December 24: Sugar mill operators have deposited very less amount in the bank accounts of sugarcane farmers than they actually owe.…
December 24: Sugar mill operators have deposited very less amount in the bank accounts of sugarcane farmers than they actually owe.…
December 24: Nepal’s bilateral trade with Bangladesh was in surplus until a decade ago.…
December 24: Nepal-China trade has declined in recent months due to obstruction at the…
December 24: Entrepreneurs have expressed serious concern regarding the possibility of financial crisis in the country due to the latest political development.…
December 23: The number of digital transactions which had increased after the government imposed lockdown in March has now declined to some…
December 24: Nepal Rastra Bank had been destroying useless banknotes in the furnace but now it is going to make briquettes by utilizing them.…
December 23: Most of the sectors affected by coronavirus have started returning to normalcy but the hospitality sector that was most affected by the pandemic is getting into further…
December 23: Citizens of Nepal have been forced to seek overseas job despite the risk of coronavirus because of lack of employment opportunities in the domestic market.…
December 23: Remittance inflow to Nepal during the month of Kartik (mid-October to mid-November) remained high despite the impact of…
December 22: Hongshi Shivam Cement Company, which has been operating since the last two and a half years using diesel, is likely to get electricity after four months during the upcoming summer…
December 22: Birgunj customs, which is the main transit point for goods and cargo in and out of the country, recorded an import of goods worth Rs 121 billion from India in the first five months of the current fiscal year.…
December 22: Nepal’s export has increased in the first four months of the current fiscal year while the import has decreased during the same…
December 22: The Government of Nepal and the World Bank signed a $80 million (around NRs 9.3 billion) project to bolster Nepal's agriculture sector.…
December 20: Birgunj customs has collected revenue of almost Rs 30 billion in the first five months of the current fiscal year.…
December 20: Finance Minister Bishnu Prasad Poudel has shown special interest in the stock…
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', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 24: Sugar mill operators have deposited very less amount in the bank accounts of sugarcane farmers than they actually owe. The farmers are worried that they have not received the due amounts that they deserve.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The farmers’ dues are in six digit figure but the sugar mill owners have paid in five digits,” informed Rakesh Mishra, patron of the Sugarcane Farmers Struggle Committee, Sarlahi. Mishra further said that all the farmers are yet to receive the due amount although the operators have said they have cleared the dues.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Shree Ram Sugar Mill claimed that it has already deposited Rs 253 million in the bank accounts of the sugarcane farmers on last Friday and Sunday. However, the farmers’ struggle committee does not agree to the claim made by the sugar mill. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Similarly, Annapurna Sugar Mill has also released a statement saying that it has started depositing the dues in bank accounts of the farmers from Sunday.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Mishra says that although the sugar mill owners have been claiming that they have deposited the dues, all the sugarcane farmers are yet to receive the amount.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to him, the sugar mill owners have submitted a report to the Minister for Industry, Commerce and Supplies stating that they have outstanding dues of Rs 650 million but the sugarcane farmers insist that they owe Rs 900 million from the operators.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Mishra further said that they have reached a verbal understanding that the government will guarantee the release of Rs 650 million from the operators while a technical team will be formed to sort out the issue of the remaining Rs 250 million.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Secretary of the struggle committee Hari Shyam Raya says that the sugar mill operators are trying to dupe the farmers by saying that they have deposited the money while only depositing a handful of amount in reality.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-24', 'modified' => '2020-12-24', 'keywords' => '', 'description' => '', 'sortorder' => '12592', 'image' => '20201224030139_20190107104522_sugarcane.jpg', 'article_date' => '2020-12-24 15:00:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12846', 'article_category_id' => '1', 'title' => 'Nepal Facing Trade Deficit with Bangladesh ', 'sub_title' => '', 'summary' => 'December 24: Nepal’s bilateral trade with Bangladesh was in surplus until a decade ago. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 24: Nepal’s bilateral trade with Bangladesh was in surplus until a decade ago. However, there is a trade deficit of Rs 4 billion annually after the export of red lentil and wheat came to a halt.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In 2016, Nepal ranked among the top five countries in the world to produce small red lentil. Nepal had even topped the USA in production of red lentil. Nepal had been earning good foreign currency be selling red lentil. However, the export of red lentil has been declining in recent years.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The reason behind decline in production of red lentil is the government’s failure to bring policies to encourage farmers, says Avinash Bohora, central member of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI). Bohora said that he had been exporting red lentil to Bangladesh earlier but now the cost has gone up in the country itself due to which he was unable to export the produce.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-24', 'modified' => '2020-12-24', 'keywords' => '', 'description' => '', 'sortorder' => '12591', 'image' => '20201224071345_Red.jpg', 'article_date' => '2020-12-24 19:13:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12843', 'article_category_id' => '1', 'title' => 'Nepal-China Trade Declines by Rs 25 Billion', 'sub_title' => 'Closure of border points impacts both import and export', 'summary' => 'December 24: Nepal-China trade has declined in recent months due to obstruction at the border.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">December 24: Nepal-China trade has declined in recent months due to obstruction at the border. Nepal-China trade, which was on a rise for the past six years, has declined in the ongoing fiscal year 2020/21.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">According to the data published by the Department of Customs, Nepal-China trade shrunk by Rs 25 billion during the first five months of the current fiscal year. According to the department, bilateral trade worth Rs 77.84 billion took place during this period. Trade between Nepal and China during the corresponding period of last fiscal year was worth Rs 103 billion.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">During the review period, imports decreased by Rs 24 billion to Rs 77.44 billion while exports decreased to Rs 380 million from Rs 860 million.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> <span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">A report released by Nepal Rastra Bank (NRB) on Wednesday showed that exports to China declined by 59.2 percent. According to the report, imports from China have declined by 25 percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The government has taken a strategy to control imports by promoting exports. However, the impact of the border closure by China has nothing to do with the government's strategy. Entrepreneurs say that goods could not be imported due to obstructions at the northern border point.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-24', 'modified' => '2020-12-24', 'keywords' => '', 'description' => '', 'sortorder' => '12590', 'image' => '20201224020609_Flag.jpg', 'article_date' => '2020-12-24 14:04:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12841', 'article_category_id' => '1', 'title' => 'Private Sector Urges Political Parties to take Decisions Patiently', 'sub_title' => '', 'summary' => 'December 24: Entrepreneurs have expressed serious concern regarding the possibility of financial crisis in the country due to the latest political development. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 24: Entrepreneurs have expressed serious concern regarding the possibility of financial crisis in the country due to the latest political development. The private sector on Tuesday made its official view public two days after the government dissolved the parliament.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Stakeholders of the private sector have urged the political parties to take decisions with patience and forbearance.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Stating that the political upheaval would have its impact on the financial sector of the country, stakeholders of the private sector including the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Nepal Chambers of Commerce (NCC) and the Confederation of Nepalese Industries (CNI) said their attention has been drawn toward the latest political situation of the country.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Issuing a joint statement, the three organisations said that the private sector is always in favour of political stability and has been repeatedly suggesting a stable political environment for the development of economy.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The statement added that there can be a stable policy and new businesses as well as industries can prosper, employment opportunities can be created and the country can attract more investment besides contributing to the overall economic development only if there is political stability.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The private sector also pointed out the possibility of further crisis due to the political instability at a time when the world economy has been grappling with the impacts of coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The three organisations representing the private sector noted that political stability is directly linked with economic development and added that past experiences show that political crisis often lead to chaos.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The private sector also expressed concerns regarding the livelihood of the common people due to the latest political development.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In such situation, the FNCCI, NCC and CNI jointly urged all political parties to take decisions wisely in order to lead the country to stability.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-24', 'modified' => '2020-12-24', 'keywords' => '', 'description' => '', 'sortorder' => '12589', 'image' => '20201224121104_1608766435.4.jpg', 'article_date' => '2020-12-24 12:10:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12839', 'article_category_id' => '1', 'title' => 'Digital Transaction Declines ', 'sub_title' => '', 'summary' => 'December 23: The number of digital transactions which had increased after the government imposed lockdown in March has now declined to some extent.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 23: The number of digital transactions which had increased after the government imposed lockdown in March has now declined to some extent. According to Nepal Rastra Bank, digital transaction declined in the month of Kartik (mid-October to mid-November) compared to the previous months.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The citizens of Nepal had given high priority to digital transaction over cash payment after the government imposed lockdown on March 24. Although the government lifted lockdown and restrictions some months ago, people were still using digital transaction as preferred means of payment. However, that trend has declined since the last two months, according to data made public by the central bank.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Nepal Rastra Bank, digital payment through mobile banking, internet banking, RTGS (Real Time Gross Settlement), IPS, Connect IPS wallet, e-commerce business among others has declined in the review period.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The central bank’s data shows that transactions through mobile banking dropped considerably in the review month with 206,000 less transactions than the previous month. In mid-September to mid-October, around 78,50,000 transactions took place through mobile banking, which dropped to 76,43,000 the next month.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Likewise, internet banking saw 54,000 less transactions during the review month compared to the previous month. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A total of 275,000 transactions worth Rs 6 billion occurred through internet banking in mid-September to mid-October, which declined to 221,000 transactions worth Rs 5.43 billion in mid-October to mid-November.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Despite the decline in number of digital payments, Nepal Rastra Bank says the overall use of digital means for making payment has increased significantly due to the improvement in infrastructure and the people’s reach to electronic devices.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-23', 'modified' => '2020-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '12587', 'image' => '20201223015920_20200513103350_SO2.jpg', 'article_date' => '2020-12-23 13:58:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12842', 'article_category_id' => '1', 'title' => 'Central Bank to Produce Briquettes from Banknotes ', 'sub_title' => '', 'summary' => 'December 24: Nepal Rastra Bank had been destroying useless banknotes in the furnace but now it is going to make briquettes by utilizing them. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">December 24: Nepal Rastra Bank had been destroying useless banknotes in the furnace but now it is going to make briquettes by utilizing them. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The central bank is going to make briquettes through eco-friendly state-of-the-art machine. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">NRB is also constructing a separate building at the central and provincial offices to put the machine. Accordingly, the foundation stone of the building where the machine will be kept has been laid last Friday at the office in Kaski, Pokhara. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">According to Narayan Pokharel, joint spokesperson of NRB, now a briquette making machines is being brought as the burning of banknotes is not environmental friendly. “Before, such useless notes used to be burnt. Now briquettes made from it will be available in the market,” he told New Business Age, adding, “A building will be constructed for such machines in the office at Thapathali for the center, while machines will be set up in Nepalgunj, Biratnagar, Dhangadhi, Pokhara, Birgunj, Parsa and other offices except Surkhet to make briquettes.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">NRB has not brought the machine yet. However, preparations have been made for the purchase. Pokharel said the estimated cost for the machine is Rs 600 million. He said that tenders to bring the machine will be opened only after the construction of the building. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Nepal Rastra Bank, which has been destroying notes in the traditional style till now, had pointed out the need for a modern disposal machine. Such environment-friendly modern machines are being brought as burning of notes will pollute the environment. NRB says that they have been successful to bring such machine that reduces environmental hazards. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-24', 'modified' => '2020-12-24', 'keywords' => '', 'description' => '', 'sortorder' => '12586', 'image' => '20201224122928_1608680133.Clipboard13.jpg', 'article_date' => '2020-12-24 12:28:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12838', 'article_category_id' => '1', 'title' => 'Hotel Industry of Nepal in Existential Crisis', 'sub_title' => 'Hotel Entrepreneurs Contemplating Voluntary Retirement Scheme', 'summary' => 'December 23: Most of the sectors affected by coronavirus have started returning to normalcy but the hospitality sector that was most affected by the pandemic is getting into further trouble.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 23: Most of the sectors affected by coronavirus have started returning to normalcy but the hospitality sector that was most affected by the pandemic is getting into further trouble.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Stakeholders say that the hotel industry is facing existential crisis like the one it had faced 17 years ago during the civil war.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The hotel industry is facing such crisis as it is basically reliant on foreign tourists, who are yet to travel due to the threat of coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Hotel entrepreneurs have started contemplating either voluntary retirement of staff members or to close their business after the cost of operation started exceeding the income of the hoteliers. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Hotel Annapurna, which started its operation 55 years ago, and Hotel Bajra have already rolled out the voluntary retirement plan.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Foreign tourists have not been able to visit Nepal due to the delay in developing vaccine against Covid-19, which was initially expected to get ready by October/November. Investors say that the hotel industry risks getting pushed back to the condition of 17 years ago when three hotels in Kathmandu and one in Lalitpur were forced to shut down due to the civil war.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In 2004/2005, Hotel Sherpa, Hotel Woodland and Hotel Blue Star were forced to shut down while Lalitpur-based Narayani Hotel also had to abandon its operation. At that time, hotels that were in operation since 35 years ago had to shut down after the arrival of tourists declined by 50 percent amid violence in the country. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Back then, some hotels were closed as they faced a situation similar to that we are currently facing,” says Yogendra Shakya, operator of Hotel Ambassador.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The hotel operators do not have any other alternatives than to reduce the cost of operation if we are to sustain in the market,” says Shakya.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">He argues that the salary of staff members accounts up to 40 percent of the expenses and therefore they are forced to reduce the number of employees.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The hotel entrepreneurs have been paying minimal amount to the staffers since the start of lockdown in March till December end. But now, they say, they are on the verge of closure.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">It has been learnt that Radisson Hotel is also contemplating closure for six to eight months. According to a source at the hotel, the administration is encouraging the staffers to take voluntary retirement. The hotel is planning to provide between 100 to 200 percent additional remuneration to lay off the staff. Forty staffers had opted for a similar scheme during the lockdown period. There are currently 380 staffers employed by the hotel. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">One of the hotel entrepreneurs informed New Business Age that almost 50 percent of hotels in Thamel area have already closed their business.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The occupancy of hotels in Kathmandu has dropped to zero while the restaurants operated by those hotels are receiving guests occasionally.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">However, some hotels like Hyatt Regency has been doing some business by organizing parties and marriage ceremonies. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-23', 'modified' => '2020-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '12585', 'image' => '20201223013206_20200504104410_20190511105700_Clipboard37 2.jpg', 'article_date' => '2020-12-23 13:31:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12837', 'article_category_id' => '1', 'title' => 'Over 45,000 Nepali Migrant Workers Left for Overseas Jobs Despite Covid-19 Risk', 'sub_title' => '', 'summary' => 'December 23: Citizens of Nepal have been forced to seek overseas job despite the risk of coronavirus because of lack of employment opportunities in the domestic market. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 23: Citizens of Nepal have been forced to seek overseas job despite the risk of coronavirus because of lack of employment opportunities in the domestic market. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had announced that it would provide employment to Nepali migrant workers who had returned home after losing their jobs abroad. However, the government has not been able to create employment opportunities as per its commitment. This has forced the workers to return back to their foreign jobs amid high risk of coronavirus infection.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In the first four months of the current fiscal year, altogether 45,182 Nepali nationals left the country for foreign employment. Among them, 25,931 had applied for renewal of their labour permit. The remaining 19,251 aspiring workers had applied for new permits, according to data provided by Nepal Rastra Bank.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Spokesperson of the Department of Foreign Employment Tika Ram Neupane says that the workers were forced to go abroad due to the failure of the government to bring any new employment programme.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The government had assured the Nepali migrant workers who had lost their jobs abroad about providing employment in Nepal itself. However, there wasn’t any progress in this issue,” said Neupane, adding, “Therefore, the Nepali workers were forced to travel abroad even in such difficult circumstances.”</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Neupane added that the country is currently in crisis due to political instability. In such condition, there is no possibility of new programmes to be announced by the government, says Neupane.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Therefore, most of the youths are forced to go abroad. This is the latest trend,” he added.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The number of people leaving the country this year is less compared to that of the corresponding period of last fiscal year. However, the Department of Foreign Employment taken exception to this fact considering the risk posed by coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A total of 160,570 Nepalis had left for overseas jobs in the first four months of the last fiscal year.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-12-23', 'modified' => '2020-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '12584', 'image' => '20201223122011_1608680357.Clipboard12.jpg', 'article_date' => '2020-12-23 12:19:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12836', 'article_category_id' => '1', 'title' => 'Remittance inflow to Nepal Remains Above Average', 'sub_title' => '', 'summary' => 'December 23: Remittance inflow to Nepal during the month of Kartik (mid-October to mid-November) remained high despite the impact of coronavirus.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 23: Remittance inflow to Nepal during the month of Kartik (mid-October to mid-November) remained high despite the impact of coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Remittance inflow to Nepal was expected to decline due to the impact of coronavirus but it has remained high instead. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The average monthly inflow of remittance to Nepal is Rs 73 billion. However, during the review period, the inflow of remittance to Nepal was Rs 78.86 billion, which is above monthly average according to the latest report on current economic and financial situation of Nepal made public by Nepal Rastra Bank.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">As of mid-November, remittance inflow to Nepal has increased by an average of 11.2 percent. During the first four months of the current fiscal year, altogether Rs 337.72 billion was sent to Nepal as remittance from different parts of the world. Remittance inflow to Nepal during the corresponding period of last fiscal year was Rs 349.97 billion. During the first four months of last fiscal year, remittance inflow had declined by 2.8 percent, according to the central bank. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">There were speculations that the inflow of remittance would decline due to coronavirus. However, remittance inflow has been above average since the last seven months except for the month of Bhadra (mid-August to mid-September) when it was equal to the average remittance inflow.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The World Bank had projected Nepal’s remittance to decline by 14 percent in 2020 while the Asian Development Bank had estimated remittance inflow to shrink by 28.7 percent.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-12-23', 'modified' => '2020-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '12583', 'image' => '20201223115642_20200930060036_1601420921.Clipboard24.jpg', 'article_date' => '2020-12-23 11:56:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12835', 'article_category_id' => '1', 'title' => 'Hongshi Shivam Cement Likely to get Electricity Supply by Upcoming Summer', 'sub_title' => '', 'summary' => 'December 22: Hongshi Shivam Cement Company, which has been operating since the last two and a half years using diesel, is likely to get electricity after four months during the upcoming summer season.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">December 22: Hongshi Shivam Cement Company, which has been operating since the last two and a half years using diesel, is likely to get electricity after four months during the upcoming summer season.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The Nepal Electricity Authority has said that it will be able to supply electricity to the cement company after mid-April if the works related to installation of the Bardhaghat-Sardi 132 KV Transmission Line Project goes ahead without any interruption. The project had earlier pledged to supply electricity to the company in February.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The project had set a target to supply electricity to the Nawalparasi-based cement company last year itself. However, it has not been able to supply the electricity due to various reasons. One of the hurdles is likely to end after the project got permission cut down the trees that fall on the way of transmission line. This has increased the prospect of supplying electricity to the company by this summer.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The project has already started felling 3800 trees in Nawalparais East to supply electricity to the company which has been set up with 70 percent investment from foreign companies. Similarly, it has issued a tender to cut down 2200 trees in Nawalparasi West, informed project chief Hari Pandey.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Another obstacle is the lack of coordination between government offices including the Department of Forestry, District Administration Office and the NEA.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Hongshi Shivam Cement had started commercial production since May 2018 but hasn’t received electricity supply yet. This has forced the company to rely on diesel for production.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-22', 'modified' => '2020-12-22', 'keywords' => '', 'description' => '', 'sortorder' => '12582', 'image' => '20201222023815_My Effect.jpg', 'article_date' => '2020-12-22 14:37:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12833', 'article_category_id' => '1', 'title' => 'Birgunj Customs Reports Trade Deficit of Rs 45.15 Billion', 'sub_title' => 'Export of Soybean Oil Increases by 379 Percent', 'summary' => 'December 22: Birgunj customs, which is the main transit point for goods and cargo in and out of the country, recorded an import of goods worth Rs 121 billion from India in the first five months of the current fiscal year. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">December 22: Birgunj customs, which is the main transit point for goods and cargo in and out of the country, recorded an import of goods worth Rs 121 billion from India in the first five months of the current fiscal year. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">According to the Birgunj Customs Office, Nepal exported goods worth Rs 76.33 billion to India during the same period.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">During the review period, Nepal recorded a trade deficit of Rs 45.15 billion at the customs point. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Vehicles, petroleum products and raw materials for industries are the major products imported by Nepal from India. Customs officer Ramesh Sukmani says that the import of all major products has declined in recent months. The impact of coronavirus has been seen on import of goods, says Sukmani.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Refined soybean oil has become Nepal’s chief export product to India. Until last year, palm oil topped the list of Nepal’s export products. However, the Nepali exporters started sending soybean oil to India after the neighbouring country banned palm oil from Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Nepal exported soybean oil worth Rs 9.1 billion to Indian during the review period. Soybean oil produced by 14 industries along the Bara-Parsa Industrial Corridor are exported to India from Birgunj customs.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The customs office informed that the export of soybean oil has increased by 379 percent in the first five months of current fiscal year compared to last year in terms of the price of the product.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">“The local exporters of Nepal shifted their focus to soybean oil after India banned palm oil,” said Sukmani.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">India had imposed the ban around eight months ago to promote the products of its local farmers.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Nepal imports semi-refined soybean oil from countries like Argentina, Brazil, Ukraine and Indonesia and then exports it to India without any customs duty after refining it. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Nepal also exports juice, chawanprash, synthetic yarn, sports shoes, carpet among others to India. Meanwhile, it imports Ayurvedic medicines, steel utensils, paper boxes from India.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-22', 'modified' => '2020-12-22', 'keywords' => '', 'description' => '', 'sortorder' => '12580', 'image' => '20201222020003_1608592508.Clipboard06.jpg', 'article_date' => '2020-12-22 13:59:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12832', 'article_category_id' => '1', 'title' => 'Nepal’s Import Declines in Four Months of Current Fiscal Year', 'sub_title' => '', 'summary' => 'December 22: Nepal’s export has increased in the first four months of the current fiscal year while the import has decreased during the same period.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">December 22: Nepal’s export has increased in the first four months of the current fiscal year while the import has decreased during the same period.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the latest update on </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">the Current Macroeconomic and Financial Situation of Nepal released by Nepal Rastra Bank on Monday (December 21)</span></span><span style="font-size:14.0pt"><span style="font-family:Arial">, Nepal’s import decreased 10.6 percent to Rs 402.49 billion in the review period compared to a decrease of 6.9 percent a year ago.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Destination-wise, imports from India, China and other countries decreased 3.1 percent, 25.0 percent, and 19.8 percent respectively, the central bank said</span></span><span style="font-size:14.0pt"><span style="font-family:Arial">.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The report states that imports of rice, crude soybean oil, telecommunication equipment and parts, edible oil, and medical equipment and parts among others increased whereas imports of petroleum products, aircraft spareparts, transport equipment and parts, crude palm oil and other machinery and parts among others decreased in the review period.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">In four months of 2020/21, Nepal’s exports increased 10.8 percent to Rs 40.20 billion compared to an increase of 23.9 percent in the same period of the previous year. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Destination-wise, exports to India and other countries increased 14.9 percent and 6.5 percent respectively whereas exports to China decreased 59.2 percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Exports of cardamom, jute goods, polyester yarn and threads, noodles, and medicine (Ayurvedic) among others increased whereas exports of palm oil, pulses, zinc sheet, handicrafts, and skin among others decreased in the review period, according to the report. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Based on customs points, exports from Birgunj Dry Port, Tatopani, Kanchanpur and Rasuwa customs offices decreased whereas exports from all the other customs points increased in the review period. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">On the import side, imports from all the other customs points decreased except Bhairahawa, Biratnagar, Nepalgunj, Krishnanagar, and Kailali customs offices.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the central bank, the country’s </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">total trade deficit narrowed down 12.5 percent to Rs.362.29 billion in four months of 2020/21. Such deficit had contracted 8.9 percent in the same period of the previous year. The export-import ratio increased to 10.0 percent in the review period from 8.1 percent in the same period of the previous year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Remittance inflows increased 11.2 percent to Rs 337.72 billion in the review period against a decrease of 2.8 percent in the same period of the previous year. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The current account remained at a surplus of Rs 20.46 billion in the review period against a deficit of Rs 34.12 billion in the same period of the previous year. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">In the review period, capital transfer decreased 9.3 percent to Rs 4.15 billion and net foreign direct investment (FDI) decreased 23.9 percent to Rs 3.75 billion, the central bank further stated. In the same period of the previous year, capital transfer and net FDI amounted to Rs 4.57 billion and Rs 4.92 billion respectively. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Balance of Payments (BOP) remained at a surplus of Rs 110.65 billion in the review period. Such surplus was Rs 27.29 billion in the same period of the previous year. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the central bank, the year-on-year consumer price inflation stood at 4.05 percent in the fourth month of 2020/21 compared to 5.76 percent a year ago. Food and beverage inflation stood at 5.73 percent whereas non-food and service inflation stood at 2.75 percent in the review month.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The price of vegetables sub-group rose 20.88 percent and pulses and legumes sub-group rose 13.70 percent on y-o-y basis.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-12-22', 'modified' => '2020-12-22', 'keywords' => '', 'description' => '', 'sortorder' => '12579', 'image' => '20201222012319_1608592566.Clipboard01.jpg', 'article_date' => '2020-12-22 13:22:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12831', 'article_category_id' => '1', 'title' => 'World Bank to provide Financial Assistance of $80 Million for Rural Enterprise', 'sub_title' => 'The Project will Help Strengthen Nepal's Agriculture Sector and Boost Post-pandemic Recovery', 'summary' => 'December 22: The Government of Nepal and the World Bank signed a $80 million (around NRs 9.3 billion) project to bolster Nepal's agriculture sector. ', 'content' => '<p><em>This picture taken from the Facebook page of World Bank Nepal shows a farmer with his produce. Photo Courtesy: World Bank Nepal</em></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">December 22: </span></span><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The Government of Nepal and the World Bank signed a $80 million (around NRs 9.3 billion) project to bolster Nepal's agriculture sector by strengthening rural market linkages and promoting entrepreneurship while creating jobs to support post-COVID-19 recovery. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">According to a statement issued by the World Bank, </span></span><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">the Rural Enterprise and Economic Development Project (REED) project was signed by Finance Secretary Sishir Kumar Dhungana on behalf of the Government of Nepal, and the World Bank’s Country Director for the Maldives, Nepal, and Sri Lanka, Faris Hadad-Zervos amid a function on Monday (December 21). </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">"We thank the World Bank Group for providing crucial support with this project which will enhance the access of rural enterprises and small-hold producers to markets and institutional buyers," the statement quoted Secretary Dhungana as saying.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">"Promoting agribusiness competitiveness with sustainable market linkages will be critical to boost Nepal's post-COVID recovery," he added.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> <span style="font-size:14.0pt"><span style="font-family:Times">According to the World Bank, </span></span><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">the project aims to facilitate productive partnerships between rural producer organizations and private-sector buyers to add value, create jobs and foster sustainable inclusion into, and development of, higher-value domestic and foreign value chains.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> <span style="font-size:14.0pt"><span style="font-family:Times">The statement further said that </span></span><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">the project focuses on five economic corridors covering provinces 1, 2, Bagmati, Gandaki, Lumbini and Sudurpashchim that offer opportunities for successful linkage activities of the rural entrepreneurs to be supported by the project. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">REED will work with provincial and local governments, intermediary organizations and small and medium enterprises to build capacity in the agriculture sector and strengthen the entrepreneurship ecosystem, the statement said. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> <span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">According to the World Bank, the project will also finance investments in municipal agriculture centers and value chain infrastructures to ensure the availability of inputs for farming as recovery actions from COVID-19. The project will use labor-intensive “Cash for Work” mechanism, to the extent possible, in short-term public works.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">"The project brings a unique opportunity to transform Nepal's agriculture sector and spur economic recovery from the pandemic's fallout by bolstering rural enterprises and creating local jobs and opportunities," said Faris Hadad-Zervos, adding, "By fostering meaningful collaboration among various actors, the project can promote Nepali agriculture products globally by stimulating many niche sectors such as coffee, tea, fruit and medicinal products, among others." </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The project supports the Government of Nepal's Agriculture Development Strategy 2015–2035 that aims to create a sustainable, competitive, inclusive and resilient agricultural sector that drives economic growth with private sector participation. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-22', 'modified' => '2020-12-22', 'keywords' => '', 'description' => '', 'sortorder' => '12578', 'image' => '20201222115809_13232.jpg', 'article_date' => '2020-12-22 11:54:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12830', 'article_category_id' => '1', 'title' => 'Decline in Import of Petroleum Products, Vehicles Hits Revenue Collection', 'sub_title' => '', 'summary' => 'December 20: Birgunj customs has collected revenue of almost Rs 30 billion in the first five months of the current fiscal year. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 20: Birgunj customs has collected revenue of almost Rs 30 billion in the first five months of the current fiscal year. According to the customs office, a total of Rs 29.77 billion was collected between mid-July to mid-December. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">However, the customs office -- which is the main entry point of the country -- could not meet its target of revenue collection during the review period.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Customs officer Ramesh Sukmani informed that they were able to achieve only 84 percent of the target of revenue collection. The Birgunj customs had set a target to collect Rs 35.33 billion in the first five months of the current fiscal year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During the corresponding period of last fiscal year, this customs office had collected revenue of Rs 38.62 billion. That too was below the target of Rs 52.97 billion. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The customs office informed that the import of petroleum products and vehicles declined in the current fiscal year. As they are the chief import products of the country, a decline in import of those products have had a direct impact on revenue collection.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The import of vehicles and petroleum products declined compared to last year. This has impacted revenue collection,” said Customs Officer Sukmani.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The customs office informed that the import declined basically due to coronavirus pandemic and the subsequent lockdown. Local importers say that although there has been some improvement in the last two months, the supply chain is yet to return to normal level due to the impact of almost six months of restrictions.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-20', 'modified' => '2020-12-20', 'keywords' => '', 'description' => '', 'sortorder' => '12577', 'image' => '20201220043911_1608422519.Clipboard05.jpg', 'article_date' => '2020-12-20 16:38:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12829', 'article_category_id' => '1', 'title' => 'Finance Minister Directs Concerned Authorities to Reduce Broker Commission ', 'sub_title' => '', 'summary' => 'December 20: Finance Minister Bishnu Prasad Poudel has shown special interest in the stock market.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">December 20: Finance Minister Bishnu Prasad Poudel has shown special interest in the stock market. The minister directed the top officials of the regulatory body to identify the existing problems and move ahead to resolve them immediately. Stating that the capital market is going to expand, he stressed on the need for the regulatory bodies to work out on a timetable to resolve the current problems. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">He directed the Securities Board of Nepal (SEBON) to immediately reduce the broker commission on stock trading, which has been demanded by investors for a long time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">“Don’t delay in reducing the broker commission, be pro-active,” Minister Poudel said while giving instruction in a meeting recently held at the Ministry of Finance. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Investors are demanding a reduction in the fees paid to brokers in stock trading, saying they are too high. At present, the investors have to pay 0.4 to 0.6 percent fees to the broker for stock trading. SEBON has already started homework to reduce the brokers’ fee. A board member said that a study has been done on how much the commission will be fixed. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">"Currently, a detailed study is being done on the specific cost of the brokers. On that basis, the fee will be determined," said a senior official of the board. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-20', 'modified' => '2020-12-20', 'keywords' => '', 'description' => '', 'sortorder' => '12576', 'image' => '20201220030536_20201015115013_1602717511.Clipboard02.jpg', 'article_date' => '2020-12-20 15:05:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $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' => '12844', 'article_category_id' => '1', 'title' => 'Sugar Mill Operators Deposit 'Negligible' Amount in Farmers’ Bank Accounts', 'sub_title' => '', 'summary' => 'December 24: Sugar mill operators have deposited very less amount in the bank accounts of sugarcane farmers than they actually owe. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 24: Sugar mill operators have deposited very less amount in the bank accounts of sugarcane farmers than they actually owe. The farmers are worried that they have not received the due amounts that they deserve.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The farmers’ dues are in six digit figure but the sugar mill owners have paid in five digits,” informed Rakesh Mishra, patron of the Sugarcane Farmers Struggle Committee, Sarlahi. Mishra further said that all the farmers are yet to receive the due amount although the operators have said they have cleared the dues.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Shree Ram Sugar Mill claimed that it has already deposited Rs 253 million in the bank accounts of the sugarcane farmers on last Friday and Sunday. However, the farmers’ struggle committee does not agree to the claim made by the sugar mill. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Similarly, Annapurna Sugar Mill has also released a statement saying that it has started depositing the dues in bank accounts of the farmers from Sunday.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Mishra says that although the sugar mill owners have been claiming that they have deposited the dues, all the sugarcane farmers are yet to receive the amount.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to him, the sugar mill owners have submitted a report to the Minister for Industry, Commerce and Supplies stating that they have outstanding dues of Rs 650 million but the sugarcane farmers insist that they owe Rs 900 million from the operators.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Mishra further said that they have reached a verbal understanding that the government will guarantee the release of Rs 650 million from the operators while a technical team will be formed to sort out the issue of the remaining Rs 250 million.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Secretary of the struggle committee Hari Shyam Raya says that the sugar mill operators are trying to dupe the farmers by saying that they have deposited the money while only depositing a handful of amount in reality.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-24', 'modified' => '2020-12-24', 'keywords' => '', 'description' => '', 'sortorder' => '12592', 'image' => '20201224030139_20190107104522_sugarcane.jpg', 'article_date' => '2020-12-24 15:00:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12846', 'article_category_id' => '1', 'title' => 'Nepal Facing Trade Deficit with Bangladesh ', 'sub_title' => '', 'summary' => 'December 24: Nepal’s bilateral trade with Bangladesh was in surplus until a decade ago. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 24: Nepal’s bilateral trade with Bangladesh was in surplus until a decade ago. However, there is a trade deficit of Rs 4 billion annually after the export of red lentil and wheat came to a halt.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In 2016, Nepal ranked among the top five countries in the world to produce small red lentil. Nepal had even topped the USA in production of red lentil. Nepal had been earning good foreign currency be selling red lentil. However, the export of red lentil has been declining in recent years.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The reason behind decline in production of red lentil is the government’s failure to bring policies to encourage farmers, says Avinash Bohora, central member of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI). Bohora said that he had been exporting red lentil to Bangladesh earlier but now the cost has gone up in the country itself due to which he was unable to export the produce.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-24', 'modified' => '2020-12-24', 'keywords' => '', 'description' => '', 'sortorder' => '12591', 'image' => '20201224071345_Red.jpg', 'article_date' => '2020-12-24 19:13:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12843', 'article_category_id' => '1', 'title' => 'Nepal-China Trade Declines by Rs 25 Billion', 'sub_title' => 'Closure of border points impacts both import and export', 'summary' => 'December 24: Nepal-China trade has declined in recent months due to obstruction at the border.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">December 24: Nepal-China trade has declined in recent months due to obstruction at the border. Nepal-China trade, which was on a rise for the past six years, has declined in the ongoing fiscal year 2020/21.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">According to the data published by the Department of Customs, Nepal-China trade shrunk by Rs 25 billion during the first five months of the current fiscal year. According to the department, bilateral trade worth Rs 77.84 billion took place during this period. Trade between Nepal and China during the corresponding period of last fiscal year was worth Rs 103 billion.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">During the review period, imports decreased by Rs 24 billion to Rs 77.44 billion while exports decreased to Rs 380 million from Rs 860 million.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> <span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">A report released by Nepal Rastra Bank (NRB) on Wednesday showed that exports to China declined by 59.2 percent. According to the report, imports from China have declined by 25 percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The government has taken a strategy to control imports by promoting exports. However, the impact of the border closure by China has nothing to do with the government's strategy. Entrepreneurs say that goods could not be imported due to obstructions at the northern border point.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-24', 'modified' => '2020-12-24', 'keywords' => '', 'description' => '', 'sortorder' => '12590', 'image' => '20201224020609_Flag.jpg', 'article_date' => '2020-12-24 14:04:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12841', 'article_category_id' => '1', 'title' => 'Private Sector Urges Political Parties to take Decisions Patiently', 'sub_title' => '', 'summary' => 'December 24: Entrepreneurs have expressed serious concern regarding the possibility of financial crisis in the country due to the latest political development. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 24: Entrepreneurs have expressed serious concern regarding the possibility of financial crisis in the country due to the latest political development. The private sector on Tuesday made its official view public two days after the government dissolved the parliament.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Stakeholders of the private sector have urged the political parties to take decisions with patience and forbearance.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Stating that the political upheaval would have its impact on the financial sector of the country, stakeholders of the private sector including the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Nepal Chambers of Commerce (NCC) and the Confederation of Nepalese Industries (CNI) said their attention has been drawn toward the latest political situation of the country.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Issuing a joint statement, the three organisations said that the private sector is always in favour of political stability and has been repeatedly suggesting a stable political environment for the development of economy.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The statement added that there can be a stable policy and new businesses as well as industries can prosper, employment opportunities can be created and the country can attract more investment besides contributing to the overall economic development only if there is political stability.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The private sector also pointed out the possibility of further crisis due to the political instability at a time when the world economy has been grappling with the impacts of coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The three organisations representing the private sector noted that political stability is directly linked with economic development and added that past experiences show that political crisis often lead to chaos.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The private sector also expressed concerns regarding the livelihood of the common people due to the latest political development.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In such situation, the FNCCI, NCC and CNI jointly urged all political parties to take decisions wisely in order to lead the country to stability.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-24', 'modified' => '2020-12-24', 'keywords' => '', 'description' => '', 'sortorder' => '12589', 'image' => '20201224121104_1608766435.4.jpg', 'article_date' => '2020-12-24 12:10:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12839', 'article_category_id' => '1', 'title' => 'Digital Transaction Declines ', 'sub_title' => '', 'summary' => 'December 23: The number of digital transactions which had increased after the government imposed lockdown in March has now declined to some extent.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 23: The number of digital transactions which had increased after the government imposed lockdown in March has now declined to some extent. According to Nepal Rastra Bank, digital transaction declined in the month of Kartik (mid-October to mid-November) compared to the previous months.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The citizens of Nepal had given high priority to digital transaction over cash payment after the government imposed lockdown on March 24. Although the government lifted lockdown and restrictions some months ago, people were still using digital transaction as preferred means of payment. However, that trend has declined since the last two months, according to data made public by the central bank.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Nepal Rastra Bank, digital payment through mobile banking, internet banking, RTGS (Real Time Gross Settlement), IPS, Connect IPS wallet, e-commerce business among others has declined in the review period.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The central bank’s data shows that transactions through mobile banking dropped considerably in the review month with 206,000 less transactions than the previous month. In mid-September to mid-October, around 78,50,000 transactions took place through mobile banking, which dropped to 76,43,000 the next month.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Likewise, internet banking saw 54,000 less transactions during the review month compared to the previous month. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A total of 275,000 transactions worth Rs 6 billion occurred through internet banking in mid-September to mid-October, which declined to 221,000 transactions worth Rs 5.43 billion in mid-October to mid-November.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Despite the decline in number of digital payments, Nepal Rastra Bank says the overall use of digital means for making payment has increased significantly due to the improvement in infrastructure and the people’s reach to electronic devices.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-23', 'modified' => '2020-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '12587', 'image' => '20201223015920_20200513103350_SO2.jpg', 'article_date' => '2020-12-23 13:58:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12842', 'article_category_id' => '1', 'title' => 'Central Bank to Produce Briquettes from Banknotes ', 'sub_title' => '', 'summary' => 'December 24: Nepal Rastra Bank had been destroying useless banknotes in the furnace but now it is going to make briquettes by utilizing them. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">December 24: Nepal Rastra Bank had been destroying useless banknotes in the furnace but now it is going to make briquettes by utilizing them. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The central bank is going to make briquettes through eco-friendly state-of-the-art machine. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">NRB is also constructing a separate building at the central and provincial offices to put the machine. Accordingly, the foundation stone of the building where the machine will be kept has been laid last Friday at the office in Kaski, Pokhara. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">According to Narayan Pokharel, joint spokesperson of NRB, now a briquette making machines is being brought as the burning of banknotes is not environmental friendly. “Before, such useless notes used to be burnt. Now briquettes made from it will be available in the market,” he told New Business Age, adding, “A building will be constructed for such machines in the office at Thapathali for the center, while machines will be set up in Nepalgunj, Biratnagar, Dhangadhi, Pokhara, Birgunj, Parsa and other offices except Surkhet to make briquettes.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">NRB has not brought the machine yet. However, preparations have been made for the purchase. Pokharel said the estimated cost for the machine is Rs 600 million. He said that tenders to bring the machine will be opened only after the construction of the building. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Nepal Rastra Bank, which has been destroying notes in the traditional style till now, had pointed out the need for a modern disposal machine. Such environment-friendly modern machines are being brought as burning of notes will pollute the environment. NRB says that they have been successful to bring such machine that reduces environmental hazards. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-24', 'modified' => '2020-12-24', 'keywords' => '', 'description' => '', 'sortorder' => '12586', 'image' => '20201224122928_1608680133.Clipboard13.jpg', 'article_date' => '2020-12-24 12:28:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12838', 'article_category_id' => '1', 'title' => 'Hotel Industry of Nepal in Existential Crisis', 'sub_title' => 'Hotel Entrepreneurs Contemplating Voluntary Retirement Scheme', 'summary' => 'December 23: Most of the sectors affected by coronavirus have started returning to normalcy but the hospitality sector that was most affected by the pandemic is getting into further trouble.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 23: Most of the sectors affected by coronavirus have started returning to normalcy but the hospitality sector that was most affected by the pandemic is getting into further trouble.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Stakeholders say that the hotel industry is facing existential crisis like the one it had faced 17 years ago during the civil war.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The hotel industry is facing such crisis as it is basically reliant on foreign tourists, who are yet to travel due to the threat of coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Hotel entrepreneurs have started contemplating either voluntary retirement of staff members or to close their business after the cost of operation started exceeding the income of the hoteliers. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Hotel Annapurna, which started its operation 55 years ago, and Hotel Bajra have already rolled out the voluntary retirement plan.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Foreign tourists have not been able to visit Nepal due to the delay in developing vaccine against Covid-19, which was initially expected to get ready by October/November. Investors say that the hotel industry risks getting pushed back to the condition of 17 years ago when three hotels in Kathmandu and one in Lalitpur were forced to shut down due to the civil war.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In 2004/2005, Hotel Sherpa, Hotel Woodland and Hotel Blue Star were forced to shut down while Lalitpur-based Narayani Hotel also had to abandon its operation. At that time, hotels that were in operation since 35 years ago had to shut down after the arrival of tourists declined by 50 percent amid violence in the country. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Back then, some hotels were closed as they faced a situation similar to that we are currently facing,” says Yogendra Shakya, operator of Hotel Ambassador.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The hotel operators do not have any other alternatives than to reduce the cost of operation if we are to sustain in the market,” says Shakya.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">He argues that the salary of staff members accounts up to 40 percent of the expenses and therefore they are forced to reduce the number of employees.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The hotel entrepreneurs have been paying minimal amount to the staffers since the start of lockdown in March till December end. But now, they say, they are on the verge of closure.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">It has been learnt that Radisson Hotel is also contemplating closure for six to eight months. According to a source at the hotel, the administration is encouraging the staffers to take voluntary retirement. The hotel is planning to provide between 100 to 200 percent additional remuneration to lay off the staff. Forty staffers had opted for a similar scheme during the lockdown period. There are currently 380 staffers employed by the hotel. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">One of the hotel entrepreneurs informed New Business Age that almost 50 percent of hotels in Thamel area have already closed their business.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The occupancy of hotels in Kathmandu has dropped to zero while the restaurants operated by those hotels are receiving guests occasionally.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">However, some hotels like Hyatt Regency has been doing some business by organizing parties and marriage ceremonies. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-23', 'modified' => '2020-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '12585', 'image' => '20201223013206_20200504104410_20190511105700_Clipboard37 2.jpg', 'article_date' => '2020-12-23 13:31:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12837', 'article_category_id' => '1', 'title' => 'Over 45,000 Nepali Migrant Workers Left for Overseas Jobs Despite Covid-19 Risk', 'sub_title' => '', 'summary' => 'December 23: Citizens of Nepal have been forced to seek overseas job despite the risk of coronavirus because of lack of employment opportunities in the domestic market. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 23: Citizens of Nepal have been forced to seek overseas job despite the risk of coronavirus because of lack of employment opportunities in the domestic market. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had announced that it would provide employment to Nepali migrant workers who had returned home after losing their jobs abroad. However, the government has not been able to create employment opportunities as per its commitment. This has forced the workers to return back to their foreign jobs amid high risk of coronavirus infection.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In the first four months of the current fiscal year, altogether 45,182 Nepali nationals left the country for foreign employment. Among them, 25,931 had applied for renewal of their labour permit. The remaining 19,251 aspiring workers had applied for new permits, according to data provided by Nepal Rastra Bank.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Spokesperson of the Department of Foreign Employment Tika Ram Neupane says that the workers were forced to go abroad due to the failure of the government to bring any new employment programme.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The government had assured the Nepali migrant workers who had lost their jobs abroad about providing employment in Nepal itself. However, there wasn’t any progress in this issue,” said Neupane, adding, “Therefore, the Nepali workers were forced to travel abroad even in such difficult circumstances.”</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Neupane added that the country is currently in crisis due to political instability. In such condition, there is no possibility of new programmes to be announced by the government, says Neupane.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Therefore, most of the youths are forced to go abroad. This is the latest trend,” he added.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The number of people leaving the country this year is less compared to that of the corresponding period of last fiscal year. However, the Department of Foreign Employment taken exception to this fact considering the risk posed by coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A total of 160,570 Nepalis had left for overseas jobs in the first four months of the last fiscal year.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-12-23', 'modified' => '2020-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '12584', 'image' => '20201223122011_1608680357.Clipboard12.jpg', 'article_date' => '2020-12-23 12:19:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12836', 'article_category_id' => '1', 'title' => 'Remittance inflow to Nepal Remains Above Average', 'sub_title' => '', 'summary' => 'December 23: Remittance inflow to Nepal during the month of Kartik (mid-October to mid-November) remained high despite the impact of coronavirus.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 23: Remittance inflow to Nepal during the month of Kartik (mid-October to mid-November) remained high despite the impact of coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Remittance inflow to Nepal was expected to decline due to the impact of coronavirus but it has remained high instead. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The average monthly inflow of remittance to Nepal is Rs 73 billion. However, during the review period, the inflow of remittance to Nepal was Rs 78.86 billion, which is above monthly average according to the latest report on current economic and financial situation of Nepal made public by Nepal Rastra Bank.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">As of mid-November, remittance inflow to Nepal has increased by an average of 11.2 percent. During the first four months of the current fiscal year, altogether Rs 337.72 billion was sent to Nepal as remittance from different parts of the world. Remittance inflow to Nepal during the corresponding period of last fiscal year was Rs 349.97 billion. During the first four months of last fiscal year, remittance inflow had declined by 2.8 percent, according to the central bank. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">There were speculations that the inflow of remittance would decline due to coronavirus. However, remittance inflow has been above average since the last seven months except for the month of Bhadra (mid-August to mid-September) when it was equal to the average remittance inflow.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The World Bank had projected Nepal’s remittance to decline by 14 percent in 2020 while the Asian Development Bank had estimated remittance inflow to shrink by 28.7 percent.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-12-23', 'modified' => '2020-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '12583', 'image' => '20201223115642_20200930060036_1601420921.Clipboard24.jpg', 'article_date' => '2020-12-23 11:56:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12835', 'article_category_id' => '1', 'title' => 'Hongshi Shivam Cement Likely to get Electricity Supply by Upcoming Summer', 'sub_title' => '', 'summary' => 'December 22: Hongshi Shivam Cement Company, which has been operating since the last two and a half years using diesel, is likely to get electricity after four months during the upcoming summer season.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">December 22: Hongshi Shivam Cement Company, which has been operating since the last two and a half years using diesel, is likely to get electricity after four months during the upcoming summer season.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The Nepal Electricity Authority has said that it will be able to supply electricity to the cement company after mid-April if the works related to installation of the Bardhaghat-Sardi 132 KV Transmission Line Project goes ahead without any interruption. The project had earlier pledged to supply electricity to the company in February.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The project had set a target to supply electricity to the Nawalparasi-based cement company last year itself. However, it has not been able to supply the electricity due to various reasons. One of the hurdles is likely to end after the project got permission cut down the trees that fall on the way of transmission line. This has increased the prospect of supplying electricity to the company by this summer.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The project has already started felling 3800 trees in Nawalparais East to supply electricity to the company which has been set up with 70 percent investment from foreign companies. Similarly, it has issued a tender to cut down 2200 trees in Nawalparasi West, informed project chief Hari Pandey.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Another obstacle is the lack of coordination between government offices including the Department of Forestry, District Administration Office and the NEA.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Hongshi Shivam Cement had started commercial production since May 2018 but hasn’t received electricity supply yet. This has forced the company to rely on diesel for production.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-22', 'modified' => '2020-12-22', 'keywords' => '', 'description' => '', 'sortorder' => '12582', 'image' => '20201222023815_My Effect.jpg', 'article_date' => '2020-12-22 14:37:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12833', 'article_category_id' => '1', 'title' => 'Birgunj Customs Reports Trade Deficit of Rs 45.15 Billion', 'sub_title' => 'Export of Soybean Oil Increases by 379 Percent', 'summary' => 'December 22: Birgunj customs, which is the main transit point for goods and cargo in and out of the country, recorded an import of goods worth Rs 121 billion from India in the first five months of the current fiscal year. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">December 22: Birgunj customs, which is the main transit point for goods and cargo in and out of the country, recorded an import of goods worth Rs 121 billion from India in the first five months of the current fiscal year. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">According to the Birgunj Customs Office, Nepal exported goods worth Rs 76.33 billion to India during the same period.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">During the review period, Nepal recorded a trade deficit of Rs 45.15 billion at the customs point. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Vehicles, petroleum products and raw materials for industries are the major products imported by Nepal from India. Customs officer Ramesh Sukmani says that the import of all major products has declined in recent months. The impact of coronavirus has been seen on import of goods, says Sukmani.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Refined soybean oil has become Nepal’s chief export product to India. Until last year, palm oil topped the list of Nepal’s export products. However, the Nepali exporters started sending soybean oil to India after the neighbouring country banned palm oil from Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Nepal exported soybean oil worth Rs 9.1 billion to Indian during the review period. Soybean oil produced by 14 industries along the Bara-Parsa Industrial Corridor are exported to India from Birgunj customs.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The customs office informed that the export of soybean oil has increased by 379 percent in the first five months of current fiscal year compared to last year in terms of the price of the product.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">“The local exporters of Nepal shifted their focus to soybean oil after India banned palm oil,” said Sukmani.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">India had imposed the ban around eight months ago to promote the products of its local farmers.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Nepal imports semi-refined soybean oil from countries like Argentina, Brazil, Ukraine and Indonesia and then exports it to India without any customs duty after refining it. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Nepal also exports juice, chawanprash, synthetic yarn, sports shoes, carpet among others to India. Meanwhile, it imports Ayurvedic medicines, steel utensils, paper boxes from India.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-22', 'modified' => '2020-12-22', 'keywords' => '', 'description' => '', 'sortorder' => '12580', 'image' => '20201222020003_1608592508.Clipboard06.jpg', 'article_date' => '2020-12-22 13:59:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12832', 'article_category_id' => '1', 'title' => 'Nepal’s Import Declines in Four Months of Current Fiscal Year', 'sub_title' => '', 'summary' => 'December 22: Nepal’s export has increased in the first four months of the current fiscal year while the import has decreased during the same period.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">December 22: Nepal’s export has increased in the first four months of the current fiscal year while the import has decreased during the same period.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the latest update on </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">the Current Macroeconomic and Financial Situation of Nepal released by Nepal Rastra Bank on Monday (December 21)</span></span><span style="font-size:14.0pt"><span style="font-family:Arial">, Nepal’s import decreased 10.6 percent to Rs 402.49 billion in the review period compared to a decrease of 6.9 percent a year ago.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Destination-wise, imports from India, China and other countries decreased 3.1 percent, 25.0 percent, and 19.8 percent respectively, the central bank said</span></span><span style="font-size:14.0pt"><span style="font-family:Arial">.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The report states that imports of rice, crude soybean oil, telecommunication equipment and parts, edible oil, and medical equipment and parts among others increased whereas imports of petroleum products, aircraft spareparts, transport equipment and parts, crude palm oil and other machinery and parts among others decreased in the review period.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">In four months of 2020/21, Nepal’s exports increased 10.8 percent to Rs 40.20 billion compared to an increase of 23.9 percent in the same period of the previous year. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Destination-wise, exports to India and other countries increased 14.9 percent and 6.5 percent respectively whereas exports to China decreased 59.2 percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Exports of cardamom, jute goods, polyester yarn and threads, noodles, and medicine (Ayurvedic) among others increased whereas exports of palm oil, pulses, zinc sheet, handicrafts, and skin among others decreased in the review period, according to the report. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Based on customs points, exports from Birgunj Dry Port, Tatopani, Kanchanpur and Rasuwa customs offices decreased whereas exports from all the other customs points increased in the review period. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">On the import side, imports from all the other customs points decreased except Bhairahawa, Biratnagar, Nepalgunj, Krishnanagar, and Kailali customs offices.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the central bank, the country’s </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">total trade deficit narrowed down 12.5 percent to Rs.362.29 billion in four months of 2020/21. Such deficit had contracted 8.9 percent in the same period of the previous year. The export-import ratio increased to 10.0 percent in the review period from 8.1 percent in the same period of the previous year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Remittance inflows increased 11.2 percent to Rs 337.72 billion in the review period against a decrease of 2.8 percent in the same period of the previous year. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The current account remained at a surplus of Rs 20.46 billion in the review period against a deficit of Rs 34.12 billion in the same period of the previous year. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">In the review period, capital transfer decreased 9.3 percent to Rs 4.15 billion and net foreign direct investment (FDI) decreased 23.9 percent to Rs 3.75 billion, the central bank further stated. In the same period of the previous year, capital transfer and net FDI amounted to Rs 4.57 billion and Rs 4.92 billion respectively. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Balance of Payments (BOP) remained at a surplus of Rs 110.65 billion in the review period. Such surplus was Rs 27.29 billion in the same period of the previous year. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the central bank, the year-on-year consumer price inflation stood at 4.05 percent in the fourth month of 2020/21 compared to 5.76 percent a year ago. Food and beverage inflation stood at 5.73 percent whereas non-food and service inflation stood at 2.75 percent in the review month.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The price of vegetables sub-group rose 20.88 percent and pulses and legumes sub-group rose 13.70 percent on y-o-y basis.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-12-22', 'modified' => '2020-12-22', 'keywords' => '', 'description' => '', 'sortorder' => '12579', 'image' => '20201222012319_1608592566.Clipboard01.jpg', 'article_date' => '2020-12-22 13:22:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12831', 'article_category_id' => '1', 'title' => 'World Bank to provide Financial Assistance of $80 Million for Rural Enterprise', 'sub_title' => 'The Project will Help Strengthen Nepal's Agriculture Sector and Boost Post-pandemic Recovery', 'summary' => 'December 22: The Government of Nepal and the World Bank signed a $80 million (around NRs 9.3 billion) project to bolster Nepal's agriculture sector. ', 'content' => '<p><em>This picture taken from the Facebook page of World Bank Nepal shows a farmer with his produce. Photo Courtesy: World Bank Nepal</em></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">December 22: </span></span><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The Government of Nepal and the World Bank signed a $80 million (around NRs 9.3 billion) project to bolster Nepal's agriculture sector by strengthening rural market linkages and promoting entrepreneurship while creating jobs to support post-COVID-19 recovery. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">According to a statement issued by the World Bank, </span></span><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">the Rural Enterprise and Economic Development Project (REED) project was signed by Finance Secretary Sishir Kumar Dhungana on behalf of the Government of Nepal, and the World Bank’s Country Director for the Maldives, Nepal, and Sri Lanka, Faris Hadad-Zervos amid a function on Monday (December 21). </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">"We thank the World Bank Group for providing crucial support with this project which will enhance the access of rural enterprises and small-hold producers to markets and institutional buyers," the statement quoted Secretary Dhungana as saying.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">"Promoting agribusiness competitiveness with sustainable market linkages will be critical to boost Nepal's post-COVID recovery," he added.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> <span style="font-size:14.0pt"><span style="font-family:Times">According to the World Bank, </span></span><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">the project aims to facilitate productive partnerships between rural producer organizations and private-sector buyers to add value, create jobs and foster sustainable inclusion into, and development of, higher-value domestic and foreign value chains.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> <span style="font-size:14.0pt"><span style="font-family:Times">The statement further said that </span></span><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">the project focuses on five economic corridors covering provinces 1, 2, Bagmati, Gandaki, Lumbini and Sudurpashchim that offer opportunities for successful linkage activities of the rural entrepreneurs to be supported by the project. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">REED will work with provincial and local governments, intermediary organizations and small and medium enterprises to build capacity in the agriculture sector and strengthen the entrepreneurship ecosystem, the statement said. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> <span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">According to the World Bank, the project will also finance investments in municipal agriculture centers and value chain infrastructures to ensure the availability of inputs for farming as recovery actions from COVID-19. The project will use labor-intensive “Cash for Work” mechanism, to the extent possible, in short-term public works.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">"The project brings a unique opportunity to transform Nepal's agriculture sector and spur economic recovery from the pandemic's fallout by bolstering rural enterprises and creating local jobs and opportunities," said Faris Hadad-Zervos, adding, "By fostering meaningful collaboration among various actors, the project can promote Nepali agriculture products globally by stimulating many niche sectors such as coffee, tea, fruit and medicinal products, among others." </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The project supports the Government of Nepal's Agriculture Development Strategy 2015–2035 that aims to create a sustainable, competitive, inclusive and resilient agricultural sector that drives economic growth with private sector participation. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-22', 'modified' => '2020-12-22', 'keywords' => '', 'description' => '', 'sortorder' => '12578', 'image' => '20201222115809_13232.jpg', 'article_date' => '2020-12-22 11:54:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12830', 'article_category_id' => '1', 'title' => 'Decline in Import of Petroleum Products, Vehicles Hits Revenue Collection', 'sub_title' => '', 'summary' => 'December 20: Birgunj customs has collected revenue of almost Rs 30 billion in the first five months of the current fiscal year. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 20: Birgunj customs has collected revenue of almost Rs 30 billion in the first five months of the current fiscal year. According to the customs office, a total of Rs 29.77 billion was collected between mid-July to mid-December. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">However, the customs office -- which is the main entry point of the country -- could not meet its target of revenue collection during the review period.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Customs officer Ramesh Sukmani informed that they were able to achieve only 84 percent of the target of revenue collection. The Birgunj customs had set a target to collect Rs 35.33 billion in the first five months of the current fiscal year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During the corresponding period of last fiscal year, this customs office had collected revenue of Rs 38.62 billion. That too was below the target of Rs 52.97 billion. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The customs office informed that the import of petroleum products and vehicles declined in the current fiscal year. As they are the chief import products of the country, a decline in import of those products have had a direct impact on revenue collection.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The import of vehicles and petroleum products declined compared to last year. This has impacted revenue collection,” said Customs Officer Sukmani.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The customs office informed that the import declined basically due to coronavirus pandemic and the subsequent lockdown. Local importers say that although there has been some improvement in the last two months, the supply chain is yet to return to normal level due to the impact of almost six months of restrictions.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-20', 'modified' => '2020-12-20', 'keywords' => '', 'description' => '', 'sortorder' => '12577', 'image' => '20201220043911_1608422519.Clipboard05.jpg', 'article_date' => '2020-12-20 16:38:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12829', 'article_category_id' => '1', 'title' => 'Finance Minister Directs Concerned Authorities to Reduce Broker Commission ', 'sub_title' => '', 'summary' => 'December 20: Finance Minister Bishnu Prasad Poudel has shown special interest in the stock market.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">December 20: Finance Minister Bishnu Prasad Poudel has shown special interest in the stock market. The minister directed the top officials of the regulatory body to identify the existing problems and move ahead to resolve them immediately. Stating that the capital market is going to expand, he stressed on the need for the regulatory bodies to work out on a timetable to resolve the current problems. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">He directed the Securities Board of Nepal (SEBON) to immediately reduce the broker commission on stock trading, which has been demanded by investors for a long time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">“Don’t delay in reducing the broker commission, be pro-active,” Minister Poudel said while giving instruction in a meeting recently held at the Ministry of Finance. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Investors are demanding a reduction in the fees paid to brokers in stock trading, saying they are too high. At present, the investors have to pay 0.4 to 0.6 percent fees to the broker for stock trading. SEBON has already started homework to reduce the brokers’ fee. A board member said that a study has been done on how much the commission will be fixed. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">"Currently, a detailed study is being done on the specific cost of the brokers. On that basis, the fee will be determined," said a senior official of the board. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-20', 'modified' => '2020-12-20', 'keywords' => '', 'description' => '', 'sortorder' => '12576', 'image' => '20201220030536_20201015115013_1602717511.Clipboard02.jpg', 'article_date' => '2020-12-20 15:05:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $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
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', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 24: Sugar mill operators have deposited very less amount in the bank accounts of sugarcane farmers than they actually owe. The farmers are worried that they have not received the due amounts that they deserve.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The farmers’ dues are in six digit figure but the sugar mill owners have paid in five digits,” informed Rakesh Mishra, patron of the Sugarcane Farmers Struggle Committee, Sarlahi. Mishra further said that all the farmers are yet to receive the due amount although the operators have said they have cleared the dues.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Shree Ram Sugar Mill claimed that it has already deposited Rs 253 million in the bank accounts of the sugarcane farmers on last Friday and Sunday. However, the farmers’ struggle committee does not agree to the claim made by the sugar mill. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Similarly, Annapurna Sugar Mill has also released a statement saying that it has started depositing the dues in bank accounts of the farmers from Sunday.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Mishra says that although the sugar mill owners have been claiming that they have deposited the dues, all the sugarcane farmers are yet to receive the amount.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to him, the sugar mill owners have submitted a report to the Minister for Industry, Commerce and Supplies stating that they have outstanding dues of Rs 650 million but the sugarcane farmers insist that they owe Rs 900 million from the operators.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Mishra further said that they have reached a verbal understanding that the government will guarantee the release of Rs 650 million from the operators while a technical team will be formed to sort out the issue of the remaining Rs 250 million.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Secretary of the struggle committee Hari Shyam Raya says that the sugar mill operators are trying to dupe the farmers by saying that they have deposited the money while only depositing a handful of amount in reality.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-24', 'modified' => '2020-12-24', 'keywords' => '', 'description' => '', 'sortorder' => '12592', 'image' => '20201224030139_20190107104522_sugarcane.jpg', 'article_date' => '2020-12-24 15:00:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12846', 'article_category_id' => '1', 'title' => 'Nepal Facing Trade Deficit with Bangladesh ', 'sub_title' => '', 'summary' => 'December 24: Nepal’s bilateral trade with Bangladesh was in surplus until a decade ago. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 24: Nepal’s bilateral trade with Bangladesh was in surplus until a decade ago. However, there is a trade deficit of Rs 4 billion annually after the export of red lentil and wheat came to a halt.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In 2016, Nepal ranked among the top five countries in the world to produce small red lentil. Nepal had even topped the USA in production of red lentil. Nepal had been earning good foreign currency be selling red lentil. However, the export of red lentil has been declining in recent years.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The reason behind decline in production of red lentil is the government’s failure to bring policies to encourage farmers, says Avinash Bohora, central member of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI). Bohora said that he had been exporting red lentil to Bangladesh earlier but now the cost has gone up in the country itself due to which he was unable to export the produce.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-24', 'modified' => '2020-12-24', 'keywords' => '', 'description' => '', 'sortorder' => '12591', 'image' => '20201224071345_Red.jpg', 'article_date' => '2020-12-24 19:13:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12843', 'article_category_id' => '1', 'title' => 'Nepal-China Trade Declines by Rs 25 Billion', 'sub_title' => 'Closure of border points impacts both import and export', 'summary' => 'December 24: Nepal-China trade has declined in recent months due to obstruction at the border.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">December 24: Nepal-China trade has declined in recent months due to obstruction at the border. Nepal-China trade, which was on a rise for the past six years, has declined in the ongoing fiscal year 2020/21.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">According to the data published by the Department of Customs, Nepal-China trade shrunk by Rs 25 billion during the first five months of the current fiscal year. According to the department, bilateral trade worth Rs 77.84 billion took place during this period. Trade between Nepal and China during the corresponding period of last fiscal year was worth Rs 103 billion.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">During the review period, imports decreased by Rs 24 billion to Rs 77.44 billion while exports decreased to Rs 380 million from Rs 860 million.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> <span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">A report released by Nepal Rastra Bank (NRB) on Wednesday showed that exports to China declined by 59.2 percent. According to the report, imports from China have declined by 25 percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The government has taken a strategy to control imports by promoting exports. However, the impact of the border closure by China has nothing to do with the government's strategy. Entrepreneurs say that goods could not be imported due to obstructions at the northern border point.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-24', 'modified' => '2020-12-24', 'keywords' => '', 'description' => '', 'sortorder' => '12590', 'image' => '20201224020609_Flag.jpg', 'article_date' => '2020-12-24 14:04:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12841', 'article_category_id' => '1', 'title' => 'Private Sector Urges Political Parties to take Decisions Patiently', 'sub_title' => '', 'summary' => 'December 24: Entrepreneurs have expressed serious concern regarding the possibility of financial crisis in the country due to the latest political development. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 24: Entrepreneurs have expressed serious concern regarding the possibility of financial crisis in the country due to the latest political development. The private sector on Tuesday made its official view public two days after the government dissolved the parliament.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Stakeholders of the private sector have urged the political parties to take decisions with patience and forbearance.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Stating that the political upheaval would have its impact on the financial sector of the country, stakeholders of the private sector including the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Nepal Chambers of Commerce (NCC) and the Confederation of Nepalese Industries (CNI) said their attention has been drawn toward the latest political situation of the country.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Issuing a joint statement, the three organisations said that the private sector is always in favour of political stability and has been repeatedly suggesting a stable political environment for the development of economy.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The statement added that there can be a stable policy and new businesses as well as industries can prosper, employment opportunities can be created and the country can attract more investment besides contributing to the overall economic development only if there is political stability.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The private sector also pointed out the possibility of further crisis due to the political instability at a time when the world economy has been grappling with the impacts of coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The three organisations representing the private sector noted that political stability is directly linked with economic development and added that past experiences show that political crisis often lead to chaos.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The private sector also expressed concerns regarding the livelihood of the common people due to the latest political development.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In such situation, the FNCCI, NCC and CNI jointly urged all political parties to take decisions wisely in order to lead the country to stability.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-24', 'modified' => '2020-12-24', 'keywords' => '', 'description' => '', 'sortorder' => '12589', 'image' => '20201224121104_1608766435.4.jpg', 'article_date' => '2020-12-24 12:10:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12839', 'article_category_id' => '1', 'title' => 'Digital Transaction Declines ', 'sub_title' => '', 'summary' => 'December 23: The number of digital transactions which had increased after the government imposed lockdown in March has now declined to some extent.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 23: The number of digital transactions which had increased after the government imposed lockdown in March has now declined to some extent. According to Nepal Rastra Bank, digital transaction declined in the month of Kartik (mid-October to mid-November) compared to the previous months.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The citizens of Nepal had given high priority to digital transaction over cash payment after the government imposed lockdown on March 24. Although the government lifted lockdown and restrictions some months ago, people were still using digital transaction as preferred means of payment. However, that trend has declined since the last two months, according to data made public by the central bank.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Nepal Rastra Bank, digital payment through mobile banking, internet banking, RTGS (Real Time Gross Settlement), IPS, Connect IPS wallet, e-commerce business among others has declined in the review period.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The central bank’s data shows that transactions through mobile banking dropped considerably in the review month with 206,000 less transactions than the previous month. In mid-September to mid-October, around 78,50,000 transactions took place through mobile banking, which dropped to 76,43,000 the next month.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Likewise, internet banking saw 54,000 less transactions during the review month compared to the previous month. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A total of 275,000 transactions worth Rs 6 billion occurred through internet banking in mid-September to mid-October, which declined to 221,000 transactions worth Rs 5.43 billion in mid-October to mid-November.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Despite the decline in number of digital payments, Nepal Rastra Bank says the overall use of digital means for making payment has increased significantly due to the improvement in infrastructure and the people’s reach to electronic devices.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-23', 'modified' => '2020-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '12587', 'image' => '20201223015920_20200513103350_SO2.jpg', 'article_date' => '2020-12-23 13:58:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12842', 'article_category_id' => '1', 'title' => 'Central Bank to Produce Briquettes from Banknotes ', 'sub_title' => '', 'summary' => 'December 24: Nepal Rastra Bank had been destroying useless banknotes in the furnace but now it is going to make briquettes by utilizing them. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">December 24: Nepal Rastra Bank had been destroying useless banknotes in the furnace but now it is going to make briquettes by utilizing them. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The central bank is going to make briquettes through eco-friendly state-of-the-art machine. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">NRB is also constructing a separate building at the central and provincial offices to put the machine. Accordingly, the foundation stone of the building where the machine will be kept has been laid last Friday at the office in Kaski, Pokhara. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">According to Narayan Pokharel, joint spokesperson of NRB, now a briquette making machines is being brought as the burning of banknotes is not environmental friendly. “Before, such useless notes used to be burnt. Now briquettes made from it will be available in the market,” he told New Business Age, adding, “A building will be constructed for such machines in the office at Thapathali for the center, while machines will be set up in Nepalgunj, Biratnagar, Dhangadhi, Pokhara, Birgunj, Parsa and other offices except Surkhet to make briquettes.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">NRB has not brought the machine yet. However, preparations have been made for the purchase. Pokharel said the estimated cost for the machine is Rs 600 million. He said that tenders to bring the machine will be opened only after the construction of the building. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Nepal Rastra Bank, which has been destroying notes in the traditional style till now, had pointed out the need for a modern disposal machine. Such environment-friendly modern machines are being brought as burning of notes will pollute the environment. NRB says that they have been successful to bring such machine that reduces environmental hazards. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-24', 'modified' => '2020-12-24', 'keywords' => '', 'description' => '', 'sortorder' => '12586', 'image' => '20201224122928_1608680133.Clipboard13.jpg', 'article_date' => '2020-12-24 12:28:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12838', 'article_category_id' => '1', 'title' => 'Hotel Industry of Nepal in Existential Crisis', 'sub_title' => 'Hotel Entrepreneurs Contemplating Voluntary Retirement Scheme', 'summary' => 'December 23: Most of the sectors affected by coronavirus have started returning to normalcy but the hospitality sector that was most affected by the pandemic is getting into further trouble.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 23: Most of the sectors affected by coronavirus have started returning to normalcy but the hospitality sector that was most affected by the pandemic is getting into further trouble.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Stakeholders say that the hotel industry is facing existential crisis like the one it had faced 17 years ago during the civil war.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The hotel industry is facing such crisis as it is basically reliant on foreign tourists, who are yet to travel due to the threat of coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Hotel entrepreneurs have started contemplating either voluntary retirement of staff members or to close their business after the cost of operation started exceeding the income of the hoteliers. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Hotel Annapurna, which started its operation 55 years ago, and Hotel Bajra have already rolled out the voluntary retirement plan.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Foreign tourists have not been able to visit Nepal due to the delay in developing vaccine against Covid-19, which was initially expected to get ready by October/November. Investors say that the hotel industry risks getting pushed back to the condition of 17 years ago when three hotels in Kathmandu and one in Lalitpur were forced to shut down due to the civil war.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In 2004/2005, Hotel Sherpa, Hotel Woodland and Hotel Blue Star were forced to shut down while Lalitpur-based Narayani Hotel also had to abandon its operation. At that time, hotels that were in operation since 35 years ago had to shut down after the arrival of tourists declined by 50 percent amid violence in the country. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Back then, some hotels were closed as they faced a situation similar to that we are currently facing,” says Yogendra Shakya, operator of Hotel Ambassador.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The hotel operators do not have any other alternatives than to reduce the cost of operation if we are to sustain in the market,” says Shakya.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">He argues that the salary of staff members accounts up to 40 percent of the expenses and therefore they are forced to reduce the number of employees.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The hotel entrepreneurs have been paying minimal amount to the staffers since the start of lockdown in March till December end. But now, they say, they are on the verge of closure.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">It has been learnt that Radisson Hotel is also contemplating closure for six to eight months. According to a source at the hotel, the administration is encouraging the staffers to take voluntary retirement. The hotel is planning to provide between 100 to 200 percent additional remuneration to lay off the staff. Forty staffers had opted for a similar scheme during the lockdown period. There are currently 380 staffers employed by the hotel. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">One of the hotel entrepreneurs informed New Business Age that almost 50 percent of hotels in Thamel area have already closed their business.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The occupancy of hotels in Kathmandu has dropped to zero while the restaurants operated by those hotels are receiving guests occasionally.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">However, some hotels like Hyatt Regency has been doing some business by organizing parties and marriage ceremonies. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-23', 'modified' => '2020-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '12585', 'image' => '20201223013206_20200504104410_20190511105700_Clipboard37 2.jpg', 'article_date' => '2020-12-23 13:31:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12837', 'article_category_id' => '1', 'title' => 'Over 45,000 Nepali Migrant Workers Left for Overseas Jobs Despite Covid-19 Risk', 'sub_title' => '', 'summary' => 'December 23: Citizens of Nepal have been forced to seek overseas job despite the risk of coronavirus because of lack of employment opportunities in the domestic market. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 23: Citizens of Nepal have been forced to seek overseas job despite the risk of coronavirus because of lack of employment opportunities in the domestic market. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had announced that it would provide employment to Nepali migrant workers who had returned home after losing their jobs abroad. However, the government has not been able to create employment opportunities as per its commitment. This has forced the workers to return back to their foreign jobs amid high risk of coronavirus infection.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In the first four months of the current fiscal year, altogether 45,182 Nepali nationals left the country for foreign employment. Among them, 25,931 had applied for renewal of their labour permit. The remaining 19,251 aspiring workers had applied for new permits, according to data provided by Nepal Rastra Bank.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Spokesperson of the Department of Foreign Employment Tika Ram Neupane says that the workers were forced to go abroad due to the failure of the government to bring any new employment programme.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The government had assured the Nepali migrant workers who had lost their jobs abroad about providing employment in Nepal itself. However, there wasn’t any progress in this issue,” said Neupane, adding, “Therefore, the Nepali workers were forced to travel abroad even in such difficult circumstances.”</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Neupane added that the country is currently in crisis due to political instability. In such condition, there is no possibility of new programmes to be announced by the government, says Neupane.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Therefore, most of the youths are forced to go abroad. This is the latest trend,” he added.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The number of people leaving the country this year is less compared to that of the corresponding period of last fiscal year. However, the Department of Foreign Employment taken exception to this fact considering the risk posed by coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A total of 160,570 Nepalis had left for overseas jobs in the first four months of the last fiscal year.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-12-23', 'modified' => '2020-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '12584', 'image' => '20201223122011_1608680357.Clipboard12.jpg', 'article_date' => '2020-12-23 12:19:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12836', 'article_category_id' => '1', 'title' => 'Remittance inflow to Nepal Remains Above Average', 'sub_title' => '', 'summary' => 'December 23: Remittance inflow to Nepal during the month of Kartik (mid-October to mid-November) remained high despite the impact of coronavirus.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 23: Remittance inflow to Nepal during the month of Kartik (mid-October to mid-November) remained high despite the impact of coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Remittance inflow to Nepal was expected to decline due to the impact of coronavirus but it has remained high instead. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The average monthly inflow of remittance to Nepal is Rs 73 billion. However, during the review period, the inflow of remittance to Nepal was Rs 78.86 billion, which is above monthly average according to the latest report on current economic and financial situation of Nepal made public by Nepal Rastra Bank.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">As of mid-November, remittance inflow to Nepal has increased by an average of 11.2 percent. During the first four months of the current fiscal year, altogether Rs 337.72 billion was sent to Nepal as remittance from different parts of the world. Remittance inflow to Nepal during the corresponding period of last fiscal year was Rs 349.97 billion. During the first four months of last fiscal year, remittance inflow had declined by 2.8 percent, according to the central bank. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">There were speculations that the inflow of remittance would decline due to coronavirus. However, remittance inflow has been above average since the last seven months except for the month of Bhadra (mid-August to mid-September) when it was equal to the average remittance inflow.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The World Bank had projected Nepal’s remittance to decline by 14 percent in 2020 while the Asian Development Bank had estimated remittance inflow to shrink by 28.7 percent.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-12-23', 'modified' => '2020-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '12583', 'image' => '20201223115642_20200930060036_1601420921.Clipboard24.jpg', 'article_date' => '2020-12-23 11:56:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12835', 'article_category_id' => '1', 'title' => 'Hongshi Shivam Cement Likely to get Electricity Supply by Upcoming Summer', 'sub_title' => '', 'summary' => 'December 22: Hongshi Shivam Cement Company, which has been operating since the last two and a half years using diesel, is likely to get electricity after four months during the upcoming summer season.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">December 22: Hongshi Shivam Cement Company, which has been operating since the last two and a half years using diesel, is likely to get electricity after four months during the upcoming summer season.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The Nepal Electricity Authority has said that it will be able to supply electricity to the cement company after mid-April if the works related to installation of the Bardhaghat-Sardi 132 KV Transmission Line Project goes ahead without any interruption. The project had earlier pledged to supply electricity to the company in February.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The project had set a target to supply electricity to the Nawalparasi-based cement company last year itself. However, it has not been able to supply the electricity due to various reasons. One of the hurdles is likely to end after the project got permission cut down the trees that fall on the way of transmission line. This has increased the prospect of supplying electricity to the company by this summer.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The project has already started felling 3800 trees in Nawalparais East to supply electricity to the company which has been set up with 70 percent investment from foreign companies. Similarly, it has issued a tender to cut down 2200 trees in Nawalparasi West, informed project chief Hari Pandey.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Another obstacle is the lack of coordination between government offices including the Department of Forestry, District Administration Office and the NEA.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Hongshi Shivam Cement had started commercial production since May 2018 but hasn’t received electricity supply yet. This has forced the company to rely on diesel for production.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-22', 'modified' => '2020-12-22', 'keywords' => '', 'description' => '', 'sortorder' => '12582', 'image' => '20201222023815_My Effect.jpg', 'article_date' => '2020-12-22 14:37:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12833', 'article_category_id' => '1', 'title' => 'Birgunj Customs Reports Trade Deficit of Rs 45.15 Billion', 'sub_title' => 'Export of Soybean Oil Increases by 379 Percent', 'summary' => 'December 22: Birgunj customs, which is the main transit point for goods and cargo in and out of the country, recorded an import of goods worth Rs 121 billion from India in the first five months of the current fiscal year. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">December 22: Birgunj customs, which is the main transit point for goods and cargo in and out of the country, recorded an import of goods worth Rs 121 billion from India in the first five months of the current fiscal year. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">According to the Birgunj Customs Office, Nepal exported goods worth Rs 76.33 billion to India during the same period.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">During the review period, Nepal recorded a trade deficit of Rs 45.15 billion at the customs point. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Vehicles, petroleum products and raw materials for industries are the major products imported by Nepal from India. Customs officer Ramesh Sukmani says that the import of all major products has declined in recent months. The impact of coronavirus has been seen on import of goods, says Sukmani.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Refined soybean oil has become Nepal’s chief export product to India. Until last year, palm oil topped the list of Nepal’s export products. However, the Nepali exporters started sending soybean oil to India after the neighbouring country banned palm oil from Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Nepal exported soybean oil worth Rs 9.1 billion to Indian during the review period. Soybean oil produced by 14 industries along the Bara-Parsa Industrial Corridor are exported to India from Birgunj customs.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The customs office informed that the export of soybean oil has increased by 379 percent in the first five months of current fiscal year compared to last year in terms of the price of the product.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">“The local exporters of Nepal shifted their focus to soybean oil after India banned palm oil,” said Sukmani.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">India had imposed the ban around eight months ago to promote the products of its local farmers.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Nepal imports semi-refined soybean oil from countries like Argentina, Brazil, Ukraine and Indonesia and then exports it to India without any customs duty after refining it. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Nepal also exports juice, chawanprash, synthetic yarn, sports shoes, carpet among others to India. Meanwhile, it imports Ayurvedic medicines, steel utensils, paper boxes from India.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-22', 'modified' => '2020-12-22', 'keywords' => '', 'description' => '', 'sortorder' => '12580', 'image' => '20201222020003_1608592508.Clipboard06.jpg', 'article_date' => '2020-12-22 13:59:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12832', 'article_category_id' => '1', 'title' => 'Nepal’s Import Declines in Four Months of Current Fiscal Year', 'sub_title' => '', 'summary' => 'December 22: Nepal’s export has increased in the first four months of the current fiscal year while the import has decreased during the same period.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">December 22: Nepal’s export has increased in the first four months of the current fiscal year while the import has decreased during the same period.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the latest update on </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">the Current Macroeconomic and Financial Situation of Nepal released by Nepal Rastra Bank on Monday (December 21)</span></span><span style="font-size:14.0pt"><span style="font-family:Arial">, Nepal’s import decreased 10.6 percent to Rs 402.49 billion in the review period compared to a decrease of 6.9 percent a year ago.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Destination-wise, imports from India, China and other countries decreased 3.1 percent, 25.0 percent, and 19.8 percent respectively, the central bank said</span></span><span style="font-size:14.0pt"><span style="font-family:Arial">.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The report states that imports of rice, crude soybean oil, telecommunication equipment and parts, edible oil, and medical equipment and parts among others increased whereas imports of petroleum products, aircraft spareparts, transport equipment and parts, crude palm oil and other machinery and parts among others decreased in the review period.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">In four months of 2020/21, Nepal’s exports increased 10.8 percent to Rs 40.20 billion compared to an increase of 23.9 percent in the same period of the previous year. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Destination-wise, exports to India and other countries increased 14.9 percent and 6.5 percent respectively whereas exports to China decreased 59.2 percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Exports of cardamom, jute goods, polyester yarn and threads, noodles, and medicine (Ayurvedic) among others increased whereas exports of palm oil, pulses, zinc sheet, handicrafts, and skin among others decreased in the review period, according to the report. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Based on customs points, exports from Birgunj Dry Port, Tatopani, Kanchanpur and Rasuwa customs offices decreased whereas exports from all the other customs points increased in the review period. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">On the import side, imports from all the other customs points decreased except Bhairahawa, Biratnagar, Nepalgunj, Krishnanagar, and Kailali customs offices.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the central bank, the country’s </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">total trade deficit narrowed down 12.5 percent to Rs.362.29 billion in four months of 2020/21. Such deficit had contracted 8.9 percent in the same period of the previous year. The export-import ratio increased to 10.0 percent in the review period from 8.1 percent in the same period of the previous year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Remittance inflows increased 11.2 percent to Rs 337.72 billion in the review period against a decrease of 2.8 percent in the same period of the previous year. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The current account remained at a surplus of Rs 20.46 billion in the review period against a deficit of Rs 34.12 billion in the same period of the previous year. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">In the review period, capital transfer decreased 9.3 percent to Rs 4.15 billion and net foreign direct investment (FDI) decreased 23.9 percent to Rs 3.75 billion, the central bank further stated. In the same period of the previous year, capital transfer and net FDI amounted to Rs 4.57 billion and Rs 4.92 billion respectively. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Balance of Payments (BOP) remained at a surplus of Rs 110.65 billion in the review period. Such surplus was Rs 27.29 billion in the same period of the previous year. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the central bank, the year-on-year consumer price inflation stood at 4.05 percent in the fourth month of 2020/21 compared to 5.76 percent a year ago. Food and beverage inflation stood at 5.73 percent whereas non-food and service inflation stood at 2.75 percent in the review month.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The price of vegetables sub-group rose 20.88 percent and pulses and legumes sub-group rose 13.70 percent on y-o-y basis.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-12-22', 'modified' => '2020-12-22', 'keywords' => '', 'description' => '', 'sortorder' => '12579', 'image' => '20201222012319_1608592566.Clipboard01.jpg', 'article_date' => '2020-12-22 13:22:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12831', 'article_category_id' => '1', 'title' => 'World Bank to provide Financial Assistance of $80 Million for Rural Enterprise', 'sub_title' => 'The Project will Help Strengthen Nepal's Agriculture Sector and Boost Post-pandemic Recovery', 'summary' => 'December 22: The Government of Nepal and the World Bank signed a $80 million (around NRs 9.3 billion) project to bolster Nepal's agriculture sector. ', 'content' => '<p><em>This picture taken from the Facebook page of World Bank Nepal shows a farmer with his produce. Photo Courtesy: World Bank Nepal</em></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">December 22: </span></span><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The Government of Nepal and the World Bank signed a $80 million (around NRs 9.3 billion) project to bolster Nepal's agriculture sector by strengthening rural market linkages and promoting entrepreneurship while creating jobs to support post-COVID-19 recovery. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">According to a statement issued by the World Bank, </span></span><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">the Rural Enterprise and Economic Development Project (REED) project was signed by Finance Secretary Sishir Kumar Dhungana on behalf of the Government of Nepal, and the World Bank’s Country Director for the Maldives, Nepal, and Sri Lanka, Faris Hadad-Zervos amid a function on Monday (December 21). </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">"We thank the World Bank Group for providing crucial support with this project which will enhance the access of rural enterprises and small-hold producers to markets and institutional buyers," the statement quoted Secretary Dhungana as saying.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">"Promoting agribusiness competitiveness with sustainable market linkages will be critical to boost Nepal's post-COVID recovery," he added.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> <span style="font-size:14.0pt"><span style="font-family:Times">According to the World Bank, </span></span><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">the project aims to facilitate productive partnerships between rural producer organizations and private-sector buyers to add value, create jobs and foster sustainable inclusion into, and development of, higher-value domestic and foreign value chains.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> <span style="font-size:14.0pt"><span style="font-family:Times">The statement further said that </span></span><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">the project focuses on five economic corridors covering provinces 1, 2, Bagmati, Gandaki, Lumbini and Sudurpashchim that offer opportunities for successful linkage activities of the rural entrepreneurs to be supported by the project. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">REED will work with provincial and local governments, intermediary organizations and small and medium enterprises to build capacity in the agriculture sector and strengthen the entrepreneurship ecosystem, the statement said. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> <span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">According to the World Bank, the project will also finance investments in municipal agriculture centers and value chain infrastructures to ensure the availability of inputs for farming as recovery actions from COVID-19. The project will use labor-intensive “Cash for Work” mechanism, to the extent possible, in short-term public works.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">"The project brings a unique opportunity to transform Nepal's agriculture sector and spur economic recovery from the pandemic's fallout by bolstering rural enterprises and creating local jobs and opportunities," said Faris Hadad-Zervos, adding, "By fostering meaningful collaboration among various actors, the project can promote Nepali agriculture products globally by stimulating many niche sectors such as coffee, tea, fruit and medicinal products, among others." </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The project supports the Government of Nepal's Agriculture Development Strategy 2015–2035 that aims to create a sustainable, competitive, inclusive and resilient agricultural sector that drives economic growth with private sector participation. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-22', 'modified' => '2020-12-22', 'keywords' => '', 'description' => '', 'sortorder' => '12578', 'image' => '20201222115809_13232.jpg', 'article_date' => '2020-12-22 11:54:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12830', 'article_category_id' => '1', 'title' => 'Decline in Import of Petroleum Products, Vehicles Hits Revenue Collection', 'sub_title' => '', 'summary' => 'December 20: Birgunj customs has collected revenue of almost Rs 30 billion in the first five months of the current fiscal year. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 20: Birgunj customs has collected revenue of almost Rs 30 billion in the first five months of the current fiscal year. According to the customs office, a total of Rs 29.77 billion was collected between mid-July to mid-December. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">However, the customs office -- which is the main entry point of the country -- could not meet its target of revenue collection during the review period.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Customs officer Ramesh Sukmani informed that they were able to achieve only 84 percent of the target of revenue collection. The Birgunj customs had set a target to collect Rs 35.33 billion in the first five months of the current fiscal year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During the corresponding period of last fiscal year, this customs office had collected revenue of Rs 38.62 billion. That too was below the target of Rs 52.97 billion. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The customs office informed that the import of petroleum products and vehicles declined in the current fiscal year. As they are the chief import products of the country, a decline in import of those products have had a direct impact on revenue collection.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The import of vehicles and petroleum products declined compared to last year. This has impacted revenue collection,” said Customs Officer Sukmani.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The customs office informed that the import declined basically due to coronavirus pandemic and the subsequent lockdown. Local importers say that although there has been some improvement in the last two months, the supply chain is yet to return to normal level due to the impact of almost six months of restrictions.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-20', 'modified' => '2020-12-20', 'keywords' => '', 'description' => '', 'sortorder' => '12577', 'image' => '20201220043911_1608422519.Clipboard05.jpg', 'article_date' => '2020-12-20 16:38:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12829', 'article_category_id' => '1', 'title' => 'Finance Minister Directs Concerned Authorities to Reduce Broker Commission ', 'sub_title' => '', 'summary' => 'December 20: Finance Minister Bishnu Prasad Poudel has shown special interest in the stock market.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">December 20: Finance Minister Bishnu Prasad Poudel has shown special interest in the stock market. The minister directed the top officials of the regulatory body to identify the existing problems and move ahead to resolve them immediately. Stating that the capital market is going to expand, he stressed on the need for the regulatory bodies to work out on a timetable to resolve the current problems. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">He directed the Securities Board of Nepal (SEBON) to immediately reduce the broker commission on stock trading, which has been demanded by investors for a long time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">“Don’t delay in reducing the broker commission, be pro-active,” Minister Poudel said while giving instruction in a meeting recently held at the Ministry of Finance. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Investors are demanding a reduction in the fees paid to brokers in stock trading, saying they are too high. At present, the investors have to pay 0.4 to 0.6 percent fees to the broker for stock trading. SEBON has already started homework to reduce the brokers’ fee. A board member said that a study has been done on how much the commission will be fixed. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">"Currently, a detailed study is being done on the specific cost of the brokers. On that basis, the fee will be determined," said a senior official of the board. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-20', 'modified' => '2020-12-20', 'keywords' => '', 'description' => '', 'sortorder' => '12576', 'image' => '20201220030536_20201015115013_1602717511.Clipboard02.jpg', 'article_date' => '2020-12-20 15:05:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $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
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', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 24: Sugar mill operators have deposited very less amount in the bank accounts of sugarcane farmers than they actually owe. The farmers are worried that they have not received the due amounts that they deserve.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The farmers’ dues are in six digit figure but the sugar mill owners have paid in five digits,” informed Rakesh Mishra, patron of the Sugarcane Farmers Struggle Committee, Sarlahi. Mishra further said that all the farmers are yet to receive the due amount although the operators have said they have cleared the dues.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Shree Ram Sugar Mill claimed that it has already deposited Rs 253 million in the bank accounts of the sugarcane farmers on last Friday and Sunday. However, the farmers’ struggle committee does not agree to the claim made by the sugar mill. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Similarly, Annapurna Sugar Mill has also released a statement saying that it has started depositing the dues in bank accounts of the farmers from Sunday.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Mishra says that although the sugar mill owners have been claiming that they have deposited the dues, all the sugarcane farmers are yet to receive the amount.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to him, the sugar mill owners have submitted a report to the Minister for Industry, Commerce and Supplies stating that they have outstanding dues of Rs 650 million but the sugarcane farmers insist that they owe Rs 900 million from the operators.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Mishra further said that they have reached a verbal understanding that the government will guarantee the release of Rs 650 million from the operators while a technical team will be formed to sort out the issue of the remaining Rs 250 million.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Secretary of the struggle committee Hari Shyam Raya says that the sugar mill operators are trying to dupe the farmers by saying that they have deposited the money while only depositing a handful of amount in reality.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-24', 'modified' => '2020-12-24', 'keywords' => '', 'description' => '', 'sortorder' => '12592', 'image' => '20201224030139_20190107104522_sugarcane.jpg', 'article_date' => '2020-12-24 15:00:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12846', 'article_category_id' => '1', 'title' => 'Nepal Facing Trade Deficit with Bangladesh ', 'sub_title' => '', 'summary' => 'December 24: Nepal’s bilateral trade with Bangladesh was in surplus until a decade ago. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 24: Nepal’s bilateral trade with Bangladesh was in surplus until a decade ago. However, there is a trade deficit of Rs 4 billion annually after the export of red lentil and wheat came to a halt.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In 2016, Nepal ranked among the top five countries in the world to produce small red lentil. Nepal had even topped the USA in production of red lentil. Nepal had been earning good foreign currency be selling red lentil. However, the export of red lentil has been declining in recent years.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The reason behind decline in production of red lentil is the government’s failure to bring policies to encourage farmers, says Avinash Bohora, central member of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI). Bohora said that he had been exporting red lentil to Bangladesh earlier but now the cost has gone up in the country itself due to which he was unable to export the produce.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-24', 'modified' => '2020-12-24', 'keywords' => '', 'description' => '', 'sortorder' => '12591', 'image' => '20201224071345_Red.jpg', 'article_date' => '2020-12-24 19:13:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12843', 'article_category_id' => '1', 'title' => 'Nepal-China Trade Declines by Rs 25 Billion', 'sub_title' => 'Closure of border points impacts both import and export', 'summary' => 'December 24: Nepal-China trade has declined in recent months due to obstruction at the border.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">December 24: Nepal-China trade has declined in recent months due to obstruction at the border. Nepal-China trade, which was on a rise for the past six years, has declined in the ongoing fiscal year 2020/21.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">According to the data published by the Department of Customs, Nepal-China trade shrunk by Rs 25 billion during the first five months of the current fiscal year. According to the department, bilateral trade worth Rs 77.84 billion took place during this period. Trade between Nepal and China during the corresponding period of last fiscal year was worth Rs 103 billion.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">During the review period, imports decreased by Rs 24 billion to Rs 77.44 billion while exports decreased to Rs 380 million from Rs 860 million.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> <span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">A report released by Nepal Rastra Bank (NRB) on Wednesday showed that exports to China declined by 59.2 percent. According to the report, imports from China have declined by 25 percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The government has taken a strategy to control imports by promoting exports. However, the impact of the border closure by China has nothing to do with the government's strategy. Entrepreneurs say that goods could not be imported due to obstructions at the northern border point.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-24', 'modified' => '2020-12-24', 'keywords' => '', 'description' => '', 'sortorder' => '12590', 'image' => '20201224020609_Flag.jpg', 'article_date' => '2020-12-24 14:04:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12841', 'article_category_id' => '1', 'title' => 'Private Sector Urges Political Parties to take Decisions Patiently', 'sub_title' => '', 'summary' => 'December 24: Entrepreneurs have expressed serious concern regarding the possibility of financial crisis in the country due to the latest political development. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 24: Entrepreneurs have expressed serious concern regarding the possibility of financial crisis in the country due to the latest political development. The private sector on Tuesday made its official view public two days after the government dissolved the parliament.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Stakeholders of the private sector have urged the political parties to take decisions with patience and forbearance.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Stating that the political upheaval would have its impact on the financial sector of the country, stakeholders of the private sector including the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Nepal Chambers of Commerce (NCC) and the Confederation of Nepalese Industries (CNI) said their attention has been drawn toward the latest political situation of the country.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Issuing a joint statement, the three organisations said that the private sector is always in favour of political stability and has been repeatedly suggesting a stable political environment for the development of economy.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The statement added that there can be a stable policy and new businesses as well as industries can prosper, employment opportunities can be created and the country can attract more investment besides contributing to the overall economic development only if there is political stability.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The private sector also pointed out the possibility of further crisis due to the political instability at a time when the world economy has been grappling with the impacts of coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The three organisations representing the private sector noted that political stability is directly linked with economic development and added that past experiences show that political crisis often lead to chaos.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The private sector also expressed concerns regarding the livelihood of the common people due to the latest political development.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In such situation, the FNCCI, NCC and CNI jointly urged all political parties to take decisions wisely in order to lead the country to stability.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-24', 'modified' => '2020-12-24', 'keywords' => '', 'description' => '', 'sortorder' => '12589', 'image' => '20201224121104_1608766435.4.jpg', 'article_date' => '2020-12-24 12:10:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12839', 'article_category_id' => '1', 'title' => 'Digital Transaction Declines ', 'sub_title' => '', 'summary' => 'December 23: The number of digital transactions which had increased after the government imposed lockdown in March has now declined to some extent.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 23: The number of digital transactions which had increased after the government imposed lockdown in March has now declined to some extent. According to Nepal Rastra Bank, digital transaction declined in the month of Kartik (mid-October to mid-November) compared to the previous months.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The citizens of Nepal had given high priority to digital transaction over cash payment after the government imposed lockdown on March 24. Although the government lifted lockdown and restrictions some months ago, people were still using digital transaction as preferred means of payment. However, that trend has declined since the last two months, according to data made public by the central bank.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to Nepal Rastra Bank, digital payment through mobile banking, internet banking, RTGS (Real Time Gross Settlement), IPS, Connect IPS wallet, e-commerce business among others has declined in the review period.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The central bank’s data shows that transactions through mobile banking dropped considerably in the review month with 206,000 less transactions than the previous month. In mid-September to mid-October, around 78,50,000 transactions took place through mobile banking, which dropped to 76,43,000 the next month.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Likewise, internet banking saw 54,000 less transactions during the review month compared to the previous month. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A total of 275,000 transactions worth Rs 6 billion occurred through internet banking in mid-September to mid-October, which declined to 221,000 transactions worth Rs 5.43 billion in mid-October to mid-November.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Despite the decline in number of digital payments, Nepal Rastra Bank says the overall use of digital means for making payment has increased significantly due to the improvement in infrastructure and the people’s reach to electronic devices.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-23', 'modified' => '2020-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '12587', 'image' => '20201223015920_20200513103350_SO2.jpg', 'article_date' => '2020-12-23 13:58:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12842', 'article_category_id' => '1', 'title' => 'Central Bank to Produce Briquettes from Banknotes ', 'sub_title' => '', 'summary' => 'December 24: Nepal Rastra Bank had been destroying useless banknotes in the furnace but now it is going to make briquettes by utilizing them. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">December 24: Nepal Rastra Bank had been destroying useless banknotes in the furnace but now it is going to make briquettes by utilizing them. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The central bank is going to make briquettes through eco-friendly state-of-the-art machine. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">NRB is also constructing a separate building at the central and provincial offices to put the machine. Accordingly, the foundation stone of the building where the machine will be kept has been laid last Friday at the office in Kaski, Pokhara. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">According to Narayan Pokharel, joint spokesperson of NRB, now a briquette making machines is being brought as the burning of banknotes is not environmental friendly. “Before, such useless notes used to be burnt. Now briquettes made from it will be available in the market,” he told New Business Age, adding, “A building will be constructed for such machines in the office at Thapathali for the center, while machines will be set up in Nepalgunj, Biratnagar, Dhangadhi, Pokhara, Birgunj, Parsa and other offices except Surkhet to make briquettes.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">NRB has not brought the machine yet. However, preparations have been made for the purchase. Pokharel said the estimated cost for the machine is Rs 600 million. He said that tenders to bring the machine will be opened only after the construction of the building. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Nepal Rastra Bank, which has been destroying notes in the traditional style till now, had pointed out the need for a modern disposal machine. Such environment-friendly modern machines are being brought as burning of notes will pollute the environment. NRB says that they have been successful to bring such machine that reduces environmental hazards. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-24', 'modified' => '2020-12-24', 'keywords' => '', 'description' => '', 'sortorder' => '12586', 'image' => '20201224122928_1608680133.Clipboard13.jpg', 'article_date' => '2020-12-24 12:28:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12838', 'article_category_id' => '1', 'title' => 'Hotel Industry of Nepal in Existential Crisis', 'sub_title' => 'Hotel Entrepreneurs Contemplating Voluntary Retirement Scheme', 'summary' => 'December 23: Most of the sectors affected by coronavirus have started returning to normalcy but the hospitality sector that was most affected by the pandemic is getting into further trouble.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 23: Most of the sectors affected by coronavirus have started returning to normalcy but the hospitality sector that was most affected by the pandemic is getting into further trouble.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Stakeholders say that the hotel industry is facing existential crisis like the one it had faced 17 years ago during the civil war.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The hotel industry is facing such crisis as it is basically reliant on foreign tourists, who are yet to travel due to the threat of coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Hotel entrepreneurs have started contemplating either voluntary retirement of staff members or to close their business after the cost of operation started exceeding the income of the hoteliers. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Hotel Annapurna, which started its operation 55 years ago, and Hotel Bajra have already rolled out the voluntary retirement plan.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Foreign tourists have not been able to visit Nepal due to the delay in developing vaccine against Covid-19, which was initially expected to get ready by October/November. Investors say that the hotel industry risks getting pushed back to the condition of 17 years ago when three hotels in Kathmandu and one in Lalitpur were forced to shut down due to the civil war.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In 2004/2005, Hotel Sherpa, Hotel Woodland and Hotel Blue Star were forced to shut down while Lalitpur-based Narayani Hotel also had to abandon its operation. At that time, hotels that were in operation since 35 years ago had to shut down after the arrival of tourists declined by 50 percent amid violence in the country. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Back then, some hotels were closed as they faced a situation similar to that we are currently facing,” says Yogendra Shakya, operator of Hotel Ambassador.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The hotel operators do not have any other alternatives than to reduce the cost of operation if we are to sustain in the market,” says Shakya.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">He argues that the salary of staff members accounts up to 40 percent of the expenses and therefore they are forced to reduce the number of employees.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The hotel entrepreneurs have been paying minimal amount to the staffers since the start of lockdown in March till December end. But now, they say, they are on the verge of closure.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">It has been learnt that Radisson Hotel is also contemplating closure for six to eight months. According to a source at the hotel, the administration is encouraging the staffers to take voluntary retirement. The hotel is planning to provide between 100 to 200 percent additional remuneration to lay off the staff. Forty staffers had opted for a similar scheme during the lockdown period. There are currently 380 staffers employed by the hotel. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">One of the hotel entrepreneurs informed New Business Age that almost 50 percent of hotels in Thamel area have already closed their business.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The occupancy of hotels in Kathmandu has dropped to zero while the restaurants operated by those hotels are receiving guests occasionally.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">However, some hotels like Hyatt Regency has been doing some business by organizing parties and marriage ceremonies. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-23', 'modified' => '2020-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '12585', 'image' => '20201223013206_20200504104410_20190511105700_Clipboard37 2.jpg', 'article_date' => '2020-12-23 13:31:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12837', 'article_category_id' => '1', 'title' => 'Over 45,000 Nepali Migrant Workers Left for Overseas Jobs Despite Covid-19 Risk', 'sub_title' => '', 'summary' => 'December 23: Citizens of Nepal have been forced to seek overseas job despite the risk of coronavirus because of lack of employment opportunities in the domestic market. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 23: Citizens of Nepal have been forced to seek overseas job despite the risk of coronavirus because of lack of employment opportunities in the domestic market. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had announced that it would provide employment to Nepali migrant workers who had returned home after losing their jobs abroad. However, the government has not been able to create employment opportunities as per its commitment. This has forced the workers to return back to their foreign jobs amid high risk of coronavirus infection.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In the first four months of the current fiscal year, altogether 45,182 Nepali nationals left the country for foreign employment. Among them, 25,931 had applied for renewal of their labour permit. The remaining 19,251 aspiring workers had applied for new permits, according to data provided by Nepal Rastra Bank.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Spokesperson of the Department of Foreign Employment Tika Ram Neupane says that the workers were forced to go abroad due to the failure of the government to bring any new employment programme.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The government had assured the Nepali migrant workers who had lost their jobs abroad about providing employment in Nepal itself. However, there wasn’t any progress in this issue,” said Neupane, adding, “Therefore, the Nepali workers were forced to travel abroad even in such difficult circumstances.”</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Neupane added that the country is currently in crisis due to political instability. In such condition, there is no possibility of new programmes to be announced by the government, says Neupane.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Therefore, most of the youths are forced to go abroad. This is the latest trend,” he added.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The number of people leaving the country this year is less compared to that of the corresponding period of last fiscal year. However, the Department of Foreign Employment taken exception to this fact considering the risk posed by coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A total of 160,570 Nepalis had left for overseas jobs in the first four months of the last fiscal year.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-12-23', 'modified' => '2020-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '12584', 'image' => '20201223122011_1608680357.Clipboard12.jpg', 'article_date' => '2020-12-23 12:19:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12836', 'article_category_id' => '1', 'title' => 'Remittance inflow to Nepal Remains Above Average', 'sub_title' => '', 'summary' => 'December 23: Remittance inflow to Nepal during the month of Kartik (mid-October to mid-November) remained high despite the impact of coronavirus.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 23: Remittance inflow to Nepal during the month of Kartik (mid-October to mid-November) remained high despite the impact of coronavirus.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Remittance inflow to Nepal was expected to decline due to the impact of coronavirus but it has remained high instead. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The average monthly inflow of remittance to Nepal is Rs 73 billion. However, during the review period, the inflow of remittance to Nepal was Rs 78.86 billion, which is above monthly average according to the latest report on current economic and financial situation of Nepal made public by Nepal Rastra Bank.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">As of mid-November, remittance inflow to Nepal has increased by an average of 11.2 percent. During the first four months of the current fiscal year, altogether Rs 337.72 billion was sent to Nepal as remittance from different parts of the world. Remittance inflow to Nepal during the corresponding period of last fiscal year was Rs 349.97 billion. During the first four months of last fiscal year, remittance inflow had declined by 2.8 percent, according to the central bank. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">There were speculations that the inflow of remittance would decline due to coronavirus. However, remittance inflow has been above average since the last seven months except for the month of Bhadra (mid-August to mid-September) when it was equal to the average remittance inflow.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The World Bank had projected Nepal’s remittance to decline by 14 percent in 2020 while the Asian Development Bank had estimated remittance inflow to shrink by 28.7 percent.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-12-23', 'modified' => '2020-12-23', 'keywords' => '', 'description' => '', 'sortorder' => '12583', 'image' => '20201223115642_20200930060036_1601420921.Clipboard24.jpg', 'article_date' => '2020-12-23 11:56:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12835', 'article_category_id' => '1', 'title' => 'Hongshi Shivam Cement Likely to get Electricity Supply by Upcoming Summer', 'sub_title' => '', 'summary' => 'December 22: Hongshi Shivam Cement Company, which has been operating since the last two and a half years using diesel, is likely to get electricity after four months during the upcoming summer season.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">December 22: Hongshi Shivam Cement Company, which has been operating since the last two and a half years using diesel, is likely to get electricity after four months during the upcoming summer season.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The Nepal Electricity Authority has said that it will be able to supply electricity to the cement company after mid-April if the works related to installation of the Bardhaghat-Sardi 132 KV Transmission Line Project goes ahead without any interruption. The project had earlier pledged to supply electricity to the company in February.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The project had set a target to supply electricity to the Nawalparasi-based cement company last year itself. However, it has not been able to supply the electricity due to various reasons. One of the hurdles is likely to end after the project got permission cut down the trees that fall on the way of transmission line. This has increased the prospect of supplying electricity to the company by this summer.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The project has already started felling 3800 trees in Nawalparais East to supply electricity to the company which has been set up with 70 percent investment from foreign companies. Similarly, it has issued a tender to cut down 2200 trees in Nawalparasi West, informed project chief Hari Pandey.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Another obstacle is the lack of coordination between government offices including the Department of Forestry, District Administration Office and the NEA.</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Hongshi Shivam Cement had started commercial production since May 2018 but hasn’t received electricity supply yet. This has forced the company to rely on diesel for production.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-22', 'modified' => '2020-12-22', 'keywords' => '', 'description' => '', 'sortorder' => '12582', 'image' => '20201222023815_My Effect.jpg', 'article_date' => '2020-12-22 14:37:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12833', 'article_category_id' => '1', 'title' => 'Birgunj Customs Reports Trade Deficit of Rs 45.15 Billion', 'sub_title' => 'Export of Soybean Oil Increases by 379 Percent', 'summary' => 'December 22: Birgunj customs, which is the main transit point for goods and cargo in and out of the country, recorded an import of goods worth Rs 121 billion from India in the first five months of the current fiscal year. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">December 22: Birgunj customs, which is the main transit point for goods and cargo in and out of the country, recorded an import of goods worth Rs 121 billion from India in the first five months of the current fiscal year. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">According to the Birgunj Customs Office, Nepal exported goods worth Rs 76.33 billion to India during the same period.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">During the review period, Nepal recorded a trade deficit of Rs 45.15 billion at the customs point. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Vehicles, petroleum products and raw materials for industries are the major products imported by Nepal from India. Customs officer Ramesh Sukmani says that the import of all major products has declined in recent months. The impact of coronavirus has been seen on import of goods, says Sukmani.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Refined soybean oil has become Nepal’s chief export product to India. Until last year, palm oil topped the list of Nepal’s export products. However, the Nepali exporters started sending soybean oil to India after the neighbouring country banned palm oil from Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Nepal exported soybean oil worth Rs 9.1 billion to Indian during the review period. Soybean oil produced by 14 industries along the Bara-Parsa Industrial Corridor are exported to India from Birgunj customs.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The customs office informed that the export of soybean oil has increased by 379 percent in the first five months of current fiscal year compared to last year in terms of the price of the product.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">“The local exporters of Nepal shifted their focus to soybean oil after India banned palm oil,” said Sukmani.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">India had imposed the ban around eight months ago to promote the products of its local farmers.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Nepal imports semi-refined soybean oil from countries like Argentina, Brazil, Ukraine and Indonesia and then exports it to India without any customs duty after refining it. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Nepal also exports juice, chawanprash, synthetic yarn, sports shoes, carpet among others to India. Meanwhile, it imports Ayurvedic medicines, steel utensils, paper boxes from India.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-22', 'modified' => '2020-12-22', 'keywords' => '', 'description' => '', 'sortorder' => '12580', 'image' => '20201222020003_1608592508.Clipboard06.jpg', 'article_date' => '2020-12-22 13:59:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12832', 'article_category_id' => '1', 'title' => 'Nepal’s Import Declines in Four Months of Current Fiscal Year', 'sub_title' => '', 'summary' => 'December 22: Nepal’s export has increased in the first four months of the current fiscal year while the import has decreased during the same period.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">December 22: Nepal’s export has increased in the first four months of the current fiscal year while the import has decreased during the same period.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the latest update on </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">the Current Macroeconomic and Financial Situation of Nepal released by Nepal Rastra Bank on Monday (December 21)</span></span><span style="font-size:14.0pt"><span style="font-family:Arial">, Nepal’s import decreased 10.6 percent to Rs 402.49 billion in the review period compared to a decrease of 6.9 percent a year ago.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Destination-wise, imports from India, China and other countries decreased 3.1 percent, 25.0 percent, and 19.8 percent respectively, the central bank said</span></span><span style="font-size:14.0pt"><span style="font-family:Arial">.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The report states that imports of rice, crude soybean oil, telecommunication equipment and parts, edible oil, and medical equipment and parts among others increased whereas imports of petroleum products, aircraft spareparts, transport equipment and parts, crude palm oil and other machinery and parts among others decreased in the review period.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">In four months of 2020/21, Nepal’s exports increased 10.8 percent to Rs 40.20 billion compared to an increase of 23.9 percent in the same period of the previous year. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Destination-wise, exports to India and other countries increased 14.9 percent and 6.5 percent respectively whereas exports to China decreased 59.2 percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Exports of cardamom, jute goods, polyester yarn and threads, noodles, and medicine (Ayurvedic) among others increased whereas exports of palm oil, pulses, zinc sheet, handicrafts, and skin among others decreased in the review period, according to the report. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Based on customs points, exports from Birgunj Dry Port, Tatopani, Kanchanpur and Rasuwa customs offices decreased whereas exports from all the other customs points increased in the review period. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">On the import side, imports from all the other customs points decreased except Bhairahawa, Biratnagar, Nepalgunj, Krishnanagar, and Kailali customs offices.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the central bank, the country’s </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">total trade deficit narrowed down 12.5 percent to Rs.362.29 billion in four months of 2020/21. Such deficit had contracted 8.9 percent in the same period of the previous year. The export-import ratio increased to 10.0 percent in the review period from 8.1 percent in the same period of the previous year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Remittance inflows increased 11.2 percent to Rs 337.72 billion in the review period against a decrease of 2.8 percent in the same period of the previous year. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The current account remained at a surplus of Rs 20.46 billion in the review period against a deficit of Rs 34.12 billion in the same period of the previous year. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">In the review period, capital transfer decreased 9.3 percent to Rs 4.15 billion and net foreign direct investment (FDI) decreased 23.9 percent to Rs 3.75 billion, the central bank further stated. In the same period of the previous year, capital transfer and net FDI amounted to Rs 4.57 billion and Rs 4.92 billion respectively. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Balance of Payments (BOP) remained at a surplus of Rs 110.65 billion in the review period. Such surplus was Rs 27.29 billion in the same period of the previous year. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the central bank, the year-on-year consumer price inflation stood at 4.05 percent in the fourth month of 2020/21 compared to 5.76 percent a year ago. Food and beverage inflation stood at 5.73 percent whereas non-food and service inflation stood at 2.75 percent in the review month.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The price of vegetables sub-group rose 20.88 percent and pulses and legumes sub-group rose 13.70 percent on y-o-y basis.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-12-22', 'modified' => '2020-12-22', 'keywords' => '', 'description' => '', 'sortorder' => '12579', 'image' => '20201222012319_1608592566.Clipboard01.jpg', 'article_date' => '2020-12-22 13:22:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12831', 'article_category_id' => '1', 'title' => 'World Bank to provide Financial Assistance of $80 Million for Rural Enterprise', 'sub_title' => 'The Project will Help Strengthen Nepal's Agriculture Sector and Boost Post-pandemic Recovery', 'summary' => 'December 22: The Government of Nepal and the World Bank signed a $80 million (around NRs 9.3 billion) project to bolster Nepal's agriculture sector. ', 'content' => '<p><em>This picture taken from the Facebook page of World Bank Nepal shows a farmer with his produce. Photo Courtesy: World Bank Nepal</em></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">December 22: </span></span><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The Government of Nepal and the World Bank signed a $80 million (around NRs 9.3 billion) project to bolster Nepal's agriculture sector by strengthening rural market linkages and promoting entrepreneurship while creating jobs to support post-COVID-19 recovery. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Times">According to a statement issued by the World Bank, </span></span><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">the Rural Enterprise and Economic Development Project (REED) project was signed by Finance Secretary Sishir Kumar Dhungana on behalf of the Government of Nepal, and the World Bank’s Country Director for the Maldives, Nepal, and Sri Lanka, Faris Hadad-Zervos amid a function on Monday (December 21). </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">"We thank the World Bank Group for providing crucial support with this project which will enhance the access of rural enterprises and small-hold producers to markets and institutional buyers," the statement quoted Secretary Dhungana as saying.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">"Promoting agribusiness competitiveness with sustainable market linkages will be critical to boost Nepal's post-COVID recovery," he added.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> <span style="font-size:14.0pt"><span style="font-family:Times">According to the World Bank, </span></span><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">the project aims to facilitate productive partnerships between rural producer organizations and private-sector buyers to add value, create jobs and foster sustainable inclusion into, and development of, higher-value domestic and foreign value chains.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> <span style="font-size:14.0pt"><span style="font-family:Times">The statement further said that </span></span><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">the project focuses on five economic corridors covering provinces 1, 2, Bagmati, Gandaki, Lumbini and Sudurpashchim that offer opportunities for successful linkage activities of the rural entrepreneurs to be supported by the project. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">REED will work with provincial and local governments, intermediary organizations and small and medium enterprises to build capacity in the agriculture sector and strengthen the entrepreneurship ecosystem, the statement said. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> <span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">According to the World Bank, the project will also finance investments in municipal agriculture centers and value chain infrastructures to ensure the availability of inputs for farming as recovery actions from COVID-19. The project will use labor-intensive “Cash for Work” mechanism, to the extent possible, in short-term public works.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">"The project brings a unique opportunity to transform Nepal's agriculture sector and spur economic recovery from the pandemic's fallout by bolstering rural enterprises and creating local jobs and opportunities," said Faris Hadad-Zervos, adding, "By fostering meaningful collaboration among various actors, the project can promote Nepali agriculture products globally by stimulating many niche sectors such as coffee, tea, fruit and medicinal products, among others." </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The project supports the Government of Nepal's Agriculture Development Strategy 2015–2035 that aims to create a sustainable, competitive, inclusive and resilient agricultural sector that drives economic growth with private sector participation. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-22', 'modified' => '2020-12-22', 'keywords' => '', 'description' => '', 'sortorder' => '12578', 'image' => '20201222115809_13232.jpg', 'article_date' => '2020-12-22 11:54:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12830', 'article_category_id' => '1', 'title' => 'Decline in Import of Petroleum Products, Vehicles Hits Revenue Collection', 'sub_title' => '', 'summary' => 'December 20: Birgunj customs has collected revenue of almost Rs 30 billion in the first five months of the current fiscal year. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 20: Birgunj customs has collected revenue of almost Rs 30 billion in the first five months of the current fiscal year. According to the customs office, a total of Rs 29.77 billion was collected between mid-July to mid-December. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">However, the customs office -- which is the main entry point of the country -- could not meet its target of revenue collection during the review period.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Customs officer Ramesh Sukmani informed that they were able to achieve only 84 percent of the target of revenue collection. The Birgunj customs had set a target to collect Rs 35.33 billion in the first five months of the current fiscal year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During the corresponding period of last fiscal year, this customs office had collected revenue of Rs 38.62 billion. That too was below the target of Rs 52.97 billion. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The customs office informed that the import of petroleum products and vehicles declined in the current fiscal year. As they are the chief import products of the country, a decline in import of those products have had a direct impact on revenue collection.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The import of vehicles and petroleum products declined compared to last year. This has impacted revenue collection,” said Customs Officer Sukmani.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The customs office informed that the import declined basically due to coronavirus pandemic and the subsequent lockdown. Local importers say that although there has been some improvement in the last two months, the supply chain is yet to return to normal level due to the impact of almost six months of restrictions.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-20', 'modified' => '2020-12-20', 'keywords' => '', 'description' => '', 'sortorder' => '12577', 'image' => '20201220043911_1608422519.Clipboard05.jpg', 'article_date' => '2020-12-20 16:38:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12829', 'article_category_id' => '1', 'title' => 'Finance Minister Directs Concerned Authorities to Reduce Broker Commission ', 'sub_title' => '', 'summary' => 'December 20: Finance Minister Bishnu Prasad Poudel has shown special interest in the stock market.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">December 20: Finance Minister Bishnu Prasad Poudel has shown special interest in the stock market. The minister directed the top officials of the regulatory body to identify the existing problems and move ahead to resolve them immediately. Stating that the capital market is going to expand, he stressed on the need for the regulatory bodies to work out on a timetable to resolve the current problems. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">He directed the Securities Board of Nepal (SEBON) to immediately reduce the broker commission on stock trading, which has been demanded by investors for a long time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">“Don’t delay in reducing the broker commission, be pro-active,” Minister Poudel said while giving instruction in a meeting recently held at the Ministry of Finance. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Investors are demanding a reduction in the fees paid to brokers in stock trading, saying they are too high. At present, the investors have to pay 0.4 to 0.6 percent fees to the broker for stock trading. SEBON has already started homework to reduce the brokers’ fee. A board member said that a study has been done on how much the commission will be fixed. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">"Currently, a detailed study is being done on the specific cost of the brokers. On that basis, the fee will be determined," said a senior official of the board. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-20', 'modified' => '2020-12-20', 'keywords' => '', 'description' => '', 'sortorder' => '12576', 'image' => '20201220030536_20201015115013_1602717511.Clipboard02.jpg', 'article_date' => '2020-12-20 15:05:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $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
