3:00 pm every day. The road will be closed for three weeks in the first phase, added Acharya. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Four of the 19 bridges on that road were built four years ago. Out of the remaining 15 bridges, some are in the final stage of construction. Eight bridges will be operational within two months and four within a month. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the Khare Bridge will be operational within six months while only one bridge remains to be completed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The road section is one of the major roads leading to and from the federal capital, with more than 10,000 vehicles traveling every day. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-12-17', 'modified' => '2023-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '19477', 'image' => '20231217110147_2011120202_WB Road Project.jpg', 'article_date' => '2023-12-17 11:00:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '19748', 'article_category_id' => '1', 'title' => 'Govt Collects Over Rs 12.8 Billion in Revenue from Banks, Financial Institutions', 'sub_title' => '', 'summary' => 'The government has collected over Rs 12.8 billion in revenue from banks and financial institutions within two days. Following the government's direction to authorities to collect the revenues generated from bargain purchase gains through the premium of Follow-On Public Offers (FPO), mergers and acquisitions, and the sale of auction shares, Rs 12.8 billion was deposited in the state coffers.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 17: The government has collected over Rs 12.8 billion in revenue from banks and financial institutions within two days.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Following the government's direction to authorities to collect the revenues generated from bargain purchase gains through the premium of Follow-On Public Offers (FPO), mergers and acquisitions, and the sale of auction shares, Rs 12.8 billion was deposited in the state coffers. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The fund was deposited in the state coffers by Friday and Saturday (4 pm), said Dirgha Raj Mainali, the Director General of the Inland Revenue Department. The deadline for tax payment was Saturday midnight, and those who paid by this date were exempted from fines.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Office of Auditor General had been urging the government to recover revenues from FPO premiums, bargain purchase gains, and auction share sales since its 57th annual report in 2077 BS, citing potential tax evasion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Despite the office's persistent recommendations in four consecutive reports, the Ministry of Finance and the Inland Revenue Department had initially ignored the issue.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In response to the matter raised in the 60th report, Finance Minister Dr Prakash Sharan Mahat introduced a provision. Companies paying taxes in premiums of FPO, bargain purchase gains of mergers and acquisitions, and auction share sales by December 16 would be exempt from fines and interests. This move aimed to incentivize timely revenue payments.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">However, 16 commercial banks opposed the minister's decision, challenging it in the Supreme Court, arguing that taxing the bargain price of FPO and mergers and acquisitions, with exemptions on fees and fines, went against the constitution.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> On Thursday, the constitutional bench, led by Chief Justice Bishwoambhar Prasad Shrestha, and comprising justices Ananda Mohan Bhattarai, Sapana Pradhan Malla, Sushmalata Mathema, and Kumar Regmi, annulled the writ.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Following the annulment, banks and financial institutions had deposited the specified amounts into the state coffers. (RSS)</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-17', 'modified' => '2023-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '19476', 'image' => '20231217065135_collage (1).jpg', 'article_date' => '2023-12-17 06:44:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '19747', 'article_category_id' => '1', 'title' => 'NOC Reduces Prices of Petroleum Products', 'sub_title' => '', 'summary' => 'December 15: Nepal Oil Corporation (NOC) has reduces the prices of petroleum products effective from Saturday. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 15: Nepal Oil Corporation (NOC) has reduces the prices of petroleum products effective from Saturday. The NOC has slashed the prices of diesel, petrol and kerosene by Rs 3 per litre.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In a statement issued on Friday, the state-owned oil monopoly said that the new prices will come into effect at 1 am on December 16. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the revised list, petrol will now cost Rs 167 per litre in the Kathmandu valley. Likewise, diesel and kerosene will cost Rs 157 per litre each.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The price of cooking gas or liquefied petroleum gas remains unchanged.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The NOC said in the statement that it revised the prices of petroleum products after receiving the new price list from its supplier, the Indian Oil Corporation.</span></span></p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19475', 'image' => '20231215103643_petroo - Copy.jpg', 'article_date' => '2023-12-15 22:35:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '19745', 'article_category_id' => '1', 'title' => 'Foreign Exchange Reserve Increases to Rs 1696.78 Billion ', 'sub_title' => '', 'summary' => 'December 15: The gross foreign exchange reserve of Nepal has increased 10.2 per cent in the first four months of the current fiscal year.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 15: The gross foreign exchange reserve of Nepal has increased 10.2 per cent in the first four months of the current fiscal year.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The Current Macroeconomic and Financial Situation Report released by Nepal Rastra Bank on Thursday shows that the country’s foreign exchange reserves reached Rs 1696.78 billion from Rs 1539.36 billion from mid-July to mid-November of the current fiscal year.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Of the total foreign exchange reserves, reserves held by the NRB increased to Rs 1490.83 billion in mid-November from Rs 1345.78 billion in mid-July 2023. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Such reserves in terms of the US dollar increased by 8.9 per cent and reached 12.75 billion in mid-November from 11.71 billion in mid-July. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, reserves held by banks and financial institutions (except NRB) increased 6.4 percent to Rs 205.95 billion in mid-November from Rs 193.59 billion in mid-July, states the report. The share of Indian currency in total reserves stood at 21.8 percent in mid- November 2023. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Based on the imports of four months of 2023/24, the foreign exchange reserves of the banking sector is sufficient to cover the prospective merchandise imports of 13.6 months, and merchandise and services imports of 11.3 months, according to the report. </span></span></span></p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19474', 'image' => '20231215030747_1702262066.collection-dollar-money-usa-canada-australia_359031-4146.jpg', 'article_date' => '2023-12-15 15:07:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '19746', 'article_category_id' => '1', 'title' => 'Sugarcane Farmers Disown Government Decision on Support Price', 'sub_title' => '', 'summary' => 'The sugarcane farmers in Sarlahi district have expressed their objection to the minimum support price fixed by the government. They have submitted a memo to the Chief District Officer demanding to hike the floor price of sugarcane.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 15: The sugarcane farmers in Sarlahi district have expressed their objection to the minimum support price fixed by the government. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">They have submitted a memo to the Chief District Officer demanding to hike the floor price of sugarcane. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Three different organizations of sugarcane farmers handed over their memo to the Chief District Officer, Komal Prasad Dhamala, expressing their reservation to the government decision. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Recently, the government increased the floor price of sugarcane by Rs 25 per quintal compared to the last fiscal year. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">With the new decision, the farmers shall get Rs 565 per quintal in this season. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">However, the farmers have argued that the minimum support price of sugarcane should be fixed at Rs 750 per quintal, according to president of the Federation of Nepal Sugarcane Producers Association Kapil Muni Mainali. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In the memo, the farmers have also asked to immediately release the last year's subsidy grant to the farmers. (RSS) </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19473', 'image' => '20231215044612_collage (13).jpg', 'article_date' => '2023-12-15 16:45:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '19744', 'article_category_id' => '1', 'title' => 'Trade Deficit Declines by 3.3 Percent', 'sub_title' => '', 'summary' => 'December 15: Nepal’s trade deficit declined by 3.3 percent to Rs 461.94 billion in the first four months of the current fiscal year, according to the latest report of Nepal Rastra Bank.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 15: Nepal’s trade deficit declined by 3.3 percent to Rs 461.94 billion in the first four months of the current fiscal year, according to the latest report of Nepal Rastra Bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report of Nepal published by the NRB on Thursday states that such a deficit had decreased 15.9 percent in the corresponding period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The export-import ratio decreased to 9.9 percent in the review period from 10.3 percent in the corresponding period last year, added the report. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the central bank, the country’s merchandise imports during the review period decreased 3.8 percent to Rs 512.50 billion compared to a decrease of 18.1 percent a year ago. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, imports from India and other countries decreased 2.5 percent and 27.7 percent respectively while imports from China increased 34.4 percent. Imports of readymade garments, MS wire rod, bars, and coils, electrical equipment, textiles, aircraft spare parts, among others increased whereas imports of crude soybean oil, gold, petroleum products, crude palm oil, MS billet, among others decreased. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Based on customs points, imports from Bhairahawa, Dry Port, Jaleshwar, Kanchanpur, Krishnanagar, Nepalgunj, Rasuwa and Tatopani customs offices increased whereas imports from all the other major customs points decreased in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the review period, merchandise exports decreased 7.7 percent to Rs 50.57 billion compared to a decrease of 33.3 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, exports to India decreased 14.5 percent whereas exports to China and other countries increased 307.9 percent and 4.7 percent respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Exports of zinc sheet, particle board, juice, readymade garments, polyester yarn and thread, among others increased whereas exports of palm oil, soybean oil, tea, woolen carpet, rosin, among others decreased. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Based on customs points, exports from Bhairahawa, Dry Port, Jaleshwar, Kanchanpur, Krishnanagar, Mechi, Rasuwa, Tatopani and Tribhuwan Airport customs offices increased whereas exports from all the other major customs points decreased in the review period.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19472', 'image' => '20231215030625_Trade.jpg', 'article_date' => '2023-12-15 15:05:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '19741', 'article_category_id' => '1', 'title' => 'Inflation Lowest in Last 26 Months', 'sub_title' => '', 'summary' => 'December 15: Consumer price inflation fell to its lowest point in mid-October to mid-November compared to the last 26 months.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 15: Consumer price inflation fell to its lowest point in mid-October to mid-November compared to the last 26 months. Earlier in mid-October 2021, inflation stood at 4.24 percent. In the following months, it was above 5.38.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the Current Macroeconomic and Financial Situation Report published by the Nepal Rastra Bank on Thursday, the year-on-year (y-o-y) consumer price inflation moderated to to 5.38 percent in mid-November 2023 compared to 8.08 percent a year ago.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In the last fiscal year (FY), Nepal Rastra Bank had set a target of maintaining inflation within the limit of 7 percent. The central bank has set a target of keeping it within 6.5 percent for the current fiscal year. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In mid-October last year, inflation reached as high as 8.5 percent. Inflation increased during the review period after the Nepal Rastra Bank issued a tight monetary policy and tightened import and credit investment.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">As the prices of petroleum products, vegetables and vehicles as well as transportation fares decreased this year, inflation has come down considerably. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the NRB report, food and beverage inflation stood at 6.01 percent in the review month whereas non-food and service category inflation stood at 4.89 percent.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Under the food and beverage category, y-o-y consumer price index of spices subcategory increased 36.46 percent, sugar and sugar products 14.59 percent, fruit 14.01 percent, cereal grains and their products 12.02 percent and milk products and eggs 11.00 percent. The y-o-y consumer price index of ghee and oil and vegetable sub-category decreased 14.23 percent and 5.35 percent respectively in the review month. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Under the non-food and services category, y-o-y consumer price index of recreation and culture sub-category increased 12.84 percent, miscellaneous goods and services 10.76 percent, education 8.92 percent, furnishing and household equipment 5.27 percent and clothes and footwear 4.96 percent. The y-o-y consumer price index of transportation sub-category decreased 1.86 percent in the review month.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Decline in inflation in India also had a positive impact on Nepal. According to Nepal Rastra Bank, India's inflation in October was 5.55 percent.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the NRB report shows that there has been a significant improvement in the indicators of the economy as of mid-November this year.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The policies adopted by the government and Nepal Rastra Bank to address the impacts of the global economic recession due to the Covid-19 and the Russia-Ukraine tension has resulted in a significant improvement in macroeconomic indices of Nepal.</span></span></span></p> <p> </p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19469', 'image' => '20231215014318_inflation less.jpg', 'article_date' => '2023-12-15 13:42:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '19740', 'article_category_id' => '1', 'title' => 'Balance of Payments at a Surplus of Rs 147.11 Billion: NRB ', 'sub_title' => '', 'summary' => 'December 15: The country's Balance of Payments (BoP) remained at a surplus of Rs 147.11 billion in the first four months of the current fiscal year, according to the latest report of Nepal Rastra Bank. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 15: The country's Balance of Payments (BoP) remained at a surplus of Rs 147.11 billion in the first four months of the current fiscal year, according to the latest report of Nepal Rastra Bank. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Current Macroeconomic and Financial Situation Report of Nepal published by the central bank on Thursday shows that the BOP remained at a surplus of Rs 147.11 billion in the review period against a surplus of Rs 20.03 billion in the same period of the previous fiscal year. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In terms of the US dollar, the BOP remained at a surplus of 1.11 billion in the review period against a surplus of 149.6 million in the same period of last fiscal year. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the current account remained at a surplus of Rs 96.38 billion in the review period against a deficit of Rs 37.79 billion in the corresponding period last year. In terms of the US dollar, the current account registered a surplus of 725.1 million in the review period against a deficit of 296.1 million in the same period last year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the review period, capital transfer decreased 46.6 percent to Rs 1.59 billion and net foreign direct investment (FDI) remained positive of Rs 3.64 billion, the report stated. In the same period of the previous year, capital transfer amounted to Rs 2.97 billion and net FDI amounted to Rs 429.2 million. </span></span></span></p> <p> </p> <p> </p> <p> </p> <p><br /> </p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19468', 'image' => '20231215010041_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2023-12-15 12:59:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '19739', 'article_category_id' => '1', 'title' => 'NTA Invalidates Licence of Three Internet Service Providers ', 'sub_title' => '', 'summary' => 'December 15: Nepal Telecommunications Authority (NTA) has invalidated the licences of three internet service providers', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 15: Nepal Telecommunications Authority (NTA) has invalidated the licences of three internet service providers. The licence of United Telecom Limited, Putalisadak, Kathmandu, Max Net Solution Pvt Ltd, Koteshwor, Kathmandu and Chitwan Network Pvt Ltd were annulled for not getting their companies renewed timely, said the NTA Director and spokesperson Santosh Paudel. The companies did not apply in time for renewal of their licence, he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NTA has also asked other companies of the same kind to make timely payments and submit required details within 30 days for getting their licences renewed. It has also warned of action as per the existing laws in case of not following the directive. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19467', 'image' => '20231215115621_20230811012501_20230411103022_Internett.jpg', 'article_date' => '2023-12-15 11:55:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '19738', 'article_category_id' => '1', 'title' => '30 Percent Families in Karnali Province Self-Reliant in Agricultural Production ', 'sub_title' => '', 'summary' => 'December 15: Thirty percent of families in Karnali Province are self-reliant on agricultural productions, according to the National Agriculture Census, 2078.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 15: Thirty percent of families in Karnali Province are self-reliant on agricultural productions, according to the National Agriculture Census, 2078. The census report made public by the National Statistics Office shows that majority of families or 70 percent of the farmers’ population cannot feed themselves with home-grown products throughout the year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Out of the total 302,000 families who are involved in agriculture in the province, the production sustains only 90,600 families throughout the year, states the report published by the National Statistics Office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A total of 82.63 percent of people in Karnali Province are farmers who cultivate food in 17,411 hectares of land. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As a large number of people are dependent on agriculture, but the production is not enough to sustain their livelihood, the NSO has suggested the government should bring a production-friendly policy, said NSO Director Badri Kumar Karki. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Most of the citizens of Karnali are involved in agriculture. But the production is very low. It is necessary for the government to bring a production friendly plan in the days to come," he said. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The report states that farmers have used new technology replacing the old one. For an instance, tractors and power tillers have replaced iron or wooden ploughs, according to the report. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Due to the increasing trend of people from rural areas migrating to city areas and foreign countries for various purposes including job opportunities, many lands especially in the hill areas have remained barren, says the report. Against this backdrop, experts have suggested the government to announce plan based on the data that show decline in production activities.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Saying that it was difficult to bring a plan and a budget due to the lack of statistics of the province, Minister for Land Management, Agriculture and Cooperatives of the province, Bhim Prakash Sharma said these statistics would help the government to make a plan and bring a budget accordingly. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He also stressed the need for the government at all three levels to bring a plan so as to increase the productions and guarantee a market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Around 7,000 workforces were mobilised for the census and it took 45 days, said Dr Dilliraj Joshi, joint secretary and deputy chief of the NSO. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19466', 'image' => '20231215110529_agri maize.jpg', 'article_date' => '2023-12-15 11:04:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '19737', 'article_category_id' => '1', 'title' => 'Nepal Receives Remittances of Rs 477.96 Million in Four Months ', 'sub_title' => '', 'summary' => 'December 15: The country received remittances worth Rs 477.96 billion in the first four months of the current fiscal year, according to the latest report of Nepal Rastra Bank. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 15: The country received remittances worth Rs 477.96 billion in the first four months of the current fiscal year, according to the latest report of Nepal Rastra Bank. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Current Macroeconomic and Financial Situation Report of Nepal released by the central bank on Thursday shows that the inflow of remittance increased by 26.4 percent to reach Rs 477.96 billion as of mid-November in the current FY against 20.4 percent increase in remittance inflow in the corresponding period of the previous year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In terms of the US dollar, remittance inflow increased 23.1 percent this year to 3.60 billion against 10.8 percent in the corresponding of last year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the review period, the number of Nepali workers, both institutional and individual, taking first-time approval for foreign employment stood at 137,475 while those taking approval for renew entry was 68,841. Last year, such numbers were 196,735 and 87,428 respectively. According to the NRB report, the net transfer increased 24.9 percent to Rs 521.40 billion in the review period. Such a transfer had increased 20.2 percent in the same period of the last fiscal year. </span></span></span></p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19465', 'image' => '20231215103744_Remittance.jpg', 'article_date' => '2023-12-15 10:36:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '19736', 'article_category_id' => '1', 'title' => 'ADB Approves $166 Million Financing Package', 'sub_title' => '', 'summary' => 'The Asian Development Bank (ADB) has approved a financing package totaling $166 million to enhance Nepal's local economy. The funds will be utilized to construct climate and disaster-resilient cities that prioritize sustainable tourism and aim to enhance the quality of life for residents.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 15: The Asian Development Bank (ADB) has approved a financing package totaling $166 million to enhance Nepal's local economy. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The funds will be utilized to construct climate and disaster-resilient cities that prioritize sustainable tourism and aim to enhance the quality of life for residents. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">A $6 million grant from the Asian Development Fund is included in the package. The beneficiary cities encompass Pokhara Metropolitan City, Janakpur Sub-Metropolitan City, Devdaha, Lumbini Sanskritik, Sainamaina, Siddharthanagar, and Tilottama municipalities.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The initiative, known as the Urban Resilience and Livability Improvement Project, is designed to contribute to the economic growth, resilience, and livability of the aforementioned cities. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The ADB plans to reinforce municipal resilience to climate and disaster risks through infrastructure development, involving the construction of 150 kilometers of drainage, rebuilding 100 kilometers of roads, and 45 kilometers of footpaths, as per a statement released by the ADB Headquarters on Thursday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Laxmi Sharma, ADB Senior Urban Development Specialist, emphasized that the project aligns with the government’s National Urban Development Strategy, aiming to enhance planning and investments in urban corridors for sustainable economic growth.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The initiative extends the ADB’s longstanding commitment to Nepal, focusing on strengthening municipal governance and improving the delivery of basic services.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Sharma added, “ADB’s support will help the concerned municipalities design climate-resilient urban infrastructure, develop tourism potential, and strengthen institutional capacity to achieve their full economic potential and sustainable growth.”</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> The project is anticipated to foster tourism development, thereby stimulating the local economy and enhancing historical, cultural, and natural heritage sites. (RSS)</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19464', 'image' => '20231215060753_collage (10).jpg', 'article_date' => '2023-12-15 06:05:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 133]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '19752', 'article_category_id' => '1', 'title' => 'Interest Rates of Banks Declining', 'sub_title' => '', 'summary' => 'December 17: The interest rates of banks have been declining with the increase in liquidity in the banking system.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">December 17: The interest rates of banks have been declining with the increase in liquidity in the banking system.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Bank deposits have been increasing due to the increase in remittance inflows and economic activities. Banks now have excess of liquidity due to non-disbursement of loans compared to the increase in deposit collection.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Banks and financial institutions have reduced the interest rate on deposits for the month of Poush (mid-December to mid-January). Prabhu Bank and Sanima Bank are the only banks that have kept the interest rate on deposits stable for the review month. The rest of the commercial banks have reduced their interest rates.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Last Friday, Nepal Rastra Bank reduced the policy rates while reviewing the monetary policy for the current fiscal year. After the central bank changed the policy rates, the commercial banks started reducing the interest rates from Saturday. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The NRB has reduced the bank rate from </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent, the policy rate from </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">6.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent and the deposit collection rate from </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent through the first quarterly review of the monetary policy.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Commercial banks have been able to lower the interest rates after the central bank reduced the policy rate due to excess liquidity in the banking system.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Prime Commercial Bank offers the maximum interest rate of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent on personal fixed deposits for the month of Poush. The interest rate on personal term deposits of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">18</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> banks has fallen to a single digit. Everest Bank has set a maximum interest rate of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">8</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent on personal fixed deposits.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">As the banks have reduce the interest rate on deposits, the interest on loans are also expected to decline, says Nepal Rastra Bank’s Spokesperson Dr Gunakar Bhatt.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to NRB data, banks have the capacity to extend loans of more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">600</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion. However, due to lack of credit expansion, liquidity has accumulated in the banks. After the interbank interest rate fell below </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent, the central bank has been continuously mopping excess liquidity.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-12-17', 'modified' => '2023-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '19480', 'image' => '20231217021102_Banks - Copy.jpg', 'article_date' => '2023-12-17 14:10:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '19751', 'article_category_id' => '1', 'title' => 'World's Richest 1% Emit as much Carbon as Bottom Two-Thirds: Report', 'sub_title' => '', 'summary' => 'December 17: The richest one percent of the global population are responsible for the same amount of carbon emissions as the world's poorest two-thirds, or five billion people, according to an analysis published recently by the nonprofit organization Oxfam International.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">December 17: The richest one percent of the global population are responsible for the same amount of carbon emissions as the world's poorest two-thirds, or five billion people, according to an analysis published recently by the nonprofit organization Oxfam International.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">While fighting the climate crisis is a shared challenge, not everyone is equally responsible and government policies must be tailored accordingly, Max Lawson, who co-authored the report, told AFP.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"The richer you are, the easier it is to cut both your personal and your investment emissions," AFP quoted him as saying. "You don't need that third car, or that fourth holiday, or you don't need to be invested in the cement industry."</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The report titled "Climate Equality: A Planet for the 99%" was based on research compiled by the Stockholm Environment Institute (SEI) and it examined the consumption emissions associated with different income groups up to the year 2019.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">It was published ahead of the recently held climate talks at the COP28 summit in Dubai. Fears are growing that limiting long-term warming to 1.5 degrees Celsius could soon be impossible to achieve.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Among the key findings of this study are that the richest one percent globally -- 77 million people -- were responsible for 16 percent of global emissions related to their consumption.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">That is the same share as the bottom 66 percent of the global population by income, or 5.11 billion people.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The income threshold for being among the global top one percent was adjusted by country using purchasing power parity -- for example in the United States the threshold would be $140,000, whereas the Kenyan equivalent would be about $40,000.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Within country analyses also painted very stark pictures.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">For example, in France, the richest one percent emit as much carbon in one year as the poorest 50 percent in 10 years.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Excluding the carbon associated with his investments, Bernard Arnault, the billionaire founder of Louis Vuitton and richest man in France, has a footprint 1,270 times greater than that of the average Frenchman.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The key message, according to Lawson, was that policy actions must be progressive.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">"We think that unless governments enact climate policy that is progressive, where you see the people who emit the most being asked to take the biggest sacrifices, then we're never going to get good politics around this," he said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">These measures could include, for example, a tax on flying more than ten times a year, or a tax on non-green investments that is much higher than the tax on green investments.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">While the current report focused on carbon linked only to individual consumption, "the personal consumption of the super-rich is dwarfed by emissions resulting from their investments in companies," the report found.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Nor are the wealthy invested in polluting industries at a similar ratio to any given investor -- billionaires are twice as likely to be invested in polluting industries than the average for the Standard & Poor 500, previous Oxfam research has shown. – AFP/RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-17', 'modified' => '2023-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '19479', 'image' => '20231217125950_Untitled-1024-×-768px-4.jpg', 'article_date' => '2023-12-17 12:59:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '19750', 'article_category_id' => '1', 'title' => 'Nepalis Students Spending More in Foreign Education', 'sub_title' => '', 'summary' => 'December 17: The money spent by Nepali nationals for education in foreign countries is increasing every year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">December 17: The money spent by Nepali nationals for education in foreign countries is increasing every year. According to the latest report of Nepal Rastra Bank, Nepalis going abroad for studies transferred Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">38.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion to foreign countries in the first four months of the current fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The Current Macroeconomic and Financial Situation Report of Nepal published recently by the central bank shows Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">38.44</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion have been withdrawn from Nepal in the name of education from mid-July to mid-November of the current fiscal year (FY). This amount is </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">70</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent more than the money spent on foreign education in the corresponding period of last fiscal year. In the first four months of last FY, Nepali students who went to study abroad spent Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">22.68</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the Ministry of Education, Science and Technology, a total of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">33</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">865</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Nepali students took ‘No Objection Letter’ during the review period for higher education in foreign countries.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-12-17', 'modified' => '2023-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '19478', 'image' => '20231217112227_20230313020040_foreign education.jpg', 'article_date' => '2023-12-17 11:21:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '19749', 'article_category_id' => '1', 'title' => 'Narayangadh-Muglin Road to be Closed for Four Hours a Day from coming Saturday ', 'sub_title' => '', 'summary' => 'December 17: Vehicular movement along the Narayangadh-Muglin road section will be closed for four hours daily from December 23. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 17: Vehicular movement along the Narayangadh-Muglin road section will be closed for four hours daily from December 23. The road will remain closed to blast off a hill on the road side to build a bridge over a rivulet alongside the road. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Information Officer of Nagadhunga-Muglin Road Project (West Section) Krishna Acharya, shared that the road will be closed from 11:00 am to 3:00 pm every day. The road will be closed for three weeks in the first phase, added Acharya. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Four of the 19 bridges on that road were built four years ago. Out of the remaining 15 bridges, some are in the final stage of construction. Eight bridges will be operational within two months and four within a month. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the Khare Bridge will be operational within six months while only one bridge remains to be completed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The road section is one of the major roads leading to and from the federal capital, with more than 10,000 vehicles traveling every day. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-12-17', 'modified' => '2023-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '19477', 'image' => '20231217110147_2011120202_WB Road Project.jpg', 'article_date' => '2023-12-17 11:00:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '19748', 'article_category_id' => '1', 'title' => 'Govt Collects Over Rs 12.8 Billion in Revenue from Banks, Financial Institutions', 'sub_title' => '', 'summary' => 'The government has collected over Rs 12.8 billion in revenue from banks and financial institutions within two days. Following the government's direction to authorities to collect the revenues generated from bargain purchase gains through the premium of Follow-On Public Offers (FPO), mergers and acquisitions, and the sale of auction shares, Rs 12.8 billion was deposited in the state coffers.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 17: The government has collected over Rs 12.8 billion in revenue from banks and financial institutions within two days.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Following the government's direction to authorities to collect the revenues generated from bargain purchase gains through the premium of Follow-On Public Offers (FPO), mergers and acquisitions, and the sale of auction shares, Rs 12.8 billion was deposited in the state coffers. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The fund was deposited in the state coffers by Friday and Saturday (4 pm), said Dirgha Raj Mainali, the Director General of the Inland Revenue Department. The deadline for tax payment was Saturday midnight, and those who paid by this date were exempted from fines.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Office of Auditor General had been urging the government to recover revenues from FPO premiums, bargain purchase gains, and auction share sales since its 57th annual report in 2077 BS, citing potential tax evasion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Despite the office's persistent recommendations in four consecutive reports, the Ministry of Finance and the Inland Revenue Department had initially ignored the issue.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In response to the matter raised in the 60th report, Finance Minister Dr Prakash Sharan Mahat introduced a provision. Companies paying taxes in premiums of FPO, bargain purchase gains of mergers and acquisitions, and auction share sales by December 16 would be exempt from fines and interests. This move aimed to incentivize timely revenue payments.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">However, 16 commercial banks opposed the minister's decision, challenging it in the Supreme Court, arguing that taxing the bargain price of FPO and mergers and acquisitions, with exemptions on fees and fines, went against the constitution.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> On Thursday, the constitutional bench, led by Chief Justice Bishwoambhar Prasad Shrestha, and comprising justices Ananda Mohan Bhattarai, Sapana Pradhan Malla, Sushmalata Mathema, and Kumar Regmi, annulled the writ.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Following the annulment, banks and financial institutions had deposited the specified amounts into the state coffers. (RSS)</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-17', 'modified' => '2023-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '19476', 'image' => '20231217065135_collage (1).jpg', 'article_date' => '2023-12-17 06:44:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 5 => array( 'Article' => array( 'id' => '19747', 'article_category_id' => '1', 'title' => 'NOC Reduces Prices of Petroleum Products', 'sub_title' => '', 'summary' => 'December 15: Nepal Oil Corporation (NOC) has reduces the prices of petroleum products effective from Saturday. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 15: Nepal Oil Corporation (NOC) has reduces the prices of petroleum products effective from Saturday. The NOC has slashed the prices of diesel, petrol and kerosene by Rs 3 per litre.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In a statement issued on Friday, the state-owned oil monopoly said that the new prices will come into effect at 1 am on December 16. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the revised list, petrol will now cost Rs 167 per litre in the Kathmandu valley. Likewise, diesel and kerosene will cost Rs 157 per litre each.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The price of cooking gas or liquefied petroleum gas remains unchanged.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The NOC said in the statement that it revised the prices of petroleum products after receiving the new price list from its supplier, the Indian Oil Corporation.</span></span></p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19475', 'image' => '20231215103643_petroo - Copy.jpg', 'article_date' => '2023-12-15 22:35:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '19745', 'article_category_id' => '1', 'title' => 'Foreign Exchange Reserve Increases to Rs 1696.78 Billion ', 'sub_title' => '', 'summary' => 'December 15: The gross foreign exchange reserve of Nepal has increased 10.2 per cent in the first four months of the current fiscal year.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 15: The gross foreign exchange reserve of Nepal has increased 10.2 per cent in the first four months of the current fiscal year.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The Current Macroeconomic and Financial Situation Report released by Nepal Rastra Bank on Thursday shows that the country’s foreign exchange reserves reached Rs 1696.78 billion from Rs 1539.36 billion from mid-July to mid-November of the current fiscal year.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Of the total foreign exchange reserves, reserves held by the NRB increased to Rs 1490.83 billion in mid-November from Rs 1345.78 billion in mid-July 2023. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Such reserves in terms of the US dollar increased by 8.9 per cent and reached 12.75 billion in mid-November from 11.71 billion in mid-July. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, reserves held by banks and financial institutions (except NRB) increased 6.4 percent to Rs 205.95 billion in mid-November from Rs 193.59 billion in mid-July, states the report. The share of Indian currency in total reserves stood at 21.8 percent in mid- November 2023. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Based on the imports of four months of 2023/24, the foreign exchange reserves of the banking sector is sufficient to cover the prospective merchandise imports of 13.6 months, and merchandise and services imports of 11.3 months, according to the report. </span></span></span></p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19474', 'image' => '20231215030747_1702262066.collection-dollar-money-usa-canada-australia_359031-4146.jpg', 'article_date' => '2023-12-15 15:07:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '19746', 'article_category_id' => '1', 'title' => 'Sugarcane Farmers Disown Government Decision on Support Price', 'sub_title' => '', 'summary' => 'The sugarcane farmers in Sarlahi district have expressed their objection to the minimum support price fixed by the government. They have submitted a memo to the Chief District Officer demanding to hike the floor price of sugarcane.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 15: The sugarcane farmers in Sarlahi district have expressed their objection to the minimum support price fixed by the government. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">They have submitted a memo to the Chief District Officer demanding to hike the floor price of sugarcane. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Three different organizations of sugarcane farmers handed over their memo to the Chief District Officer, Komal Prasad Dhamala, expressing their reservation to the government decision. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Recently, the government increased the floor price of sugarcane by Rs 25 per quintal compared to the last fiscal year. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">With the new decision, the farmers shall get Rs 565 per quintal in this season. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">However, the farmers have argued that the minimum support price of sugarcane should be fixed at Rs 750 per quintal, according to president of the Federation of Nepal Sugarcane Producers Association Kapil Muni Mainali. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In the memo, the farmers have also asked to immediately release the last year's subsidy grant to the farmers. (RSS) </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19473', 'image' => '20231215044612_collage (13).jpg', 'article_date' => '2023-12-15 16:45:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '19744', 'article_category_id' => '1', 'title' => 'Trade Deficit Declines by 3.3 Percent', 'sub_title' => '', 'summary' => 'December 15: Nepal’s trade deficit declined by 3.3 percent to Rs 461.94 billion in the first four months of the current fiscal year, according to the latest report of Nepal Rastra Bank.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">December 15: Nepal’s trade deficit declined by 3.3 percent to Rs 461.94 billion in the first four months of the current fiscal year, according to the latest report of Nepal Rastra Bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report of Nepal published by the NRB on Thursday states that such a deficit had decreased 15.9 percent in the corresponding period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The export-import ratio decreased to 9.9 percent in the review period from 10.3 percent in the corresponding period last year, added the report. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the central bank, the country’s merchandise imports during the review period decreased 3.8 percent to Rs 512.50 billion compared to a decrease of 18.1 percent a year ago. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, imports from India and other countries decreased 2.5 percent and 27.7 percent respectively while imports from China increased 34.4 percent. Imports of readymade garments, MS wire rod, bars, and coils, electrical equipment, textiles, aircraft spare parts, among others increased whereas imports of crude soybean oil, gold, petroleum products, crude palm oil, MS billet, among others decreased. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Based on customs points, imports from Bhairahawa, Dry Port, Jaleshwar, Kanchanpur, Krishnanagar, Nepalgunj, Rasuwa and Tatopani customs offices increased whereas imports from all the other major customs points decreased in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the review period, merchandise exports decreased 7.7 percent to Rs 50.57 billion compared to a decrease of 33.3 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, exports to India decreased 14.5 percent whereas exports to China and other countries increased 307.9 percent and 4.7 percent respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Exports of zinc sheet, particle board, juice, readymade garments, polyester yarn and thread, among others increased whereas exports of palm oil, soybean oil, tea, woolen carpet, rosin, among others decreased. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Based on customs points, exports from Bhairahawa, Dry Port, Jaleshwar, Kanchanpur, Krishnanagar, Mechi, Rasuwa, Tatopani and Tribhuwan Airport customs offices increased whereas exports from all the other major customs points decreased in the review period.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19472', 'image' => '20231215030625_Trade.jpg', 'article_date' => '2023-12-15 15:05:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '19741', 'article_category_id' => '1', 'title' => 'Inflation Lowest in Last 26 Months', 'sub_title' => '', 'summary' => 'December 15: Consumer price inflation fell to its lowest point in mid-October to mid-November compared to the last 26 months.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 15: Consumer price inflation fell to its lowest point in mid-October to mid-November compared to the last 26 months. Earlier in mid-October 2021, inflation stood at 4.24 percent. In the following months, it was above 5.38.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the Current Macroeconomic and Financial Situation Report published by the Nepal Rastra Bank on Thursday, the year-on-year (y-o-y) consumer price inflation moderated to to 5.38 percent in mid-November 2023 compared to 8.08 percent a year ago.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In the last fiscal year (FY), Nepal Rastra Bank had set a target of maintaining inflation within the limit of 7 percent. The central bank has set a target of keeping it within 6.5 percent for the current fiscal year. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In mid-October last year, inflation reached as high as 8.5 percent. Inflation increased during the review period after the Nepal Rastra Bank issued a tight monetary policy and tightened import and credit investment.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">As the prices of petroleum products, vegetables and vehicles as well as transportation fares decreased this year, inflation has come down considerably. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the NRB report, food and beverage inflation stood at 6.01 percent in the review month whereas non-food and service category inflation stood at 4.89 percent.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Under the food and beverage category, y-o-y consumer price index of spices subcategory increased 36.46 percent, sugar and sugar products 14.59 percent, fruit 14.01 percent, cereal grains and their products 12.02 percent and milk products and eggs 11.00 percent. The y-o-y consumer price index of ghee and oil and vegetable sub-category decreased 14.23 percent and 5.35 percent respectively in the review month. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Under the non-food and services category, y-o-y consumer price index of recreation and culture sub-category increased 12.84 percent, miscellaneous goods and services 10.76 percent, education 8.92 percent, furnishing and household equipment 5.27 percent and clothes and footwear 4.96 percent. The y-o-y consumer price index of transportation sub-category decreased 1.86 percent in the review month.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Decline in inflation in India also had a positive impact on Nepal. According to Nepal Rastra Bank, India's inflation in October was 5.55 percent.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the NRB report shows that there has been a significant improvement in the indicators of the economy as of mid-November this year.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The policies adopted by the government and Nepal Rastra Bank to address the impacts of the global economic recession due to the Covid-19 and the Russia-Ukraine tension has resulted in a significant improvement in macroeconomic indices of Nepal.</span></span></span></p> <p> </p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19469', 'image' => '20231215014318_inflation less.jpg', 'article_date' => '2023-12-15 13:42:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '19740', 'article_category_id' => '1', 'title' => 'Balance of Payments at a Surplus of Rs 147.11 Billion: NRB ', 'sub_title' => '', 'summary' => 'December 15: The country's Balance of Payments (BoP) remained at a surplus of Rs 147.11 billion in the first four months of the current fiscal year, according to the latest report of Nepal Rastra Bank. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 15: The country's Balance of Payments (BoP) remained at a surplus of Rs 147.11 billion in the first four months of the current fiscal year, according to the latest report of Nepal Rastra Bank. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Current Macroeconomic and Financial Situation Report of Nepal published by the central bank on Thursday shows that the BOP remained at a surplus of Rs 147.11 billion in the review period against a surplus of Rs 20.03 billion in the same period of the previous fiscal year. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">In terms of the US dollar, the BOP remained at a surplus of 1.11 billion in the review period against a surplus of 149.6 million in the same period of last fiscal year. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the current account remained at a surplus of Rs 96.38 billion in the review period against a deficit of Rs 37.79 billion in the corresponding period last year. In terms of the US dollar, the current account registered a surplus of 725.1 million in the review period against a deficit of 296.1 million in the same period last year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the review period, capital transfer decreased 46.6 percent to Rs 1.59 billion and net foreign direct investment (FDI) remained positive of Rs 3.64 billion, the report stated. In the same period of the previous year, capital transfer amounted to Rs 2.97 billion and net FDI amounted to Rs 429.2 million. </span></span></span></p> <p> </p> <p> </p> <p> </p> <p><br /> </p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19468', 'image' => '20231215010041_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2023-12-15 12:59:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '19739', 'article_category_id' => '1', 'title' => 'NTA Invalidates Licence of Three Internet Service Providers ', 'sub_title' => '', 'summary' => 'December 15: Nepal Telecommunications Authority (NTA) has invalidated the licences of three internet service providers', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 15: Nepal Telecommunications Authority (NTA) has invalidated the licences of three internet service providers. The licence of United Telecom Limited, Putalisadak, Kathmandu, Max Net Solution Pvt Ltd, Koteshwor, Kathmandu and Chitwan Network Pvt Ltd were annulled for not getting their companies renewed timely, said the NTA Director and spokesperson Santosh Paudel. The companies did not apply in time for renewal of their licence, he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NTA has also asked other companies of the same kind to make timely payments and submit required details within 30 days for getting their licences renewed. It has also warned of action as per the existing laws in case of not following the directive. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19467', 'image' => '20231215115621_20230811012501_20230411103022_Internett.jpg', 'article_date' => '2023-12-15 11:55:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '19738', 'article_category_id' => '1', 'title' => '30 Percent Families in Karnali Province Self-Reliant in Agricultural Production ', 'sub_title' => '', 'summary' => 'December 15: Thirty percent of families in Karnali Province are self-reliant on agricultural productions, according to the National Agriculture Census, 2078.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 15: Thirty percent of families in Karnali Province are self-reliant on agricultural productions, according to the National Agriculture Census, 2078. The census report made public by the National Statistics Office shows that majority of families or 70 percent of the farmers’ population cannot feed themselves with home-grown products throughout the year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Out of the total 302,000 families who are involved in agriculture in the province, the production sustains only 90,600 families throughout the year, states the report published by the National Statistics Office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A total of 82.63 percent of people in Karnali Province are farmers who cultivate food in 17,411 hectares of land. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As a large number of people are dependent on agriculture, but the production is not enough to sustain their livelihood, the NSO has suggested the government should bring a production-friendly policy, said NSO Director Badri Kumar Karki. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Most of the citizens of Karnali are involved in agriculture. But the production is very low. It is necessary for the government to bring a production friendly plan in the days to come," he said. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The report states that farmers have used new technology replacing the old one. For an instance, tractors and power tillers have replaced iron or wooden ploughs, according to the report. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Due to the increasing trend of people from rural areas migrating to city areas and foreign countries for various purposes including job opportunities, many lands especially in the hill areas have remained barren, says the report. Against this backdrop, experts have suggested the government to announce plan based on the data that show decline in production activities.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Saying that it was difficult to bring a plan and a budget due to the lack of statistics of the province, Minister for Land Management, Agriculture and Cooperatives of the province, Bhim Prakash Sharma said these statistics would help the government to make a plan and bring a budget accordingly. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He also stressed the need for the government at all three levels to bring a plan so as to increase the productions and guarantee a market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Around 7,000 workforces were mobilised for the census and it took 45 days, said Dr Dilliraj Joshi, joint secretary and deputy chief of the NSO. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19466', 'image' => '20231215110529_agri maize.jpg', 'article_date' => '2023-12-15 11:04:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '19737', 'article_category_id' => '1', 'title' => 'Nepal Receives Remittances of Rs 477.96 Million in Four Months ', 'sub_title' => '', 'summary' => 'December 15: The country received remittances worth Rs 477.96 billion in the first four months of the current fiscal year, according to the latest report of Nepal Rastra Bank. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 15: The country received remittances worth Rs 477.96 billion in the first four months of the current fiscal year, according to the latest report of Nepal Rastra Bank. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Current Macroeconomic and Financial Situation Report of Nepal released by the central bank on Thursday shows that the inflow of remittance increased by 26.4 percent to reach Rs 477.96 billion as of mid-November in the current FY against 20.4 percent increase in remittance inflow in the corresponding period of the previous year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In terms of the US dollar, remittance inflow increased 23.1 percent this year to 3.60 billion against 10.8 percent in the corresponding of last year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the review period, the number of Nepali workers, both institutional and individual, taking first-time approval for foreign employment stood at 137,475 while those taking approval for renew entry was 68,841. Last year, such numbers were 196,735 and 87,428 respectively. According to the NRB report, the net transfer increased 24.9 percent to Rs 521.40 billion in the review period. Such a transfer had increased 20.2 percent in the same period of the last fiscal year. </span></span></span></p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19465', 'image' => '20231215103744_Remittance.jpg', 'article_date' => '2023-12-15 10:36:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '19736', 'article_category_id' => '1', 'title' => 'ADB Approves $166 Million Financing Package', 'sub_title' => '', 'summary' => 'The Asian Development Bank (ADB) has approved a financing package totaling $166 million to enhance Nepal's local economy. The funds will be utilized to construct climate and disaster-resilient cities that prioritize sustainable tourism and aim to enhance the quality of life for residents.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">December 15: The Asian Development Bank (ADB) has approved a financing package totaling $166 million to enhance Nepal's local economy. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The funds will be utilized to construct climate and disaster-resilient cities that prioritize sustainable tourism and aim to enhance the quality of life for residents. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">A $6 million grant from the Asian Development Fund is included in the package. The beneficiary cities encompass Pokhara Metropolitan City, Janakpur Sub-Metropolitan City, Devdaha, Lumbini Sanskritik, Sainamaina, Siddharthanagar, and Tilottama municipalities.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The initiative, known as the Urban Resilience and Livability Improvement Project, is designed to contribute to the economic growth, resilience, and livability of the aforementioned cities. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The ADB plans to reinforce municipal resilience to climate and disaster risks through infrastructure development, involving the construction of 150 kilometers of drainage, rebuilding 100 kilometers of roads, and 45 kilometers of footpaths, as per a statement released by the ADB Headquarters on Thursday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Laxmi Sharma, ADB Senior Urban Development Specialist, emphasized that the project aligns with the government’s National Urban Development Strategy, aiming to enhance planning and investments in urban corridors for sustainable economic growth.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The initiative extends the ADB’s longstanding commitment to Nepal, focusing on strengthening municipal governance and improving the delivery of basic services.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Sharma added, “ADB’s support will help the concerned municipalities design climate-resilient urban infrastructure, develop tourism potential, and strengthen institutional capacity to achieve their full economic potential and sustainable growth.”</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> The project is anticipated to foster tourism development, thereby stimulating the local economy and enhancing historical, cultural, and natural heritage sites. (RSS)</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-12-15', 'modified' => '2023-12-15', 'keywords' => '', 'description' => '', 'sortorder' => '19464', 'image' => '20231215060753_collage (10).jpg', 'article_date' => '2023-12-15 06:05:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
