July 25: Normal life has been affected due to the heavy rainfall taking place in various districts of Lumbini Province, including Rupandehi, since last…
July 25: Normal life has been affected due to the heavy rainfall taking place in various districts of Lumbini Province, including Rupandehi, since last…
Nepal SBI Bank has been honoured by the Institute of Chartered Accountants of Nepal (ICAN). The bank has been felicitated with the 'National Excellent Annual Report Award 2022' conferred annually by…
Minister for Finance Dr Prakash Sharan Mahat has said that taxes were increased on essential commodities such as potato and onion to promote self-reliance on the production of these food…
The government’s public debt has exceeded over Rs 2221 billion. According to data released by the Public Debt Management Office, Nepal's public debt has surpassed Rs 2221 billion by the end of the fiscal year 2079/80 BS (2022-23). This amount includes internal loans amounting to over Rs 1,100 billion and external loans worth Rs 1,093…
July 24: Dusit Hotels and Resorts under Dusit International, one of Thailand’s leading hotel and property development companies, made its debut in Nepal this month with the opening of the Dusit Princess Kathmandu, which started welcoming guests on July…
The BP Koirala Institute of Health Sciences (BPKIHS), Dharan, has set up a separate 30-bed dengue ward to combat the increasing cases of dengue…
July 24: Following an improvement in the external sector indicators of the economy due to the tight monetary policy last year, Nepal Rastra Bank (NRB) on Sunday issued a “cautiously flexible monetary policy” in order to keep the domestic economic activities…
July 24: The Federation of Contractors Association of Nepal (FCAN) has put forward a nine-point demand with the government along with a series of protest…
July 24: The Honorary Consular Corps - Nepal (HCC-N), an umbrella organization of non-residential consuls general, has nominated Vishnu Kumar Agrawal as its new…
July 24: The Department of Revenue Investigation (DRI) on Sunday arrested six more persons including three government officials for their alleged involvement in smuggling 100 kilograms of gold last…
July 24: The number of tourists visiting Mustang increased by 45 percent during the last fiscal year, according to a report published by the state-owned …
July 23: The Nepal Rastra Bank (NRB) has adopted a policy to offer additional facilities in the digital payments in a bid to stop financial anomalies and facilitate revenue…
The Nepal Rastra Bank has unveiled its Monetary Policy for the fiscal year 2023-24, setting seven key targets. The primary objective of the policy is to maintain foreign exchange reserves at a level that can cover at least seven months' worth of anticipated imports of goods and…
Nepal Rastra Bank (NRB) has made public the monetary policy for the current fiscal year,…
July 23: In recent times, climate change and its effects have become a challenge for sustainable…
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Heavy precipitation has been recorded in Rupandehi, Palpa, Nawalparasi, Pyuthan and surrounding places. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The risk of flooding has increased in settlements close to the bank of Tinau River which has become swollen following the heavy rainfall. The Tinau Flood Measurement Centre Butwal stated that the water level in the Tinau River has crossed the danger mark and it continues to rise. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">People living in settlements near the river bank and at low-lying areas have been notified to evacuate to safe places by today afternoon considering the risk of flooding in the areas. The Meteorological Forecasting Division has issued alert to residents of low-lying areas and settlements close to the river banks, and those preparing for travel to take precaution. </span></span></span><br /> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Arial Unicode MS","sans-serif"">Main roads obstructed due to heavy rainfall</span></strong> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, roads have been blocked by landslides triggered by incessant rainfall at various places in Palpa, Arghakhanchi, Pyuthan, among the districts of the province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Highway Security and Traffic Management Office Butwal said the Butwal-Palpa, Gorusinge-Sandhikharka and Bhaluwang-Pyuthan roads have been obstructed by landslides at different places. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-07-25', 'modified' => '2023-07-25', 'keywords' => '', 'description' => '', 'sortorder' => '18282', 'image' => '20230725120800_Capture2023-07-04-10-44-08 - Copy.jpeg', 'article_date' => '2023-07-25 12:07:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '18552', 'article_category_id' => '1', 'title' => 'Nepal SBI Bank Receives National Excellent Annual Report Award 2022', 'sub_title' => '', 'summary' => 'Nepal SBI Bank has been honoured by the Institute of Chartered Accountants of Nepal (ICAN). The bank has been felicitated with the 'National Excellent Annual Report Award 2022' conferred annually by ICAN.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">July 25: Nepal SBI Bank has been honoured by the Institute of Chartered Accountants of Nepal (ICAN). </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The bank has been felicitated with the 'National Excellent Annual Report Award 2022' conferred annually by ICAN. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The bank received the 'Bronze Award' in the banking sector. ICAN awarded the bank for the publication of its outstanding financial report in the banking sector.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During a program held in Kathmandu recently, Finance Minister Dr. Prakash Sharan Mahat handed over the award to the bank's Deputy Chief Executive Officer and Chief Financial Officer, Mohammad Rizwan Alam. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The bank currently provides services through 93 branches, 22 extension counters, 7 provincial offices, and one corporate office, and 128 ATMs across the country. </span></span></p> ', 'published' => true, 'created' => '2023-07-25', 'modified' => '2023-07-25', 'keywords' => '', 'description' => '', 'sortorder' => '18281', 'image' => '20230725060118_collage (3).jpg', 'article_date' => '2023-07-25 05:59:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '18551', 'article_category_id' => '1', 'title' => 'More Import Tax to Become Self-reliant, Says Finance Minister Mahat ', 'sub_title' => '', 'summary' => 'Minister for Finance Dr Prakash Sharan Mahat has said that taxes were increased on essential commodities such as potato and onion to promote self-reliance on the production of these food items.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">July 25: Minister for Finance Dr Prakash Sharan Mahat has said that taxes were increased on essential commodities such as potato and onion to promote self-reliance on the production of these food items. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">At a programme organized in Bhairahawa, Minister Mahat explained that taxes were increased on the imports of essential commodities with an objective to reduce reliance on such commodities and thereby increase self-increase.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Bemoaning that there was no adequate agricultural production although Nepal is an agricultural country, Mahat said that Value Added Tax(VAT) was imposed in the essential commodities to encourage domestic production of agrarian commodities. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">"We are about to gaining self-sufficiency in potato and onion production. This might have brought cheer to those producing agriculture products," he said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">When asked about party leader Bal Krishna Khand, who is currently in police custody due to his alleged involvement in the fake Bhutanese refugee scam, Mahat clarified that violators of law are never protected by his party. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Mahat clarified that his party will not take action against Khand just on the basis of allegation. “An impartial investigation should be launched into the case rather than making it a vendetta," the Minister said, adding that the culprit should not be spared while the innocent should not be convicted. (RSS)</span></span></span></p> ', 'published' => true, 'created' => '2023-07-25', 'modified' => '2023-07-25', 'keywords' => '', 'description' => '', 'sortorder' => '18280', 'image' => '20230725054527_collage (2).jpg', 'article_date' => '2023-07-25 05:43:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '18550', 'article_category_id' => '1', 'title' => 'Nepal's Public Debt Exceeds Rs 2221 Billion', 'sub_title' => '', 'summary' => 'The government’s public debt has exceeded over Rs 2221 billion. According to data released by the Public Debt Management Office, Nepal's public debt has surpassed Rs 2221 billion by the end of the fiscal year 2079/80 BS (2022-23). This amount includes internal loans amounting to over Rs 1,100 billion and external loans worth Rs 1,093 billion.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman",serif">July 24: The government’s public debt has exceeded over Rs 2221 billion. According to data released by the Public Debt Management Office, Nepal's public debt has surpassed Rs 2221 billion by the end of the fiscal year 2079/80 BS (2022-23). </span></span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman",serif">This amount includes internal loans amounting to over Rs 1,100 billion and external loans worth Rs 1,093 billion.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman",serif">The public debt witnessed a significant increase of over Rs 200 billion in the last fiscal year alone. At the end of the previous year, the total public debt stood at Rs 2,012 billion. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman",serif">However, during the last fiscal year, the internal debt rose by Rs 140 billion, while the external loan surged by Rs 675 billion, as reported by the Public Debt Management Office.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman",serif">Notably, the principal and interest obligations for the public debt have become almost equal to the country's capital expenditure. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman",serif">In the fiscal year 2022-23, Nepal's capital expenditure amounted to Rs 233 billion and 690 million. During the same period, the government paid a substantial amount of Rs 222 billion 742 million and 100 thousand to service the principal and interest for the public debt.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman",serif">Out of this sum, Rs 179 billion 725 million and 300 thousand were utilized to service the principal and interest of internal loans, while Rs 43 billion 16 million and 800 thousand were spent on servicing the principal and interest of external loans. (RSS)</span></span></span></p> <p> </p> <p> </p> <p> </p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> </span></span></p> ', 'published' => true, 'created' => '2023-07-24', 'modified' => '2023-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '18279', 'image' => '20230724061708_collage (2).jpg', 'article_date' => '2023-07-24 18:15:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 4 => array( 'Article' => array( 'id' => '18549', 'article_category_id' => '1', 'title' => 'Dusit Chain makes Debut in Nepal with the Opening of Hotel Dusit Princess', 'sub_title' => 'The 5-star franchise of Dusit International has an investment of Rs 250 crores', 'summary' => 'July 24: Dusit Hotels and Resorts under Dusit International, one of Thailand’s leading hotel and property development companies, made its debut in Nepal this month with the opening of the Dusit Princess Kathmandu, which started welcoming guests on July 17.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">July 24: Dusit Hotels and Resorts under Dusit International, one of Thailand’s leading hotel and property development companies, made its debut in Nepal this month with the opening of the Dusit Princess Kathmandu, which started welcoming guests on July 17.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Dusit Princess Kathmandu is located in the vibrant Lazimpat neighbourhood and is a short-distance walk from the Narayanhiti Palace Museum and just 18 minutes by car from the Tribhuvan International Airport. The hotel is designed to appeal to business and leisure travellers who appreciate comfort, value, and convenience, shared Khando Gurung, marketing chief of the hotel. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Thoughtfully designed to reflect local culture and architecture, the hotel property offers an oasis for relaxation amidst the buzz of the city. The hotel has 107 comfortable and well-furnished guest rooms ranging from 28 to 62 sq meters, along with a presidential suite covering 159 sq meters.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Likewise, the hotel boasts a specialty Thai restaurant Soi; a Dusit Gourmet outlet featuring freshly baked pastries, artisanal sandwiches, and ‘deli bites’; and a rooftop Kibu Sky lounge with panoramic city view. Likewise, the Rooftop Blue Bar at the hotel has the city’s highest infinity pool.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">“We promise to exceed your expectations and provide an experience that will leave</span></span> <span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">you with cherished memories for years to come,” said Tenzin Zoepa Lama, chairman of Dusit Princess Kathmandu.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Reflecting Dusit’s group-wide focus on wellness, Dusit Princess Kathmandu said it will soon open a Crest spa offering a wide range of Thai-inspired massage therapies and beauty treatments. The spa will have a steam room, sauna, and fully equipped Crest club along with a gym available for guests seeking to pause, refresh, and reinvigorate themselves to their utmost comfort.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">“Through this endeavour, I am committed to supporting the country's tourism growth, creating opportunities for local communities, and showcasing the richness of our cultural heritage,” he added. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Dusit Princess Kathmandu also offers a selection of versatile meeting spaces. Among them is the stunning rooftop venue, ‘Vista,’ featuring floor-to-ceiling windows and panoramic city views for up to 35 guests.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The elegant Princess Ballroom is available to host larger gatherings for up to 250 attendees, Lumbini 1 and Lumbini 2 halls are available for meetings and small gatherings for up to 35-40 people. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Dorje Lama, managing director of Dusit Princess Kathmandu, shared that the hotel aspires to be a symbol of Nepal's excellence in hospitality. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">"We are unwaveringly dedicated to exceptional service, attention to detail, and commitment to sustainability which will ensure that the guests have an extraordinary and authentic experience throughout their stay,” he expressed.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">To celebrate its opening, Dusit Princess Kathmandu is offering a special opening offer starting at only NPR 16,500 (USD 125) per night for a superior room with breakfast for two and set dinner at specialty Thai restaurant SOI, valid until September 17, 2023.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-07-24', 'modified' => '2023-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '18278', 'image' => '20230724050128_1023456324.jpg', 'article_date' => '2023-07-24 17:00:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '18548', 'article_category_id' => '1', 'title' => 'BPKIHS Launches 30-Bed Dengue Ward Amidst Soaring Dengue Fever Cases', 'sub_title' => '', 'summary' => 'The BP Koirala Institute of Health Sciences (BPKIHS), Dharan, has set up a separate 30-bed dengue ward to combat the increasing cases of dengue fever.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">July 24: The BP Koirala Institute of Health Sciences (BPKIHS), Dharan, has set up a separate 30-bed dengue ward to combat the increasing cases of dengue fever.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> The dedicated ward commenced its operations on Sunday in response to the escalating dengue outbreak in Dharan sub-metropolis, Sunsari, and its neighboring regions.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">With the relentless surge in dengue cases in Sunsari and surrounding areas, the existing medical facilities at BPKIHS, including the 'central emergency' and the 'dengue clinic,' have become insufficient to cope with the situation, according to BPKIHS acting vice-chancellor Prof Dr. Prahlad Karki.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The 50-bed 'observation ward' has been overwhelmingly occupied by dengue patients in the past two days. Currently, an alarming 85% of the ward's beds are filled with dengue patients. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Moreover, the hospital's emergency ward has been inundated with 60 to 75 dengue cases daily.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-07-24', 'modified' => '2023-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '18277', 'image' => '20230724044303_collage (1).jpg', 'article_date' => '2023-07-24 16:41:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '18546', 'article_category_id' => '1', 'title' => 'New Monetary Policy is ‘Cautiously Flexible’', 'sub_title' => '', 'summary' => 'July 24: Following an improvement in the external sector indicators of the economy due to the tight monetary policy last year, Nepal Rastra Bank (NRB) on Sunday issued a “cautiously flexible monetary policy” in order to keep the domestic economic activities afloat.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Yadav Humagain</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">July 24: Following an improvement in the external sector indicators of the economy due to the tight monetary policy last year, Nepal Rastra Bank (NRB) on Sunday issued a “cautiously flexible monetary policy” in order to keep the domestic economic activities afloat.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The central bank has made some changes in the monetary policy and included some flexible provisions after the increase in the net savings, comfortable foreign exchange reserves and taming of inflation within the limits. In addition to reducing the bank rate through the policy, the NRB has announced that it will review the existing risk weighting arrangements for share mortgages, real estate and hire purchase loans and also review the current capital loan guidelines. It has indicated that it is trying to address the demands of the private sector.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">However, the central bank has indicated that the policy rate will be set based on the ability of the foreign exchange reserves to support imports and the annual target inflation.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">During a press conference held after announcing the monetary policy, NRB Governor Maha Prasad Adhikari said that the central bank has become flexible to keep domestic economic activities running while being aware of the state of the economy. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"Tight monetary policy is still in place in the big economies around the world while there is a pressure on inflation," he said, "We have become somewhat flexible to make the internal economy run. The policy will be revised in the future depending on the situation."</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Efforts to reduce interest rates</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The central bank has tried to reduce the interest rate which had reached a high point due to the previous monetary policy. The policy rate, which was increased by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percentage points to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent through the monetary policy of the last fiscal year (FY), has been reduced by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">50</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> base points to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">6.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in the current fiscal year. Similarly, the deposit collection rate has also been reduced from </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. The bank rate has been kept unchanged at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The bank rate, which was increased by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percentage points to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">8.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent last year, was reduced by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percentage point to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent from the third quarter review of the monetary policy during last FY.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Banks get overnight liquidity facility at policy rate and permanent liquidity facility at bank rate. The central bank said that when the policy rate decreases, the cost of liquidity management of banks will be reduced and the interest rate of loans will be cheaper. However, the ability of banks to extend credit has not increased as the central bank has not changed the mandatory cash reserve ratio (CRR) and statutory liquidity ratio (SLR). </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Likewise, in the monetary policy, the central bank has indicated that the policy rate will be set based on the capacity of the foreign exchange reserves to support imports and the annual target inflation, and has also indicated that it will be tightened at any time based on external sector pressure.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Relief for real estate, shares and auto loans</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Through monetary policy, the central bank has tried to provide relief to the loans for the housing, real estate, share mortgage and automobile sectors.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The monetary policy mentions that the first residential home loan limit will be increased from Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">15</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">0 million. Similarly, the NRB has announced to review the existing risk weighting arrangements for share mortgage, real estate and hire purchase loans. In the press conference, the central bank officials said that the risk burden of share mortgage loans up to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">million, new real estate loans and auto loans up to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">million will be reduced and maintained at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">At present, there is a provision that the risk weight of loans flowing through share securities should be kept at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in case of loans up to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million and </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">150</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in case of more than that amount. Similarly, in real estate and auto loans, the risk weight is </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">150</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. Banks have been reluctant to extend loans in these areas due to the high risk burden. Likewise, the central bank has tried to address the demands of businessmen by stating that the current capital loan guidelines will also be reviewed.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Reduction of microfinance, facilitation of cooperatives</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In the past years, the central bank had adopted a policy of reducing the number of banks and financial institutions, but in the current fiscal year, it has announced that it will reduce the number of microfinance institutions. In the monetary policy, it has been mentioned that mergers and acquisitions of microfinance institutions will be encouraged so that existing facilities will be available if integrated transactions are conducted by the end of the current fiscal year (mid-July 2024)</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Similarly, NRB announced that the recommendations of the report prepared by the study committee on the problems of microfinance companies will be implemented gradually. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Amid growing demand for the central bank to monitor cooperatives, the NRB said it will facilitate to create a separate institution for monitoring the cooperative sector.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">As mentioned in the current year's budget, the monetary policy states that necessary facilitation will be done to establish a separate specialized regulatory body for effective regulation and supervision of savings and credit cooperatives.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Rs </span></span></strong><strong><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">562</span></span></strong><strong><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion loan for economic growth</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In order to achieve the </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">6 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent economic growth target set by the government in the budget of the current fiscal year, the central bank has set a target of extending loans of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">562 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion. Stating that the priority is to flow financial resources to the productive sector in order to help achieve economic growth, the loan from banks and financial institutions to the private sector in the fiscal year </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">23</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">/</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">24</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">is expected to grow by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">11 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The goal of the monetary policy is to manage the monetary system so as not to put pressure on the prices from the monetary expansion and to maintain inflation within 6.5 percent and to maintain the foreign exchange reserves to meet the import of goods and services for at least 7 months.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Although the government has imposed a 5 percent tax to discourage Nepalis from going on foreign trips, the central bank has increased the foreign facility for passport holders. It is mentioned in the monetary policy that Nepalese citizens visiting countries other than India will be provided with facilities exchange for up to US$ 1,500 twice in a year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Large debtors under surveillance</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The central bank has announced that it will monitor the big borrowers through monetary policy. The NRB mentioned that a separate guidelines will be issued to make the supervision of large borrowers effective. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Similarly, the NRB said that the existing Banking Offenses Act, 2064 will be amended in order to assist in controlling non-commercial and disorderly activities that affect the stability of the financial sector. Reforms have also been announced in the monetary policy, including issuing a 'Stress Loan Resolution Framework' to restructure the credit of troubled borrowers, implementing a system for national level development banks to maintain capital in accordance with the Capital Adequacy Framework, reviewing credit investment systems in designated areas, and central customer identification systems based on national identity cards.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-07-24', 'modified' => '2023-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '18275', 'image' => '20230724024424_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2023-07-24 14:43:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '18545', 'article_category_id' => '1', 'title' => 'Construction Entrepreneurs Announce Series of Protest Programmes', 'sub_title' => '', 'summary' => 'July 24: The Federation of Contractors Association of Nepal (FCAN) has put forward a nine-point demand with the government along with a series of protest programmes.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">July 24: The Federation of Contractors Association of Nepal (FCAN) has put forward a nine-point demand with the government along with a series of protest programmes.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The federation announced the protest program demanding the release of payments of all construction projects in lump sum and the extension of the deadline of all the projects.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The government has already extended the deadline of infrastructure projects by publishing a notice in the Nepal Gazette as per the request of the construction entrepreneurs. However, the contractors say that their demands have not been implemented.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The contractors announced the protest programmes on Sunday following a national meet of more than 400 construction entrepreneurs from all across the nation held in the capital on Friday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Organising a press conference, the federation stated that the government has withdrawn from its commitments and therefore the contractors decided to hold the protest. FCAN argued that the government is yet to fulfill their demands.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Ravi Singh, president of the Federation, said that the government should adjust prices to address the excessive and unexpected price hike.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, other demands put forward by the federation include termination of stalled and problematic projects that have not shown any progress due to lack of budget.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">They have also demanded that cheque bounce and confiscation of bank guarantees should be stopped, the increase in the premium rate of insurance should be cancelled, the remaining arrears of income tax and value-added tax (VAT) deducted at source should be submitted to the revenue department on time.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The federation has also demanded that the provision of construction by the consumer committee should be abolished and that the public procurement act and rules related to infrastructure should be business-friendly. Singh said that more than 24,000 construction workers across the country have been affected because the government is not business-friendly. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Singh made it clear that if the government fulfils the demands of the federation, all the protest programs will be withdrawn.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Yaksha Dhwaj Karki, advisor and former president of the federation, said that the problems in the construction industry have increased due to the non-inclusion of construction professionals while amending the laws and regulations related to public procurement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">As part of the program of the movement, the federation will submit a memorandum with an ultimatum to the prime minister on Monday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">On Tuesday, seven state federations will submit a memorandum with an ultimatum to the chief minister and 77 district federations to the district administration offices. From July 26 to 30, there is a program to inform the presidents of various political parties, concerned federal government agencies, and the state federation about their demands.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, on July 30, the federation has announced a one-hour protest at the Public Procurement Monitoring Office from 10:00 am to 11:00 am, and from the same day, a 1-hour protest will be held at the offices of the chief ministers of all seven provinces and district administration offices. The federation said that they will hold a sit-in protest for one hour in front of the prime minister's residence on July 31 and will hold a strong demonstration in the federal capital with construction equipment<strong> </strong>and tools until their demands are met.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p><br /> </p> ', 'published' => true, 'created' => '2023-07-24', 'modified' => '2023-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '18274', 'image' => '20230724020921_20220418055544_fcan-building.jpg', 'article_date' => '2023-07-24 14:08:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '18544', 'article_category_id' => '1', 'title' => 'Honorary Consular Corps Nepal Nominates Vishnu Agrawal as its New Dean', 'sub_title' => '', 'summary' => 'July 24: The Honorary Consular Corps - Nepal (HCC-N), an umbrella organization of non-residential consuls general, has nominated Vishnu Kumar Agrawal as its new dean.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">July 24: The Honorary Consular-Corps Nepal (HCC-N), an umbrella organization of non-residential consuls general, has nominated Vishnu Kumar Agrawal as its new dean.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Agrawal is the immediate past president of the Confederation of Nepalese Industries (CNI). He is also the honorary consul general of the Czech Republic since 2015.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">According to HCC-N, Agrawal was appointed the honorary consul of the Czech Republic in 2010 and was promoted to the post of honorary consul general in 2015.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Issuing a statement on Sunday, HCC-N confirmed that the 16<sup>th</sup> Annual General Meeting of the organization nominated Agrawal as the new dean.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The AGM was attended by Vice President Ram Sahay Yadav and Minister for Foreign Affairs NP Saud, added the statement.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Speaking at the inauguration of the AGM, Vice President Yadav expressed his gratitude for the immense contributions made by the honorary consul generals of 59 countries with whom Nepal has established diplomatic relations but does not have permanent residential envoys.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“The need of the present day is to maintain cordial relations with all the nations of the world to support Nepal’s goal of attain economic prosperity. I am expecting a constructive role from HCC-N in this regard,” said Vice President Yadav.</span></span></span></p> ', 'published' => true, 'created' => '2023-07-24', 'modified' => '2023-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '18273', 'image' => '20230724011342_HCCN AGM.JPG', 'article_date' => '2023-07-24 13:11:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '18543', 'article_category_id' => '1', 'title' => 'Six More Arrested Including Customs Officials in Connection to Gold Smuggling ', 'sub_title' => '', 'summary' => 'July 24: The Department of Revenue Investigation (DRI) on Sunday arrested six more persons including three government officials for their alleged involvement in smuggling 100 kilograms of gold last week. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 24: The Department of Revenue Investigation (DRI) on Sunday arrested six more persons including three government officials for their alleged involvement in smuggling 100 kilograms of gold last week. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Information Officer of DRI Nabaraj Adhikari said that the arrested are Customs Officer Santosh Chand, X-ray Operator Saroj Shrestha and Customs Invigilator Kumar Dhakal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, customs agents Sudarshan Gautam, Rukmini Subba and Yadav Parajuli were also arrested. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">So far, 16 individuals have been arrested in this case. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department had seized the illegally imported gold from Tribhuvan International Airport area that had passed the customs undetected on Wednesday. The gold was brought from Hong Kong. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-07-24', 'modified' => '2023-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '18272', 'image' => '20230724122702_goldee.jpg', 'article_date' => '2023-07-24 12:26:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '18542', 'article_category_id' => '1', 'title' => 'Inflow of Tourists up in Mustang ', 'sub_title' => '', 'summary' => 'July 24: The number of tourists visiting Mustang increased by 45 percent during the last fiscal year, according to a report published by the state-owned RSS. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 24: The number of tourists visiting Mustang increased by 45 percent during the last fiscal year, according to a report published by the state-owned RSS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Jomsom-based Area Conservation Office under the Annapurna Conservation Area Project (ACAP) told RSS that the arrival of tourists in Mustang increased by 45.75 percent in the fiscal year 2022/23 compared to the previous fiscal year (FY 2021/22). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">ACAP Jomsom In-charge Ashok Subedi informed RSS that a total of 71,707 foreign tourists had entered Mustang in the fiscal 2022/23. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The data shows considerable rise in the inflow of tourists before and after COVID-19," he shared, adding, "Altogether 38,896 tourists had entered Mustang in the year 2021/22. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Compared to the previous fiscal year, 32,811 more tourists visited Mustang in the FY 2022/23.” </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to ACAP, as many as 59,310 tourists arrived in the district from SAARC member countries and 6,749 tourists from third countries in the last fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the review year, a total of 3,388 tourists visited Upper Mustang which is a semi-prohibited area. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The influx of tourists had increased in Mustang last year owing to the favourable weather, easy road access, facilities of hotels and lodges and nominal incidents of natural disasters, RSS reported. </span></span></span></p> ', 'published' => true, 'created' => '2023-07-24', 'modified' => '2023-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '18271', 'image' => '20230724112952_20220424035529_istockphoto-534638391-612x612.jpg', 'article_date' => '2023-07-24 11:29:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '18541', 'article_category_id' => '1', 'title' => 'Central Bank to Facilitate Digital Payments ', 'sub_title' => '', 'summary' => 'July 23: The Nepal Rastra Bank (NRB) has adopted a policy to offer additional facilities in the digital payments in a bid to stop financial anomalies and facilitate revenue collection.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 23: The Nepal Rastra Bank (NRB) has adopted a policy to offer additional facilities in the digital payments in a bid to stop financial anomalies and facilitate revenue collection. According to the Monetary Policy for the current fiscal year (FY 2023/24) published by NRB on Sunday, revenue collection will be facilitated by maximum utilization of digital payment system by the offices offering public services.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The central bank will carry out additional study for the introduction of digital currency, states the monetary policy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the inflow of foreign currencies by exporting services including information technology would be made more effective, said the policy. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-07-23', 'modified' => '2023-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '18270', 'image' => '20230723064033_20200928042838_88-800x430.jpg', 'article_date' => '2023-07-23 18:39:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '18540', 'article_category_id' => '1', 'title' => 'Monetary Policy for FY 2023-24 Sets Seven Targets', 'sub_title' => '', 'summary' => 'The Nepal Rastra Bank has unveiled its Monetary Policy for the fiscal year 2023-24, setting seven key targets. The primary objective of the policy is to maintain foreign exchange reserves at a level that can cover at least seven months' worth of anticipated imports of goods and services.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">July 23: The Nepal Rastra Bank has unveiled its Monetary Policy for the fiscal year 2023-24, setting seven key targets. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The primary objective of the policy is to maintain foreign exchange reserves at a level that can cover at least seven months' worth of anticipated imports of goods and services. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The policy rates have been determined based on the capacity of the foreign exchange reserves to cover imports and the target annual inflation rate. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Additionally, the exchange rate of the Nepalese currency against the Indian currency will remain unchanged.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">To achieve the desired outcomes, the Central Bank aims to keep interbank interest rates within a specified corridor through open market operations, aligning with the operating target. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The policy also focuses on limiting inflation to 6.5 percent by preventing excessive pressure on prices caused by monetary expansion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Furthermore, the Monetary Policy emphasizes the allocation of fiscal resources to the productive sector in line with the government's target of achieving six percent economic growth for the current fiscal year.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">As part of the plan, the broad money supply is expected to increase by 12.5 percent, while credit to the private sector from banks and financial institutions is projected to rise by 11.5 percent in the same period.</span></span></p> ', 'published' => true, 'created' => '2023-07-23', 'modified' => '2023-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '18269', 'image' => '20230723064251_RS-Ktm-IMG_20230723_165054.jpg', 'article_date' => '2023-07-23 17:35:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '18539', 'article_category_id' => '1', 'title' => 'NRB Unveils Monetary Policy for FY 2023/24', 'sub_title' => '', 'summary' => 'Nepal Rastra Bank (NRB) has made public the monetary policy for the current fiscal year, 2023/24.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">July 23: Nepal Rastra Bank (NRB) has made public the monetary policy for the current fiscal year, 2023/24.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The central bank through the monetary policy has dropped the policy rate, and kept intact the mandatory cash ratio and the statutory liquidity ratio of banks and financial institutions.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Similarly, the bank rate has remained unchanged, and the bidding rate in deposit collection has been decreased. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In view of the internal and external economic scenario, the policy rate has reduced 50 base points to 6.5 percent. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The bank rate has been kept intact at 7.5 percent while the bidding rate in deposit collection has dropped to 4.5 percent from 5.5 percent.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The secondary market transaction and the bidding in the deposit collection will remain open if the weighted interbank interest rate considered the operation target by the Rastra Bank is higher than the bank rate and lower than the deposit collection rate.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Similarly, the provision of the permanent liquidity facility in the bank rate and the overnight liquidity facility in the policy rate has been kept unchanged. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">There will be a provision of providing the permanent deposit collection at the lower limit of the interest rate corridor for making the interest rate corridor effective, according to the central bank. (RSS)</span></span></p> ', 'published' => true, 'created' => '2023-07-23', 'modified' => '2023-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '18268', 'image' => '20230723042338_collage (18).jpg', 'article_date' => '2023-07-23 16:21:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '18536', 'article_category_id' => '1', 'title' => 'Development Banks Launch Special Schemes under Green Financing', 'sub_title' => '', 'summary' => 'July 23: In recent times, climate change and its effects have become a challenge for sustainable development.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">July 23: In recent times, climate change and its effects have become a challenge for sustainable development. All the countries of the world are struggling to reduce the effects of climate change. Recently, there has been a big debate about green financing. Various countries have implemented the concept of green finance, which is considered important for sustainable development. Development banks have decided to come up with two special schemes as its practice is starting in Nepal as well.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Development banks have introduced 'Green Deposit Scheme' and 'Green Loan Scheme' to contribute to sustainable development. Development Bankers Association of Nepal (DBAN) working committee has decided to include investments in about a dozen productive sectors in the green credit scheme, including agricultural enterprises, forestry enterprises, hydroelectricity, solar energy, biological energy, wind energy, cable car/ropeway, electric vehicles and waste water processing enterprises. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">DBAN informed New Business Age that since the investment of banks and financial institutions is increasing in relatively less productive areas, it has decided to introduce 'Green Loan Scheme' with the aim of increasing loans in areas that support productive and sustainable development.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Green deposit scheme is also going to be introduced with the aim of gradually securing resources for investment in green loan schemes. In the green deposit scheme, interest will be provided 0.25 percentage point higher than other savings and term deposits. Similarly, in the green loan scheme, the "product paper" of the loan scheme is going to be developed in such a way that the interest rate is 0.25 percent lower than in other loan schemes of the same nature.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The organization said that any industry/business that emits carbon and affects climate change cannot avail green loan facility. It is said that the organization has issued a circular to its member banks to bring the green deposit scheme and green loan scheme in the market after getting the product paper approved by the board of directors of their respective banks.</span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-07-23', 'modified' => '2023-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '18267', 'image' => '20230723021948_green financing.jpg', 'article_date' => '2023-07-23 14:19:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, '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' => '18554', 'article_category_id' => '1', 'title' => 'Heavy Rain Lashes Lumbini Province, Authorities Call for Alert', 'sub_title' => '', 'summary' => 'July 25: Normal life has been affected due to the heavy rainfall taking place in various districts of Lumbini Province, including Rupandehi, since last night.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 25: Normal life has been affected due to the heavy rainfall taking place in various districts of Lumbini Province, including Rupandehi, since last night. Heavy precipitation has been recorded in Rupandehi, Palpa, Nawalparasi, Pyuthan and surrounding places. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The risk of flooding has increased in settlements close to the bank of Tinau River which has become swollen following the heavy rainfall. The Tinau Flood Measurement Centre Butwal stated that the water level in the Tinau River has crossed the danger mark and it continues to rise. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">People living in settlements near the river bank and at low-lying areas have been notified to evacuate to safe places by today afternoon considering the risk of flooding in the areas. The Meteorological Forecasting Division has issued alert to residents of low-lying areas and settlements close to the river banks, and those preparing for travel to take precaution. </span></span></span><br /> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Arial Unicode MS","sans-serif"">Main roads obstructed due to heavy rainfall</span></strong> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, roads have been blocked by landslides triggered by incessant rainfall at various places in Palpa, Arghakhanchi, Pyuthan, among the districts of the province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Highway Security and Traffic Management Office Butwal said the Butwal-Palpa, Gorusinge-Sandhikharka and Bhaluwang-Pyuthan roads have been obstructed by landslides at different places. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-07-25', 'modified' => '2023-07-25', 'keywords' => '', 'description' => '', 'sortorder' => '18282', 'image' => '20230725120800_Capture2023-07-04-10-44-08 - Copy.jpeg', 'article_date' => '2023-07-25 12:07:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '18552', 'article_category_id' => '1', 'title' => 'Nepal SBI Bank Receives National Excellent Annual Report Award 2022', 'sub_title' => '', 'summary' => 'Nepal SBI Bank has been honoured by the Institute of Chartered Accountants of Nepal (ICAN). The bank has been felicitated with the 'National Excellent Annual Report Award 2022' conferred annually by ICAN.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">July 25: Nepal SBI Bank has been honoured by the Institute of Chartered Accountants of Nepal (ICAN). </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The bank has been felicitated with the 'National Excellent Annual Report Award 2022' conferred annually by ICAN. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The bank received the 'Bronze Award' in the banking sector. ICAN awarded the bank for the publication of its outstanding financial report in the banking sector.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During a program held in Kathmandu recently, Finance Minister Dr. Prakash Sharan Mahat handed over the award to the bank's Deputy Chief Executive Officer and Chief Financial Officer, Mohammad Rizwan Alam. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The bank currently provides services through 93 branches, 22 extension counters, 7 provincial offices, and one corporate office, and 128 ATMs across the country. </span></span></p> ', 'published' => true, 'created' => '2023-07-25', 'modified' => '2023-07-25', 'keywords' => '', 'description' => '', 'sortorder' => '18281', 'image' => '20230725060118_collage (3).jpg', 'article_date' => '2023-07-25 05:59:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '18551', 'article_category_id' => '1', 'title' => 'More Import Tax to Become Self-reliant, Says Finance Minister Mahat ', 'sub_title' => '', 'summary' => 'Minister for Finance Dr Prakash Sharan Mahat has said that taxes were increased on essential commodities such as potato and onion to promote self-reliance on the production of these food items.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">July 25: Minister for Finance Dr Prakash Sharan Mahat has said that taxes were increased on essential commodities such as potato and onion to promote self-reliance on the production of these food items. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">At a programme organized in Bhairahawa, Minister Mahat explained that taxes were increased on the imports of essential commodities with an objective to reduce reliance on such commodities and thereby increase self-increase.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Bemoaning that there was no adequate agricultural production although Nepal is an agricultural country, Mahat said that Value Added Tax(VAT) was imposed in the essential commodities to encourage domestic production of agrarian commodities. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">"We are about to gaining self-sufficiency in potato and onion production. This might have brought cheer to those producing agriculture products," he said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">When asked about party leader Bal Krishna Khand, who is currently in police custody due to his alleged involvement in the fake Bhutanese refugee scam, Mahat clarified that violators of law are never protected by his party. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Mahat clarified that his party will not take action against Khand just on the basis of allegation. “An impartial investigation should be launched into the case rather than making it a vendetta," the Minister said, adding that the culprit should not be spared while the innocent should not be convicted. (RSS)</span></span></span></p> ', 'published' => true, 'created' => '2023-07-25', 'modified' => '2023-07-25', 'keywords' => '', 'description' => '', 'sortorder' => '18280', 'image' => '20230725054527_collage (2).jpg', 'article_date' => '2023-07-25 05:43:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '18550', 'article_category_id' => '1', 'title' => 'Nepal's Public Debt Exceeds Rs 2221 Billion', 'sub_title' => '', 'summary' => 'The government’s public debt has exceeded over Rs 2221 billion. According to data released by the Public Debt Management Office, Nepal's public debt has surpassed Rs 2221 billion by the end of the fiscal year 2079/80 BS (2022-23). This amount includes internal loans amounting to over Rs 1,100 billion and external loans worth Rs 1,093 billion.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman",serif">July 24: The government’s public debt has exceeded over Rs 2221 billion. According to data released by the Public Debt Management Office, Nepal's public debt has surpassed Rs 2221 billion by the end of the fiscal year 2079/80 BS (2022-23). </span></span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman",serif">This amount includes internal loans amounting to over Rs 1,100 billion and external loans worth Rs 1,093 billion.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman",serif">The public debt witnessed a significant increase of over Rs 200 billion in the last fiscal year alone. At the end of the previous year, the total public debt stood at Rs 2,012 billion. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman",serif">However, during the last fiscal year, the internal debt rose by Rs 140 billion, while the external loan surged by Rs 675 billion, as reported by the Public Debt Management Office.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman",serif">Notably, the principal and interest obligations for the public debt have become almost equal to the country's capital expenditure. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman",serif">In the fiscal year 2022-23, Nepal's capital expenditure amounted to Rs 233 billion and 690 million. During the same period, the government paid a substantial amount of Rs 222 billion 742 million and 100 thousand to service the principal and interest for the public debt.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman",serif">Out of this sum, Rs 179 billion 725 million and 300 thousand were utilized to service the principal and interest of internal loans, while Rs 43 billion 16 million and 800 thousand were spent on servicing the principal and interest of external loans. (RSS)</span></span></span></p> <p> </p> <p> </p> <p> </p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> </span></span></p> ', 'published' => true, 'created' => '2023-07-24', 'modified' => '2023-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '18279', 'image' => '20230724061708_collage (2).jpg', 'article_date' => '2023-07-24 18:15:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 4 => array( 'Article' => array( 'id' => '18549', 'article_category_id' => '1', 'title' => 'Dusit Chain makes Debut in Nepal with the Opening of Hotel Dusit Princess', 'sub_title' => 'The 5-star franchise of Dusit International has an investment of Rs 250 crores', 'summary' => 'July 24: Dusit Hotels and Resorts under Dusit International, one of Thailand’s leading hotel and property development companies, made its debut in Nepal this month with the opening of the Dusit Princess Kathmandu, which started welcoming guests on July 17.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">July 24: Dusit Hotels and Resorts under Dusit International, one of Thailand’s leading hotel and property development companies, made its debut in Nepal this month with the opening of the Dusit Princess Kathmandu, which started welcoming guests on July 17.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Dusit Princess Kathmandu is located in the vibrant Lazimpat neighbourhood and is a short-distance walk from the Narayanhiti Palace Museum and just 18 minutes by car from the Tribhuvan International Airport. The hotel is designed to appeal to business and leisure travellers who appreciate comfort, value, and convenience, shared Khando Gurung, marketing chief of the hotel. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Thoughtfully designed to reflect local culture and architecture, the hotel property offers an oasis for relaxation amidst the buzz of the city. The hotel has 107 comfortable and well-furnished guest rooms ranging from 28 to 62 sq meters, along with a presidential suite covering 159 sq meters.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Likewise, the hotel boasts a specialty Thai restaurant Soi; a Dusit Gourmet outlet featuring freshly baked pastries, artisanal sandwiches, and ‘deli bites’; and a rooftop Kibu Sky lounge with panoramic city view. Likewise, the Rooftop Blue Bar at the hotel has the city’s highest infinity pool.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">“We promise to exceed your expectations and provide an experience that will leave</span></span> <span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">you with cherished memories for years to come,” said Tenzin Zoepa Lama, chairman of Dusit Princess Kathmandu.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Reflecting Dusit’s group-wide focus on wellness, Dusit Princess Kathmandu said it will soon open a Crest spa offering a wide range of Thai-inspired massage therapies and beauty treatments. The spa will have a steam room, sauna, and fully equipped Crest club along with a gym available for guests seeking to pause, refresh, and reinvigorate themselves to their utmost comfort.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">“Through this endeavour, I am committed to supporting the country's tourism growth, creating opportunities for local communities, and showcasing the richness of our cultural heritage,” he added. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Dusit Princess Kathmandu also offers a selection of versatile meeting spaces. Among them is the stunning rooftop venue, ‘Vista,’ featuring floor-to-ceiling windows and panoramic city views for up to 35 guests.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The elegant Princess Ballroom is available to host larger gatherings for up to 250 attendees, Lumbini 1 and Lumbini 2 halls are available for meetings and small gatherings for up to 35-40 people. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Dorje Lama, managing director of Dusit Princess Kathmandu, shared that the hotel aspires to be a symbol of Nepal's excellence in hospitality. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">"We are unwaveringly dedicated to exceptional service, attention to detail, and commitment to sustainability which will ensure that the guests have an extraordinary and authentic experience throughout their stay,” he expressed.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">To celebrate its opening, Dusit Princess Kathmandu is offering a special opening offer starting at only NPR 16,500 (USD 125) per night for a superior room with breakfast for two and set dinner at specialty Thai restaurant SOI, valid until September 17, 2023.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-07-24', 'modified' => '2023-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '18278', 'image' => '20230724050128_1023456324.jpg', 'article_date' => '2023-07-24 17:00:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '18548', 'article_category_id' => '1', 'title' => 'BPKIHS Launches 30-Bed Dengue Ward Amidst Soaring Dengue Fever Cases', 'sub_title' => '', 'summary' => 'The BP Koirala Institute of Health Sciences (BPKIHS), Dharan, has set up a separate 30-bed dengue ward to combat the increasing cases of dengue fever.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">July 24: The BP Koirala Institute of Health Sciences (BPKIHS), Dharan, has set up a separate 30-bed dengue ward to combat the increasing cases of dengue fever.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> The dedicated ward commenced its operations on Sunday in response to the escalating dengue outbreak in Dharan sub-metropolis, Sunsari, and its neighboring regions.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">With the relentless surge in dengue cases in Sunsari and surrounding areas, the existing medical facilities at BPKIHS, including the 'central emergency' and the 'dengue clinic,' have become insufficient to cope with the situation, according to BPKIHS acting vice-chancellor Prof Dr. Prahlad Karki.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The 50-bed 'observation ward' has been overwhelmingly occupied by dengue patients in the past two days. Currently, an alarming 85% of the ward's beds are filled with dengue patients. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Moreover, the hospital's emergency ward has been inundated with 60 to 75 dengue cases daily.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-07-24', 'modified' => '2023-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '18277', 'image' => '20230724044303_collage (1).jpg', 'article_date' => '2023-07-24 16:41:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '18546', 'article_category_id' => '1', 'title' => 'New Monetary Policy is ‘Cautiously Flexible’', 'sub_title' => '', 'summary' => 'July 24: Following an improvement in the external sector indicators of the economy due to the tight monetary policy last year, Nepal Rastra Bank (NRB) on Sunday issued a “cautiously flexible monetary policy” in order to keep the domestic economic activities afloat.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Yadav Humagain</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">July 24: Following an improvement in the external sector indicators of the economy due to the tight monetary policy last year, Nepal Rastra Bank (NRB) on Sunday issued a “cautiously flexible monetary policy” in order to keep the domestic economic activities afloat.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The central bank has made some changes in the monetary policy and included some flexible provisions after the increase in the net savings, comfortable foreign exchange reserves and taming of inflation within the limits. In addition to reducing the bank rate through the policy, the NRB has announced that it will review the existing risk weighting arrangements for share mortgages, real estate and hire purchase loans and also review the current capital loan guidelines. It has indicated that it is trying to address the demands of the private sector.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">However, the central bank has indicated that the policy rate will be set based on the ability of the foreign exchange reserves to support imports and the annual target inflation.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">During a press conference held after announcing the monetary policy, NRB Governor Maha Prasad Adhikari said that the central bank has become flexible to keep domestic economic activities running while being aware of the state of the economy. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"Tight monetary policy is still in place in the big economies around the world while there is a pressure on inflation," he said, "We have become somewhat flexible to make the internal economy run. The policy will be revised in the future depending on the situation."</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Efforts to reduce interest rates</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The central bank has tried to reduce the interest rate which had reached a high point due to the previous monetary policy. The policy rate, which was increased by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percentage points to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent through the monetary policy of the last fiscal year (FY), has been reduced by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">50</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> base points to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">6.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in the current fiscal year. Similarly, the deposit collection rate has also been reduced from </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. The bank rate has been kept unchanged at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The bank rate, which was increased by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percentage points to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">8.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent last year, was reduced by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percentage point to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent from the third quarter review of the monetary policy during last FY.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Banks get overnight liquidity facility at policy rate and permanent liquidity facility at bank rate. The central bank said that when the policy rate decreases, the cost of liquidity management of banks will be reduced and the interest rate of loans will be cheaper. However, the ability of banks to extend credit has not increased as the central bank has not changed the mandatory cash reserve ratio (CRR) and statutory liquidity ratio (SLR). </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Likewise, in the monetary policy, the central bank has indicated that the policy rate will be set based on the capacity of the foreign exchange reserves to support imports and the annual target inflation, and has also indicated that it will be tightened at any time based on external sector pressure.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Relief for real estate, shares and auto loans</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Through monetary policy, the central bank has tried to provide relief to the loans for the housing, real estate, share mortgage and automobile sectors.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The monetary policy mentions that the first residential home loan limit will be increased from Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">15</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">0 million. Similarly, the NRB has announced to review the existing risk weighting arrangements for share mortgage, real estate and hire purchase loans. In the press conference, the central bank officials said that the risk burden of share mortgage loans up to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">million, new real estate loans and auto loans up to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">million will be reduced and maintained at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">At present, there is a provision that the risk weight of loans flowing through share securities should be kept at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in case of loans up to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million and </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">150</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in case of more than that amount. Similarly, in real estate and auto loans, the risk weight is </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">150</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. Banks have been reluctant to extend loans in these areas due to the high risk burden. Likewise, the central bank has tried to address the demands of businessmen by stating that the current capital loan guidelines will also be reviewed.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Reduction of microfinance, facilitation of cooperatives</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In the past years, the central bank had adopted a policy of reducing the number of banks and financial institutions, but in the current fiscal year, it has announced that it will reduce the number of microfinance institutions. In the monetary policy, it has been mentioned that mergers and acquisitions of microfinance institutions will be encouraged so that existing facilities will be available if integrated transactions are conducted by the end of the current fiscal year (mid-July 2024)</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Similarly, NRB announced that the recommendations of the report prepared by the study committee on the problems of microfinance companies will be implemented gradually. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Amid growing demand for the central bank to monitor cooperatives, the NRB said it will facilitate to create a separate institution for monitoring the cooperative sector.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">As mentioned in the current year's budget, the monetary policy states that necessary facilitation will be done to establish a separate specialized regulatory body for effective regulation and supervision of savings and credit cooperatives.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Rs </span></span></strong><strong><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">562</span></span></strong><strong><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion loan for economic growth</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In order to achieve the </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">6 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent economic growth target set by the government in the budget of the current fiscal year, the central bank has set a target of extending loans of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">562 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion. Stating that the priority is to flow financial resources to the productive sector in order to help achieve economic growth, the loan from banks and financial institutions to the private sector in the fiscal year </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">23</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">/</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">24</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">is expected to grow by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">11 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The goal of the monetary policy is to manage the monetary system so as not to put pressure on the prices from the monetary expansion and to maintain inflation within 6.5 percent and to maintain the foreign exchange reserves to meet the import of goods and services for at least 7 months.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Although the government has imposed a 5 percent tax to discourage Nepalis from going on foreign trips, the central bank has increased the foreign facility for passport holders. It is mentioned in the monetary policy that Nepalese citizens visiting countries other than India will be provided with facilities exchange for up to US$ 1,500 twice in a year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Large debtors under surveillance</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The central bank has announced that it will monitor the big borrowers through monetary policy. The NRB mentioned that a separate guidelines will be issued to make the supervision of large borrowers effective. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Similarly, the NRB said that the existing Banking Offenses Act, 2064 will be amended in order to assist in controlling non-commercial and disorderly activities that affect the stability of the financial sector. Reforms have also been announced in the monetary policy, including issuing a 'Stress Loan Resolution Framework' to restructure the credit of troubled borrowers, implementing a system for national level development banks to maintain capital in accordance with the Capital Adequacy Framework, reviewing credit investment systems in designated areas, and central customer identification systems based on national identity cards.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-07-24', 'modified' => '2023-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '18275', 'image' => '20230724024424_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2023-07-24 14:43:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '18545', 'article_category_id' => '1', 'title' => 'Construction Entrepreneurs Announce Series of Protest Programmes', 'sub_title' => '', 'summary' => 'July 24: The Federation of Contractors Association of Nepal (FCAN) has put forward a nine-point demand with the government along with a series of protest programmes.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">July 24: The Federation of Contractors Association of Nepal (FCAN) has put forward a nine-point demand with the government along with a series of protest programmes.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The federation announced the protest program demanding the release of payments of all construction projects in lump sum and the extension of the deadline of all the projects.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The government has already extended the deadline of infrastructure projects by publishing a notice in the Nepal Gazette as per the request of the construction entrepreneurs. However, the contractors say that their demands have not been implemented.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The contractors announced the protest programmes on Sunday following a national meet of more than 400 construction entrepreneurs from all across the nation held in the capital on Friday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Organising a press conference, the federation stated that the government has withdrawn from its commitments and therefore the contractors decided to hold the protest. FCAN argued that the government is yet to fulfill their demands.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Ravi Singh, president of the Federation, said that the government should adjust prices to address the excessive and unexpected price hike.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, other demands put forward by the federation include termination of stalled and problematic projects that have not shown any progress due to lack of budget.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">They have also demanded that cheque bounce and confiscation of bank guarantees should be stopped, the increase in the premium rate of insurance should be cancelled, the remaining arrears of income tax and value-added tax (VAT) deducted at source should be submitted to the revenue department on time.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The federation has also demanded that the provision of construction by the consumer committee should be abolished and that the public procurement act and rules related to infrastructure should be business-friendly. Singh said that more than 24,000 construction workers across the country have been affected because the government is not business-friendly. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Singh made it clear that if the government fulfils the demands of the federation, all the protest programs will be withdrawn.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Yaksha Dhwaj Karki, advisor and former president of the federation, said that the problems in the construction industry have increased due to the non-inclusion of construction professionals while amending the laws and regulations related to public procurement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">As part of the program of the movement, the federation will submit a memorandum with an ultimatum to the prime minister on Monday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">On Tuesday, seven state federations will submit a memorandum with an ultimatum to the chief minister and 77 district federations to the district administration offices. From July 26 to 30, there is a program to inform the presidents of various political parties, concerned federal government agencies, and the state federation about their demands.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, on July 30, the federation has announced a one-hour protest at the Public Procurement Monitoring Office from 10:00 am to 11:00 am, and from the same day, a 1-hour protest will be held at the offices of the chief ministers of all seven provinces and district administration offices. The federation said that they will hold a sit-in protest for one hour in front of the prime minister's residence on July 31 and will hold a strong demonstration in the federal capital with construction equipment<strong> </strong>and tools until their demands are met.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p><br /> </p> ', 'published' => true, 'created' => '2023-07-24', 'modified' => '2023-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '18274', 'image' => '20230724020921_20220418055544_fcan-building.jpg', 'article_date' => '2023-07-24 14:08:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '18544', 'article_category_id' => '1', 'title' => 'Honorary Consular Corps Nepal Nominates Vishnu Agrawal as its New Dean', 'sub_title' => '', 'summary' => 'July 24: The Honorary Consular Corps - Nepal (HCC-N), an umbrella organization of non-residential consuls general, has nominated Vishnu Kumar Agrawal as its new dean.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">July 24: The Honorary Consular-Corps Nepal (HCC-N), an umbrella organization of non-residential consuls general, has nominated Vishnu Kumar Agrawal as its new dean.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Agrawal is the immediate past president of the Confederation of Nepalese Industries (CNI). He is also the honorary consul general of the Czech Republic since 2015.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">According to HCC-N, Agrawal was appointed the honorary consul of the Czech Republic in 2010 and was promoted to the post of honorary consul general in 2015.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Issuing a statement on Sunday, HCC-N confirmed that the 16<sup>th</sup> Annual General Meeting of the organization nominated Agrawal as the new dean.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The AGM was attended by Vice President Ram Sahay Yadav and Minister for Foreign Affairs NP Saud, added the statement.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Speaking at the inauguration of the AGM, Vice President Yadav expressed his gratitude for the immense contributions made by the honorary consul generals of 59 countries with whom Nepal has established diplomatic relations but does not have permanent residential envoys.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“The need of the present day is to maintain cordial relations with all the nations of the world to support Nepal’s goal of attain economic prosperity. I am expecting a constructive role from HCC-N in this regard,” said Vice President Yadav.</span></span></span></p> ', 'published' => true, 'created' => '2023-07-24', 'modified' => '2023-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '18273', 'image' => '20230724011342_HCCN AGM.JPG', 'article_date' => '2023-07-24 13:11:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '18543', 'article_category_id' => '1', 'title' => 'Six More Arrested Including Customs Officials in Connection to Gold Smuggling ', 'sub_title' => '', 'summary' => 'July 24: The Department of Revenue Investigation (DRI) on Sunday arrested six more persons including three government officials for their alleged involvement in smuggling 100 kilograms of gold last week. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 24: The Department of Revenue Investigation (DRI) on Sunday arrested six more persons including three government officials for their alleged involvement in smuggling 100 kilograms of gold last week. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Information Officer of DRI Nabaraj Adhikari said that the arrested are Customs Officer Santosh Chand, X-ray Operator Saroj Shrestha and Customs Invigilator Kumar Dhakal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, customs agents Sudarshan Gautam, Rukmini Subba and Yadav Parajuli were also arrested. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">So far, 16 individuals have been arrested in this case. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department had seized the illegally imported gold from Tribhuvan International Airport area that had passed the customs undetected on Wednesday. The gold was brought from Hong Kong. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-07-24', 'modified' => '2023-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '18272', 'image' => '20230724122702_goldee.jpg', 'article_date' => '2023-07-24 12:26:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '18542', 'article_category_id' => '1', 'title' => 'Inflow of Tourists up in Mustang ', 'sub_title' => '', 'summary' => 'July 24: The number of tourists visiting Mustang increased by 45 percent during the last fiscal year, according to a report published by the state-owned RSS. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 24: The number of tourists visiting Mustang increased by 45 percent during the last fiscal year, according to a report published by the state-owned RSS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Jomsom-based Area Conservation Office under the Annapurna Conservation Area Project (ACAP) told RSS that the arrival of tourists in Mustang increased by 45.75 percent in the fiscal year 2022/23 compared to the previous fiscal year (FY 2021/22). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">ACAP Jomsom In-charge Ashok Subedi informed RSS that a total of 71,707 foreign tourists had entered Mustang in the fiscal 2022/23. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The data shows considerable rise in the inflow of tourists before and after COVID-19," he shared, adding, "Altogether 38,896 tourists had entered Mustang in the year 2021/22. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Compared to the previous fiscal year, 32,811 more tourists visited Mustang in the FY 2022/23.” </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to ACAP, as many as 59,310 tourists arrived in the district from SAARC member countries and 6,749 tourists from third countries in the last fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the review year, a total of 3,388 tourists visited Upper Mustang which is a semi-prohibited area. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The influx of tourists had increased in Mustang last year owing to the favourable weather, easy road access, facilities of hotels and lodges and nominal incidents of natural disasters, RSS reported. </span></span></span></p> ', 'published' => true, 'created' => '2023-07-24', 'modified' => '2023-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '18271', 'image' => '20230724112952_20220424035529_istockphoto-534638391-612x612.jpg', 'article_date' => '2023-07-24 11:29:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '18541', 'article_category_id' => '1', 'title' => 'Central Bank to Facilitate Digital Payments ', 'sub_title' => '', 'summary' => 'July 23: The Nepal Rastra Bank (NRB) has adopted a policy to offer additional facilities in the digital payments in a bid to stop financial anomalies and facilitate revenue collection.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 23: The Nepal Rastra Bank (NRB) has adopted a policy to offer additional facilities in the digital payments in a bid to stop financial anomalies and facilitate revenue collection. According to the Monetary Policy for the current fiscal year (FY 2023/24) published by NRB on Sunday, revenue collection will be facilitated by maximum utilization of digital payment system by the offices offering public services.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The central bank will carry out additional study for the introduction of digital currency, states the monetary policy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the inflow of foreign currencies by exporting services including information technology would be made more effective, said the policy. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-07-23', 'modified' => '2023-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '18270', 'image' => '20230723064033_20200928042838_88-800x430.jpg', 'article_date' => '2023-07-23 18:39:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '18540', 'article_category_id' => '1', 'title' => 'Monetary Policy for FY 2023-24 Sets Seven Targets', 'sub_title' => '', 'summary' => 'The Nepal Rastra Bank has unveiled its Monetary Policy for the fiscal year 2023-24, setting seven key targets. The primary objective of the policy is to maintain foreign exchange reserves at a level that can cover at least seven months' worth of anticipated imports of goods and services.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">July 23: The Nepal Rastra Bank has unveiled its Monetary Policy for the fiscal year 2023-24, setting seven key targets. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The primary objective of the policy is to maintain foreign exchange reserves at a level that can cover at least seven months' worth of anticipated imports of goods and services. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The policy rates have been determined based on the capacity of the foreign exchange reserves to cover imports and the target annual inflation rate. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Additionally, the exchange rate of the Nepalese currency against the Indian currency will remain unchanged.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">To achieve the desired outcomes, the Central Bank aims to keep interbank interest rates within a specified corridor through open market operations, aligning with the operating target. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The policy also focuses on limiting inflation to 6.5 percent by preventing excessive pressure on prices caused by monetary expansion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Furthermore, the Monetary Policy emphasizes the allocation of fiscal resources to the productive sector in line with the government's target of achieving six percent economic growth for the current fiscal year.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">As part of the plan, the broad money supply is expected to increase by 12.5 percent, while credit to the private sector from banks and financial institutions is projected to rise by 11.5 percent in the same period.</span></span></p> ', 'published' => true, 'created' => '2023-07-23', 'modified' => '2023-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '18269', 'image' => '20230723064251_RS-Ktm-IMG_20230723_165054.jpg', 'article_date' => '2023-07-23 17:35:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '18539', 'article_category_id' => '1', 'title' => 'NRB Unveils Monetary Policy for FY 2023/24', 'sub_title' => '', 'summary' => 'Nepal Rastra Bank (NRB) has made public the monetary policy for the current fiscal year, 2023/24.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">July 23: Nepal Rastra Bank (NRB) has made public the monetary policy for the current fiscal year, 2023/24.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The central bank through the monetary policy has dropped the policy rate, and kept intact the mandatory cash ratio and the statutory liquidity ratio of banks and financial institutions.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Similarly, the bank rate has remained unchanged, and the bidding rate in deposit collection has been decreased. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In view of the internal and external economic scenario, the policy rate has reduced 50 base points to 6.5 percent. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The bank rate has been kept intact at 7.5 percent while the bidding rate in deposit collection has dropped to 4.5 percent from 5.5 percent.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The secondary market transaction and the bidding in the deposit collection will remain open if the weighted interbank interest rate considered the operation target by the Rastra Bank is higher than the bank rate and lower than the deposit collection rate.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Similarly, the provision of the permanent liquidity facility in the bank rate and the overnight liquidity facility in the policy rate has been kept unchanged. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">There will be a provision of providing the permanent deposit collection at the lower limit of the interest rate corridor for making the interest rate corridor effective, according to the central bank. (RSS)</span></span></p> ', 'published' => true, 'created' => '2023-07-23', 'modified' => '2023-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '18268', 'image' => '20230723042338_collage (18).jpg', 'article_date' => '2023-07-23 16:21:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '18536', 'article_category_id' => '1', 'title' => 'Development Banks Launch Special Schemes under Green Financing', 'sub_title' => '', 'summary' => 'July 23: In recent times, climate change and its effects have become a challenge for sustainable development.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">July 23: In recent times, climate change and its effects have become a challenge for sustainable development. All the countries of the world are struggling to reduce the effects of climate change. Recently, there has been a big debate about green financing. Various countries have implemented the concept of green finance, which is considered important for sustainable development. Development banks have decided to come up with two special schemes as its practice is starting in Nepal as well.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Development banks have introduced 'Green Deposit Scheme' and 'Green Loan Scheme' to contribute to sustainable development. Development Bankers Association of Nepal (DBAN) working committee has decided to include investments in about a dozen productive sectors in the green credit scheme, including agricultural enterprises, forestry enterprises, hydroelectricity, solar energy, biological energy, wind energy, cable car/ropeway, electric vehicles and waste water processing enterprises. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">DBAN informed New Business Age that since the investment of banks and financial institutions is increasing in relatively less productive areas, it has decided to introduce 'Green Loan Scheme' with the aim of increasing loans in areas that support productive and sustainable development.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Green deposit scheme is also going to be introduced with the aim of gradually securing resources for investment in green loan schemes. In the green deposit scheme, interest will be provided 0.25 percentage point higher than other savings and term deposits. Similarly, in the green loan scheme, the "product paper" of the loan scheme is going to be developed in such a way that the interest rate is 0.25 percent lower than in other loan schemes of the same nature.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The organization said that any industry/business that emits carbon and affects climate change cannot avail green loan facility. It is said that the organization has issued a circular to its member banks to bring the green deposit scheme and green loan scheme in the market after getting the product paper approved by the board of directors of their respective banks.</span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-07-23', 'modified' => '2023-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '18267', 'image' => '20230723021948_green financing.jpg', 'article_date' => '2023-07-23 14:19:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, '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
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '18554', 'article_category_id' => '1', 'title' => 'Heavy Rain Lashes Lumbini Province, Authorities Call for Alert', 'sub_title' => '', 'summary' => 'July 25: Normal life has been affected due to the heavy rainfall taking place in various districts of Lumbini Province, including Rupandehi, since last night.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 25: Normal life has been affected due to the heavy rainfall taking place in various districts of Lumbini Province, including Rupandehi, since last night. Heavy precipitation has been recorded in Rupandehi, Palpa, Nawalparasi, Pyuthan and surrounding places. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The risk of flooding has increased in settlements close to the bank of Tinau River which has become swollen following the heavy rainfall. The Tinau Flood Measurement Centre Butwal stated that the water level in the Tinau River has crossed the danger mark and it continues to rise. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">People living in settlements near the river bank and at low-lying areas have been notified to evacuate to safe places by today afternoon considering the risk of flooding in the areas. The Meteorological Forecasting Division has issued alert to residents of low-lying areas and settlements close to the river banks, and those preparing for travel to take precaution. </span></span></span><br /> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Arial Unicode MS","sans-serif"">Main roads obstructed due to heavy rainfall</span></strong> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, roads have been blocked by landslides triggered by incessant rainfall at various places in Palpa, Arghakhanchi, Pyuthan, among the districts of the province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Highway Security and Traffic Management Office Butwal said the Butwal-Palpa, Gorusinge-Sandhikharka and Bhaluwang-Pyuthan roads have been obstructed by landslides at different places. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-07-25', 'modified' => '2023-07-25', 'keywords' => '', 'description' => '', 'sortorder' => '18282', 'image' => '20230725120800_Capture2023-07-04-10-44-08 - Copy.jpeg', 'article_date' => '2023-07-25 12:07:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '18552', 'article_category_id' => '1', 'title' => 'Nepal SBI Bank Receives National Excellent Annual Report Award 2022', 'sub_title' => '', 'summary' => 'Nepal SBI Bank has been honoured by the Institute of Chartered Accountants of Nepal (ICAN). The bank has been felicitated with the 'National Excellent Annual Report Award 2022' conferred annually by ICAN.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">July 25: Nepal SBI Bank has been honoured by the Institute of Chartered Accountants of Nepal (ICAN). </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The bank has been felicitated with the 'National Excellent Annual Report Award 2022' conferred annually by ICAN. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The bank received the 'Bronze Award' in the banking sector. ICAN awarded the bank for the publication of its outstanding financial report in the banking sector.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During a program held in Kathmandu recently, Finance Minister Dr. Prakash Sharan Mahat handed over the award to the bank's Deputy Chief Executive Officer and Chief Financial Officer, Mohammad Rizwan Alam. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The bank currently provides services through 93 branches, 22 extension counters, 7 provincial offices, and one corporate office, and 128 ATMs across the country. </span></span></p> ', 'published' => true, 'created' => '2023-07-25', 'modified' => '2023-07-25', 'keywords' => '', 'description' => '', 'sortorder' => '18281', 'image' => '20230725060118_collage (3).jpg', 'article_date' => '2023-07-25 05:59:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '18551', 'article_category_id' => '1', 'title' => 'More Import Tax to Become Self-reliant, Says Finance Minister Mahat ', 'sub_title' => '', 'summary' => 'Minister for Finance Dr Prakash Sharan Mahat has said that taxes were increased on essential commodities such as potato and onion to promote self-reliance on the production of these food items.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">July 25: Minister for Finance Dr Prakash Sharan Mahat has said that taxes were increased on essential commodities such as potato and onion to promote self-reliance on the production of these food items. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">At a programme organized in Bhairahawa, Minister Mahat explained that taxes were increased on the imports of essential commodities with an objective to reduce reliance on such commodities and thereby increase self-increase.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Bemoaning that there was no adequate agricultural production although Nepal is an agricultural country, Mahat said that Value Added Tax(VAT) was imposed in the essential commodities to encourage domestic production of agrarian commodities. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">"We are about to gaining self-sufficiency in potato and onion production. This might have brought cheer to those producing agriculture products," he said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">When asked about party leader Bal Krishna Khand, who is currently in police custody due to his alleged involvement in the fake Bhutanese refugee scam, Mahat clarified that violators of law are never protected by his party. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Mahat clarified that his party will not take action against Khand just on the basis of allegation. “An impartial investigation should be launched into the case rather than making it a vendetta," the Minister said, adding that the culprit should not be spared while the innocent should not be convicted. (RSS)</span></span></span></p> ', 'published' => true, 'created' => '2023-07-25', 'modified' => '2023-07-25', 'keywords' => '', 'description' => '', 'sortorder' => '18280', 'image' => '20230725054527_collage (2).jpg', 'article_date' => '2023-07-25 05:43:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '18550', 'article_category_id' => '1', 'title' => 'Nepal's Public Debt Exceeds Rs 2221 Billion', 'sub_title' => '', 'summary' => 'The government’s public debt has exceeded over Rs 2221 billion. According to data released by the Public Debt Management Office, Nepal's public debt has surpassed Rs 2221 billion by the end of the fiscal year 2079/80 BS (2022-23). This amount includes internal loans amounting to over Rs 1,100 billion and external loans worth Rs 1,093 billion.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman",serif">July 24: The government’s public debt has exceeded over Rs 2221 billion. According to data released by the Public Debt Management Office, Nepal's public debt has surpassed Rs 2221 billion by the end of the fiscal year 2079/80 BS (2022-23). </span></span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman",serif">This amount includes internal loans amounting to over Rs 1,100 billion and external loans worth Rs 1,093 billion.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman",serif">The public debt witnessed a significant increase of over Rs 200 billion in the last fiscal year alone. At the end of the previous year, the total public debt stood at Rs 2,012 billion. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman",serif">However, during the last fiscal year, the internal debt rose by Rs 140 billion, while the external loan surged by Rs 675 billion, as reported by the Public Debt Management Office.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman",serif">Notably, the principal and interest obligations for the public debt have become almost equal to the country's capital expenditure. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman",serif">In the fiscal year 2022-23, Nepal's capital expenditure amounted to Rs 233 billion and 690 million. During the same period, the government paid a substantial amount of Rs 222 billion 742 million and 100 thousand to service the principal and interest for the public debt.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman",serif">Out of this sum, Rs 179 billion 725 million and 300 thousand were utilized to service the principal and interest of internal loans, while Rs 43 billion 16 million and 800 thousand were spent on servicing the principal and interest of external loans. (RSS)</span></span></span></p> <p> </p> <p> </p> <p> </p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> </span></span></p> ', 'published' => true, 'created' => '2023-07-24', 'modified' => '2023-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '18279', 'image' => '20230724061708_collage (2).jpg', 'article_date' => '2023-07-24 18:15:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 4 => array( 'Article' => array( 'id' => '18549', 'article_category_id' => '1', 'title' => 'Dusit Chain makes Debut in Nepal with the Opening of Hotel Dusit Princess', 'sub_title' => 'The 5-star franchise of Dusit International has an investment of Rs 250 crores', 'summary' => 'July 24: Dusit Hotels and Resorts under Dusit International, one of Thailand’s leading hotel and property development companies, made its debut in Nepal this month with the opening of the Dusit Princess Kathmandu, which started welcoming guests on July 17.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">July 24: Dusit Hotels and Resorts under Dusit International, one of Thailand’s leading hotel and property development companies, made its debut in Nepal this month with the opening of the Dusit Princess Kathmandu, which started welcoming guests on July 17.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Dusit Princess Kathmandu is located in the vibrant Lazimpat neighbourhood and is a short-distance walk from the Narayanhiti Palace Museum and just 18 minutes by car from the Tribhuvan International Airport. The hotel is designed to appeal to business and leisure travellers who appreciate comfort, value, and convenience, shared Khando Gurung, marketing chief of the hotel. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Thoughtfully designed to reflect local culture and architecture, the hotel property offers an oasis for relaxation amidst the buzz of the city. The hotel has 107 comfortable and well-furnished guest rooms ranging from 28 to 62 sq meters, along with a presidential suite covering 159 sq meters.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Likewise, the hotel boasts a specialty Thai restaurant Soi; a Dusit Gourmet outlet featuring freshly baked pastries, artisanal sandwiches, and ‘deli bites’; and a rooftop Kibu Sky lounge with panoramic city view. Likewise, the Rooftop Blue Bar at the hotel has the city’s highest infinity pool.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">“We promise to exceed your expectations and provide an experience that will leave</span></span> <span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">you with cherished memories for years to come,” said Tenzin Zoepa Lama, chairman of Dusit Princess Kathmandu.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Reflecting Dusit’s group-wide focus on wellness, Dusit Princess Kathmandu said it will soon open a Crest spa offering a wide range of Thai-inspired massage therapies and beauty treatments. The spa will have a steam room, sauna, and fully equipped Crest club along with a gym available for guests seeking to pause, refresh, and reinvigorate themselves to their utmost comfort.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">“Through this endeavour, I am committed to supporting the country's tourism growth, creating opportunities for local communities, and showcasing the richness of our cultural heritage,” he added. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Dusit Princess Kathmandu also offers a selection of versatile meeting spaces. Among them is the stunning rooftop venue, ‘Vista,’ featuring floor-to-ceiling windows and panoramic city views for up to 35 guests.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The elegant Princess Ballroom is available to host larger gatherings for up to 250 attendees, Lumbini 1 and Lumbini 2 halls are available for meetings and small gatherings for up to 35-40 people. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Dorje Lama, managing director of Dusit Princess Kathmandu, shared that the hotel aspires to be a symbol of Nepal's excellence in hospitality. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">"We are unwaveringly dedicated to exceptional service, attention to detail, and commitment to sustainability which will ensure that the guests have an extraordinary and authentic experience throughout their stay,” he expressed.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">To celebrate its opening, Dusit Princess Kathmandu is offering a special opening offer starting at only NPR 16,500 (USD 125) per night for a superior room with breakfast for two and set dinner at specialty Thai restaurant SOI, valid until September 17, 2023.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-07-24', 'modified' => '2023-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '18278', 'image' => '20230724050128_1023456324.jpg', 'article_date' => '2023-07-24 17:00:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '18548', 'article_category_id' => '1', 'title' => 'BPKIHS Launches 30-Bed Dengue Ward Amidst Soaring Dengue Fever Cases', 'sub_title' => '', 'summary' => 'The BP Koirala Institute of Health Sciences (BPKIHS), Dharan, has set up a separate 30-bed dengue ward to combat the increasing cases of dengue fever.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">July 24: The BP Koirala Institute of Health Sciences (BPKIHS), Dharan, has set up a separate 30-bed dengue ward to combat the increasing cases of dengue fever.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> The dedicated ward commenced its operations on Sunday in response to the escalating dengue outbreak in Dharan sub-metropolis, Sunsari, and its neighboring regions.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">With the relentless surge in dengue cases in Sunsari and surrounding areas, the existing medical facilities at BPKIHS, including the 'central emergency' and the 'dengue clinic,' have become insufficient to cope with the situation, according to BPKIHS acting vice-chancellor Prof Dr. Prahlad Karki.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The 50-bed 'observation ward' has been overwhelmingly occupied by dengue patients in the past two days. Currently, an alarming 85% of the ward's beds are filled with dengue patients. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Moreover, the hospital's emergency ward has been inundated with 60 to 75 dengue cases daily.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-07-24', 'modified' => '2023-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '18277', 'image' => '20230724044303_collage (1).jpg', 'article_date' => '2023-07-24 16:41:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '18546', 'article_category_id' => '1', 'title' => 'New Monetary Policy is ‘Cautiously Flexible’', 'sub_title' => '', 'summary' => 'July 24: Following an improvement in the external sector indicators of the economy due to the tight monetary policy last year, Nepal Rastra Bank (NRB) on Sunday issued a “cautiously flexible monetary policy” in order to keep the domestic economic activities afloat.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Yadav Humagain</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">July 24: Following an improvement in the external sector indicators of the economy due to the tight monetary policy last year, Nepal Rastra Bank (NRB) on Sunday issued a “cautiously flexible monetary policy” in order to keep the domestic economic activities afloat.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The central bank has made some changes in the monetary policy and included some flexible provisions after the increase in the net savings, comfortable foreign exchange reserves and taming of inflation within the limits. In addition to reducing the bank rate through the policy, the NRB has announced that it will review the existing risk weighting arrangements for share mortgages, real estate and hire purchase loans and also review the current capital loan guidelines. It has indicated that it is trying to address the demands of the private sector.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">However, the central bank has indicated that the policy rate will be set based on the ability of the foreign exchange reserves to support imports and the annual target inflation.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">During a press conference held after announcing the monetary policy, NRB Governor Maha Prasad Adhikari said that the central bank has become flexible to keep domestic economic activities running while being aware of the state of the economy. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"Tight monetary policy is still in place in the big economies around the world while there is a pressure on inflation," he said, "We have become somewhat flexible to make the internal economy run. The policy will be revised in the future depending on the situation."</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Efforts to reduce interest rates</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The central bank has tried to reduce the interest rate which had reached a high point due to the previous monetary policy. The policy rate, which was increased by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percentage points to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent through the monetary policy of the last fiscal year (FY), has been reduced by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">50</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> base points to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">6.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in the current fiscal year. Similarly, the deposit collection rate has also been reduced from </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. The bank rate has been kept unchanged at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The bank rate, which was increased by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percentage points to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">8.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent last year, was reduced by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percentage point to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent from the third quarter review of the monetary policy during last FY.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Banks get overnight liquidity facility at policy rate and permanent liquidity facility at bank rate. The central bank said that when the policy rate decreases, the cost of liquidity management of banks will be reduced and the interest rate of loans will be cheaper. However, the ability of banks to extend credit has not increased as the central bank has not changed the mandatory cash reserve ratio (CRR) and statutory liquidity ratio (SLR). </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Likewise, in the monetary policy, the central bank has indicated that the policy rate will be set based on the capacity of the foreign exchange reserves to support imports and the annual target inflation, and has also indicated that it will be tightened at any time based on external sector pressure.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Relief for real estate, shares and auto loans</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Through monetary policy, the central bank has tried to provide relief to the loans for the housing, real estate, share mortgage and automobile sectors.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The monetary policy mentions that the first residential home loan limit will be increased from Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">15</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">0 million. Similarly, the NRB has announced to review the existing risk weighting arrangements for share mortgage, real estate and hire purchase loans. In the press conference, the central bank officials said that the risk burden of share mortgage loans up to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">million, new real estate loans and auto loans up to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">million will be reduced and maintained at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">At present, there is a provision that the risk weight of loans flowing through share securities should be kept at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in case of loans up to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million and </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">150</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in case of more than that amount. Similarly, in real estate and auto loans, the risk weight is </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">150</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. Banks have been reluctant to extend loans in these areas due to the high risk burden. Likewise, the central bank has tried to address the demands of businessmen by stating that the current capital loan guidelines will also be reviewed.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Reduction of microfinance, facilitation of cooperatives</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In the past years, the central bank had adopted a policy of reducing the number of banks and financial institutions, but in the current fiscal year, it has announced that it will reduce the number of microfinance institutions. In the monetary policy, it has been mentioned that mergers and acquisitions of microfinance institutions will be encouraged so that existing facilities will be available if integrated transactions are conducted by the end of the current fiscal year (mid-July 2024)</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Similarly, NRB announced that the recommendations of the report prepared by the study committee on the problems of microfinance companies will be implemented gradually. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Amid growing demand for the central bank to monitor cooperatives, the NRB said it will facilitate to create a separate institution for monitoring the cooperative sector.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">As mentioned in the current year's budget, the monetary policy states that necessary facilitation will be done to establish a separate specialized regulatory body for effective regulation and supervision of savings and credit cooperatives.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Rs </span></span></strong><strong><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">562</span></span></strong><strong><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion loan for economic growth</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In order to achieve the </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">6 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent economic growth target set by the government in the budget of the current fiscal year, the central bank has set a target of extending loans of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">562 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion. Stating that the priority is to flow financial resources to the productive sector in order to help achieve economic growth, the loan from banks and financial institutions to the private sector in the fiscal year </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">23</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">/</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">24</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">is expected to grow by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">11 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The goal of the monetary policy is to manage the monetary system so as not to put pressure on the prices from the monetary expansion and to maintain inflation within 6.5 percent and to maintain the foreign exchange reserves to meet the import of goods and services for at least 7 months.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Although the government has imposed a 5 percent tax to discourage Nepalis from going on foreign trips, the central bank has increased the foreign facility for passport holders. It is mentioned in the monetary policy that Nepalese citizens visiting countries other than India will be provided with facilities exchange for up to US$ 1,500 twice in a year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Large debtors under surveillance</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The central bank has announced that it will monitor the big borrowers through monetary policy. The NRB mentioned that a separate guidelines will be issued to make the supervision of large borrowers effective. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Similarly, the NRB said that the existing Banking Offenses Act, 2064 will be amended in order to assist in controlling non-commercial and disorderly activities that affect the stability of the financial sector. Reforms have also been announced in the monetary policy, including issuing a 'Stress Loan Resolution Framework' to restructure the credit of troubled borrowers, implementing a system for national level development banks to maintain capital in accordance with the Capital Adequacy Framework, reviewing credit investment systems in designated areas, and central customer identification systems based on national identity cards.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-07-24', 'modified' => '2023-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '18275', 'image' => '20230724024424_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2023-07-24 14:43:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '18545', 'article_category_id' => '1', 'title' => 'Construction Entrepreneurs Announce Series of Protest Programmes', 'sub_title' => '', 'summary' => 'July 24: The Federation of Contractors Association of Nepal (FCAN) has put forward a nine-point demand with the government along with a series of protest programmes.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">July 24: The Federation of Contractors Association of Nepal (FCAN) has put forward a nine-point demand with the government along with a series of protest programmes.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The federation announced the protest program demanding the release of payments of all construction projects in lump sum and the extension of the deadline of all the projects.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The government has already extended the deadline of infrastructure projects by publishing a notice in the Nepal Gazette as per the request of the construction entrepreneurs. However, the contractors say that their demands have not been implemented.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The contractors announced the protest programmes on Sunday following a national meet of more than 400 construction entrepreneurs from all across the nation held in the capital on Friday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Organising a press conference, the federation stated that the government has withdrawn from its commitments and therefore the contractors decided to hold the protest. FCAN argued that the government is yet to fulfill their demands.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Ravi Singh, president of the Federation, said that the government should adjust prices to address the excessive and unexpected price hike.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, other demands put forward by the federation include termination of stalled and problematic projects that have not shown any progress due to lack of budget.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">They have also demanded that cheque bounce and confiscation of bank guarantees should be stopped, the increase in the premium rate of insurance should be cancelled, the remaining arrears of income tax and value-added tax (VAT) deducted at source should be submitted to the revenue department on time.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The federation has also demanded that the provision of construction by the consumer committee should be abolished and that the public procurement act and rules related to infrastructure should be business-friendly. Singh said that more than 24,000 construction workers across the country have been affected because the government is not business-friendly. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Singh made it clear that if the government fulfils the demands of the federation, all the protest programs will be withdrawn.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Yaksha Dhwaj Karki, advisor and former president of the federation, said that the problems in the construction industry have increased due to the non-inclusion of construction professionals while amending the laws and regulations related to public procurement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">As part of the program of the movement, the federation will submit a memorandum with an ultimatum to the prime minister on Monday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">On Tuesday, seven state federations will submit a memorandum with an ultimatum to the chief minister and 77 district federations to the district administration offices. From July 26 to 30, there is a program to inform the presidents of various political parties, concerned federal government agencies, and the state federation about their demands.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, on July 30, the federation has announced a one-hour protest at the Public Procurement Monitoring Office from 10:00 am to 11:00 am, and from the same day, a 1-hour protest will be held at the offices of the chief ministers of all seven provinces and district administration offices. The federation said that they will hold a sit-in protest for one hour in front of the prime minister's residence on July 31 and will hold a strong demonstration in the federal capital with construction equipment<strong> </strong>and tools until their demands are met.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p><br /> </p> ', 'published' => true, 'created' => '2023-07-24', 'modified' => '2023-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '18274', 'image' => '20230724020921_20220418055544_fcan-building.jpg', 'article_date' => '2023-07-24 14:08:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '18544', 'article_category_id' => '1', 'title' => 'Honorary Consular Corps Nepal Nominates Vishnu Agrawal as its New Dean', 'sub_title' => '', 'summary' => 'July 24: The Honorary Consular Corps - Nepal (HCC-N), an umbrella organization of non-residential consuls general, has nominated Vishnu Kumar Agrawal as its new dean.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">July 24: The Honorary Consular-Corps Nepal (HCC-N), an umbrella organization of non-residential consuls general, has nominated Vishnu Kumar Agrawal as its new dean.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Agrawal is the immediate past president of the Confederation of Nepalese Industries (CNI). He is also the honorary consul general of the Czech Republic since 2015.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">According to HCC-N, Agrawal was appointed the honorary consul of the Czech Republic in 2010 and was promoted to the post of honorary consul general in 2015.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Issuing a statement on Sunday, HCC-N confirmed that the 16<sup>th</sup> Annual General Meeting of the organization nominated Agrawal as the new dean.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The AGM was attended by Vice President Ram Sahay Yadav and Minister for Foreign Affairs NP Saud, added the statement.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Speaking at the inauguration of the AGM, Vice President Yadav expressed his gratitude for the immense contributions made by the honorary consul generals of 59 countries with whom Nepal has established diplomatic relations but does not have permanent residential envoys.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“The need of the present day is to maintain cordial relations with all the nations of the world to support Nepal’s goal of attain economic prosperity. I am expecting a constructive role from HCC-N in this regard,” said Vice President Yadav.</span></span></span></p> ', 'published' => true, 'created' => '2023-07-24', 'modified' => '2023-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '18273', 'image' => '20230724011342_HCCN AGM.JPG', 'article_date' => '2023-07-24 13:11:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '18543', 'article_category_id' => '1', 'title' => 'Six More Arrested Including Customs Officials in Connection to Gold Smuggling ', 'sub_title' => '', 'summary' => 'July 24: The Department of Revenue Investigation (DRI) on Sunday arrested six more persons including three government officials for their alleged involvement in smuggling 100 kilograms of gold last week. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 24: The Department of Revenue Investigation (DRI) on Sunday arrested six more persons including three government officials for their alleged involvement in smuggling 100 kilograms of gold last week. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Information Officer of DRI Nabaraj Adhikari said that the arrested are Customs Officer Santosh Chand, X-ray Operator Saroj Shrestha and Customs Invigilator Kumar Dhakal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, customs agents Sudarshan Gautam, Rukmini Subba and Yadav Parajuli were also arrested. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">So far, 16 individuals have been arrested in this case. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department had seized the illegally imported gold from Tribhuvan International Airport area that had passed the customs undetected on Wednesday. The gold was brought from Hong Kong. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-07-24', 'modified' => '2023-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '18272', 'image' => '20230724122702_goldee.jpg', 'article_date' => '2023-07-24 12:26:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '18542', 'article_category_id' => '1', 'title' => 'Inflow of Tourists up in Mustang ', 'sub_title' => '', 'summary' => 'July 24: The number of tourists visiting Mustang increased by 45 percent during the last fiscal year, according to a report published by the state-owned RSS. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 24: The number of tourists visiting Mustang increased by 45 percent during the last fiscal year, according to a report published by the state-owned RSS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Jomsom-based Area Conservation Office under the Annapurna Conservation Area Project (ACAP) told RSS that the arrival of tourists in Mustang increased by 45.75 percent in the fiscal year 2022/23 compared to the previous fiscal year (FY 2021/22). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">ACAP Jomsom In-charge Ashok Subedi informed RSS that a total of 71,707 foreign tourists had entered Mustang in the fiscal 2022/23. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The data shows considerable rise in the inflow of tourists before and after COVID-19," he shared, adding, "Altogether 38,896 tourists had entered Mustang in the year 2021/22. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Compared to the previous fiscal year, 32,811 more tourists visited Mustang in the FY 2022/23.” </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to ACAP, as many as 59,310 tourists arrived in the district from SAARC member countries and 6,749 tourists from third countries in the last fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the review year, a total of 3,388 tourists visited Upper Mustang which is a semi-prohibited area. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The influx of tourists had increased in Mustang last year owing to the favourable weather, easy road access, facilities of hotels and lodges and nominal incidents of natural disasters, RSS reported. </span></span></span></p> ', 'published' => true, 'created' => '2023-07-24', 'modified' => '2023-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '18271', 'image' => '20230724112952_20220424035529_istockphoto-534638391-612x612.jpg', 'article_date' => '2023-07-24 11:29:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '18541', 'article_category_id' => '1', 'title' => 'Central Bank to Facilitate Digital Payments ', 'sub_title' => '', 'summary' => 'July 23: The Nepal Rastra Bank (NRB) has adopted a policy to offer additional facilities in the digital payments in a bid to stop financial anomalies and facilitate revenue collection.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 23: The Nepal Rastra Bank (NRB) has adopted a policy to offer additional facilities in the digital payments in a bid to stop financial anomalies and facilitate revenue collection. According to the Monetary Policy for the current fiscal year (FY 2023/24) published by NRB on Sunday, revenue collection will be facilitated by maximum utilization of digital payment system by the offices offering public services.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The central bank will carry out additional study for the introduction of digital currency, states the monetary policy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the inflow of foreign currencies by exporting services including information technology would be made more effective, said the policy. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-07-23', 'modified' => '2023-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '18270', 'image' => '20230723064033_20200928042838_88-800x430.jpg', 'article_date' => '2023-07-23 18:39:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '18540', 'article_category_id' => '1', 'title' => 'Monetary Policy for FY 2023-24 Sets Seven Targets', 'sub_title' => '', 'summary' => 'The Nepal Rastra Bank has unveiled its Monetary Policy for the fiscal year 2023-24, setting seven key targets. The primary objective of the policy is to maintain foreign exchange reserves at a level that can cover at least seven months' worth of anticipated imports of goods and services.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">July 23: The Nepal Rastra Bank has unveiled its Monetary Policy for the fiscal year 2023-24, setting seven key targets. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The primary objective of the policy is to maintain foreign exchange reserves at a level that can cover at least seven months' worth of anticipated imports of goods and services. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The policy rates have been determined based on the capacity of the foreign exchange reserves to cover imports and the target annual inflation rate. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Additionally, the exchange rate of the Nepalese currency against the Indian currency will remain unchanged.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">To achieve the desired outcomes, the Central Bank aims to keep interbank interest rates within a specified corridor through open market operations, aligning with the operating target. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The policy also focuses on limiting inflation to 6.5 percent by preventing excessive pressure on prices caused by monetary expansion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Furthermore, the Monetary Policy emphasizes the allocation of fiscal resources to the productive sector in line with the government's target of achieving six percent economic growth for the current fiscal year.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">As part of the plan, the broad money supply is expected to increase by 12.5 percent, while credit to the private sector from banks and financial institutions is projected to rise by 11.5 percent in the same period.</span></span></p> ', 'published' => true, 'created' => '2023-07-23', 'modified' => '2023-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '18269', 'image' => '20230723064251_RS-Ktm-IMG_20230723_165054.jpg', 'article_date' => '2023-07-23 17:35:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '18539', 'article_category_id' => '1', 'title' => 'NRB Unveils Monetary Policy for FY 2023/24', 'sub_title' => '', 'summary' => 'Nepal Rastra Bank (NRB) has made public the monetary policy for the current fiscal year, 2023/24.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">July 23: Nepal Rastra Bank (NRB) has made public the monetary policy for the current fiscal year, 2023/24.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The central bank through the monetary policy has dropped the policy rate, and kept intact the mandatory cash ratio and the statutory liquidity ratio of banks and financial institutions.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Similarly, the bank rate has remained unchanged, and the bidding rate in deposit collection has been decreased. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In view of the internal and external economic scenario, the policy rate has reduced 50 base points to 6.5 percent. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The bank rate has been kept intact at 7.5 percent while the bidding rate in deposit collection has dropped to 4.5 percent from 5.5 percent.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The secondary market transaction and the bidding in the deposit collection will remain open if the weighted interbank interest rate considered the operation target by the Rastra Bank is higher than the bank rate and lower than the deposit collection rate.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Similarly, the provision of the permanent liquidity facility in the bank rate and the overnight liquidity facility in the policy rate has been kept unchanged. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">There will be a provision of providing the permanent deposit collection at the lower limit of the interest rate corridor for making the interest rate corridor effective, according to the central bank. (RSS)</span></span></p> ', 'published' => true, 'created' => '2023-07-23', 'modified' => '2023-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '18268', 'image' => '20230723042338_collage (18).jpg', 'article_date' => '2023-07-23 16:21:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '18536', 'article_category_id' => '1', 'title' => 'Development Banks Launch Special Schemes under Green Financing', 'sub_title' => '', 'summary' => 'July 23: In recent times, climate change and its effects have become a challenge for sustainable development.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">July 23: In recent times, climate change and its effects have become a challenge for sustainable development. All the countries of the world are struggling to reduce the effects of climate change. Recently, there has been a big debate about green financing. Various countries have implemented the concept of green finance, which is considered important for sustainable development. Development banks have decided to come up with two special schemes as its practice is starting in Nepal as well.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Development banks have introduced 'Green Deposit Scheme' and 'Green Loan Scheme' to contribute to sustainable development. Development Bankers Association of Nepal (DBAN) working committee has decided to include investments in about a dozen productive sectors in the green credit scheme, including agricultural enterprises, forestry enterprises, hydroelectricity, solar energy, biological energy, wind energy, cable car/ropeway, electric vehicles and waste water processing enterprises. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">DBAN informed New Business Age that since the investment of banks and financial institutions is increasing in relatively less productive areas, it has decided to introduce 'Green Loan Scheme' with the aim of increasing loans in areas that support productive and sustainable development.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Green deposit scheme is also going to be introduced with the aim of gradually securing resources for investment in green loan schemes. In the green deposit scheme, interest will be provided 0.25 percentage point higher than other savings and term deposits. Similarly, in the green loan scheme, the "product paper" of the loan scheme is going to be developed in such a way that the interest rate is 0.25 percent lower than in other loan schemes of the same nature.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The organization said that any industry/business that emits carbon and affects climate change cannot avail green loan facility. It is said that the organization has issued a circular to its member banks to bring the green deposit scheme and green loan scheme in the market after getting the product paper approved by the board of directors of their respective banks.</span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-07-23', 'modified' => '2023-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '18267', 'image' => '20230723021948_green financing.jpg', 'article_date' => '2023-07-23 14:19:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, '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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Heavy precipitation has been recorded in Rupandehi, Palpa, Nawalparasi, Pyuthan and surrounding places. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The risk of flooding has increased in settlements close to the bank of Tinau River which has become swollen following the heavy rainfall. The Tinau Flood Measurement Centre Butwal stated that the water level in the Tinau River has crossed the danger mark and it continues to rise. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">People living in settlements near the river bank and at low-lying areas have been notified to evacuate to safe places by today afternoon considering the risk of flooding in the areas. The Meteorological Forecasting Division has issued alert to residents of low-lying areas and settlements close to the river banks, and those preparing for travel to take precaution. </span></span></span><br /> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-family:"Arial Unicode MS","sans-serif"">Main roads obstructed due to heavy rainfall</span></strong> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, roads have been blocked by landslides triggered by incessant rainfall at various places in Palpa, Arghakhanchi, Pyuthan, among the districts of the province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Highway Security and Traffic Management Office Butwal said the Butwal-Palpa, Gorusinge-Sandhikharka and Bhaluwang-Pyuthan roads have been obstructed by landslides at different places. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-07-25', 'modified' => '2023-07-25', 'keywords' => '', 'description' => '', 'sortorder' => '18282', 'image' => '20230725120800_Capture2023-07-04-10-44-08 - Copy.jpeg', 'article_date' => '2023-07-25 12:07:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '18552', 'article_category_id' => '1', 'title' => 'Nepal SBI Bank Receives National Excellent Annual Report Award 2022', 'sub_title' => '', 'summary' => 'Nepal SBI Bank has been honoured by the Institute of Chartered Accountants of Nepal (ICAN). The bank has been felicitated with the 'National Excellent Annual Report Award 2022' conferred annually by ICAN.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">July 25: Nepal SBI Bank has been honoured by the Institute of Chartered Accountants of Nepal (ICAN). </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The bank has been felicitated with the 'National Excellent Annual Report Award 2022' conferred annually by ICAN. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The bank received the 'Bronze Award' in the banking sector. ICAN awarded the bank for the publication of its outstanding financial report in the banking sector.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During a program held in Kathmandu recently, Finance Minister Dr. Prakash Sharan Mahat handed over the award to the bank's Deputy Chief Executive Officer and Chief Financial Officer, Mohammad Rizwan Alam. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The bank currently provides services through 93 branches, 22 extension counters, 7 provincial offices, and one corporate office, and 128 ATMs across the country. </span></span></p> ', 'published' => true, 'created' => '2023-07-25', 'modified' => '2023-07-25', 'keywords' => '', 'description' => '', 'sortorder' => '18281', 'image' => '20230725060118_collage (3).jpg', 'article_date' => '2023-07-25 05:59:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '18551', 'article_category_id' => '1', 'title' => 'More Import Tax to Become Self-reliant, Says Finance Minister Mahat ', 'sub_title' => '', 'summary' => 'Minister for Finance Dr Prakash Sharan Mahat has said that taxes were increased on essential commodities such as potato and onion to promote self-reliance on the production of these food items.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">July 25: Minister for Finance Dr Prakash Sharan Mahat has said that taxes were increased on essential commodities such as potato and onion to promote self-reliance on the production of these food items. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">At a programme organized in Bhairahawa, Minister Mahat explained that taxes were increased on the imports of essential commodities with an objective to reduce reliance on such commodities and thereby increase self-increase.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Bemoaning that there was no adequate agricultural production although Nepal is an agricultural country, Mahat said that Value Added Tax(VAT) was imposed in the essential commodities to encourage domestic production of agrarian commodities. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">"We are about to gaining self-sufficiency in potato and onion production. This might have brought cheer to those producing agriculture products," he said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">When asked about party leader Bal Krishna Khand, who is currently in police custody due to his alleged involvement in the fake Bhutanese refugee scam, Mahat clarified that violators of law are never protected by his party. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Mahat clarified that his party will not take action against Khand just on the basis of allegation. “An impartial investigation should be launched into the case rather than making it a vendetta," the Minister said, adding that the culprit should not be spared while the innocent should not be convicted. (RSS)</span></span></span></p> ', 'published' => true, 'created' => '2023-07-25', 'modified' => '2023-07-25', 'keywords' => '', 'description' => '', 'sortorder' => '18280', 'image' => '20230725054527_collage (2).jpg', 'article_date' => '2023-07-25 05:43:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '18550', 'article_category_id' => '1', 'title' => 'Nepal's Public Debt Exceeds Rs 2221 Billion', 'sub_title' => '', 'summary' => 'The government’s public debt has exceeded over Rs 2221 billion. According to data released by the Public Debt Management Office, Nepal's public debt has surpassed Rs 2221 billion by the end of the fiscal year 2079/80 BS (2022-23). This amount includes internal loans amounting to over Rs 1,100 billion and external loans worth Rs 1,093 billion.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman",serif">July 24: The government’s public debt has exceeded over Rs 2221 billion. According to data released by the Public Debt Management Office, Nepal's public debt has surpassed Rs 2221 billion by the end of the fiscal year 2079/80 BS (2022-23). </span></span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman",serif">This amount includes internal loans amounting to over Rs 1,100 billion and external loans worth Rs 1,093 billion.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman",serif">The public debt witnessed a significant increase of over Rs 200 billion in the last fiscal year alone. At the end of the previous year, the total public debt stood at Rs 2,012 billion. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman",serif">However, during the last fiscal year, the internal debt rose by Rs 140 billion, while the external loan surged by Rs 675 billion, as reported by the Public Debt Management Office.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman",serif">Notably, the principal and interest obligations for the public debt have become almost equal to the country's capital expenditure. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman",serif">In the fiscal year 2022-23, Nepal's capital expenditure amounted to Rs 233 billion and 690 million. During the same period, the government paid a substantial amount of Rs 222 billion 742 million and 100 thousand to service the principal and interest for the public debt.</span></span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman",serif">Out of this sum, Rs 179 billion 725 million and 300 thousand were utilized to service the principal and interest of internal loans, while Rs 43 billion 16 million and 800 thousand were spent on servicing the principal and interest of external loans. (RSS)</span></span></span></p> <p> </p> <p> </p> <p> </p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> </span></span></p> ', 'published' => true, 'created' => '2023-07-24', 'modified' => '2023-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '18279', 'image' => '20230724061708_collage (2).jpg', 'article_date' => '2023-07-24 18:15:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 4 => array( 'Article' => array( 'id' => '18549', 'article_category_id' => '1', 'title' => 'Dusit Chain makes Debut in Nepal with the Opening of Hotel Dusit Princess', 'sub_title' => 'The 5-star franchise of Dusit International has an investment of Rs 250 crores', 'summary' => 'July 24: Dusit Hotels and Resorts under Dusit International, one of Thailand’s leading hotel and property development companies, made its debut in Nepal this month with the opening of the Dusit Princess Kathmandu, which started welcoming guests on July 17.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">July 24: Dusit Hotels and Resorts under Dusit International, one of Thailand’s leading hotel and property development companies, made its debut in Nepal this month with the opening of the Dusit Princess Kathmandu, which started welcoming guests on July 17.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Dusit Princess Kathmandu is located in the vibrant Lazimpat neighbourhood and is a short-distance walk from the Narayanhiti Palace Museum and just 18 minutes by car from the Tribhuvan International Airport. The hotel is designed to appeal to business and leisure travellers who appreciate comfort, value, and convenience, shared Khando Gurung, marketing chief of the hotel. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Thoughtfully designed to reflect local culture and architecture, the hotel property offers an oasis for relaxation amidst the buzz of the city. The hotel has 107 comfortable and well-furnished guest rooms ranging from 28 to 62 sq meters, along with a presidential suite covering 159 sq meters.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Likewise, the hotel boasts a specialty Thai restaurant Soi; a Dusit Gourmet outlet featuring freshly baked pastries, artisanal sandwiches, and ‘deli bites’; and a rooftop Kibu Sky lounge with panoramic city view. Likewise, the Rooftop Blue Bar at the hotel has the city’s highest infinity pool.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">“We promise to exceed your expectations and provide an experience that will leave</span></span> <span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">you with cherished memories for years to come,” said Tenzin Zoepa Lama, chairman of Dusit Princess Kathmandu.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Reflecting Dusit’s group-wide focus on wellness, Dusit Princess Kathmandu said it will soon open a Crest spa offering a wide range of Thai-inspired massage therapies and beauty treatments. The spa will have a steam room, sauna, and fully equipped Crest club along with a gym available for guests seeking to pause, refresh, and reinvigorate themselves to their utmost comfort.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">“Through this endeavour, I am committed to supporting the country's tourism growth, creating opportunities for local communities, and showcasing the richness of our cultural heritage,” he added. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Dusit Princess Kathmandu also offers a selection of versatile meeting spaces. Among them is the stunning rooftop venue, ‘Vista,’ featuring floor-to-ceiling windows and panoramic city views for up to 35 guests.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The elegant Princess Ballroom is available to host larger gatherings for up to 250 attendees, Lumbini 1 and Lumbini 2 halls are available for meetings and small gatherings for up to 35-40 people. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Dorje Lama, managing director of Dusit Princess Kathmandu, shared that the hotel aspires to be a symbol of Nepal's excellence in hospitality. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">"We are unwaveringly dedicated to exceptional service, attention to detail, and commitment to sustainability which will ensure that the guests have an extraordinary and authentic experience throughout their stay,” he expressed.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">To celebrate its opening, Dusit Princess Kathmandu is offering a special opening offer starting at only NPR 16,500 (USD 125) per night for a superior room with breakfast for two and set dinner at specialty Thai restaurant SOI, valid until September 17, 2023.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-07-24', 'modified' => '2023-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '18278', 'image' => '20230724050128_1023456324.jpg', 'article_date' => '2023-07-24 17:00:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '18548', 'article_category_id' => '1', 'title' => 'BPKIHS Launches 30-Bed Dengue Ward Amidst Soaring Dengue Fever Cases', 'sub_title' => '', 'summary' => 'The BP Koirala Institute of Health Sciences (BPKIHS), Dharan, has set up a separate 30-bed dengue ward to combat the increasing cases of dengue fever.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">July 24: The BP Koirala Institute of Health Sciences (BPKIHS), Dharan, has set up a separate 30-bed dengue ward to combat the increasing cases of dengue fever.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif"> The dedicated ward commenced its operations on Sunday in response to the escalating dengue outbreak in Dharan sub-metropolis, Sunsari, and its neighboring regions.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">With the relentless surge in dengue cases in Sunsari and surrounding areas, the existing medical facilities at BPKIHS, including the 'central emergency' and the 'dengue clinic,' have become insufficient to cope with the situation, according to BPKIHS acting vice-chancellor Prof Dr. Prahlad Karki.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The 50-bed 'observation ward' has been overwhelmingly occupied by dengue patients in the past two days. Currently, an alarming 85% of the ward's beds are filled with dengue patients. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Moreover, the hospital's emergency ward has been inundated with 60 to 75 dengue cases daily.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-07-24', 'modified' => '2023-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '18277', 'image' => '20230724044303_collage (1).jpg', 'article_date' => '2023-07-24 16:41:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '18546', 'article_category_id' => '1', 'title' => 'New Monetary Policy is ‘Cautiously Flexible’', 'sub_title' => '', 'summary' => 'July 24: Following an improvement in the external sector indicators of the economy due to the tight monetary policy last year, Nepal Rastra Bank (NRB) on Sunday issued a “cautiously flexible monetary policy” in order to keep the domestic economic activities afloat.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Yadav Humagain</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">July 24: Following an improvement in the external sector indicators of the economy due to the tight monetary policy last year, Nepal Rastra Bank (NRB) on Sunday issued a “cautiously flexible monetary policy” in order to keep the domestic economic activities afloat.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The central bank has made some changes in the monetary policy and included some flexible provisions after the increase in the net savings, comfortable foreign exchange reserves and taming of inflation within the limits. In addition to reducing the bank rate through the policy, the NRB has announced that it will review the existing risk weighting arrangements for share mortgages, real estate and hire purchase loans and also review the current capital loan guidelines. It has indicated that it is trying to address the demands of the private sector.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">However, the central bank has indicated that the policy rate will be set based on the ability of the foreign exchange reserves to support imports and the annual target inflation.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">During a press conference held after announcing the monetary policy, NRB Governor Maha Prasad Adhikari said that the central bank has become flexible to keep domestic economic activities running while being aware of the state of the economy. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"Tight monetary policy is still in place in the big economies around the world while there is a pressure on inflation," he said, "We have become somewhat flexible to make the internal economy run. The policy will be revised in the future depending on the situation."</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Efforts to reduce interest rates</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The central bank has tried to reduce the interest rate which had reached a high point due to the previous monetary policy. The policy rate, which was increased by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percentage points to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent through the monetary policy of the last fiscal year (FY), has been reduced by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">50</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> base points to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">6.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in the current fiscal year. Similarly, the deposit collection rate has also been reduced from </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. The bank rate has been kept unchanged at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The bank rate, which was increased by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percentage points to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">8.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent last year, was reduced by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percentage point to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent from the third quarter review of the monetary policy during last FY.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Banks get overnight liquidity facility at policy rate and permanent liquidity facility at bank rate. The central bank said that when the policy rate decreases, the cost of liquidity management of banks will be reduced and the interest rate of loans will be cheaper. However, the ability of banks to extend credit has not increased as the central bank has not changed the mandatory cash reserve ratio (CRR) and statutory liquidity ratio (SLR). </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Likewise, in the monetary policy, the central bank has indicated that the policy rate will be set based on the capacity of the foreign exchange reserves to support imports and the annual target inflation, and has also indicated that it will be tightened at any time based on external sector pressure.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Relief for real estate, shares and auto loans</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Through monetary policy, the central bank has tried to provide relief to the loans for the housing, real estate, share mortgage and automobile sectors.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The monetary policy mentions that the first residential home loan limit will be increased from Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">15</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">0 million. Similarly, the NRB has announced to review the existing risk weighting arrangements for share mortgage, real estate and hire purchase loans. In the press conference, the central bank officials said that the risk burden of share mortgage loans up to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">million, new real estate loans and auto loans up to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">million will be reduced and maintained at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">At present, there is a provision that the risk weight of loans flowing through share securities should be kept at </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">100</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in case of loans up to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million and </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">150</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent in case of more than that amount. Similarly, in real estate and auto loans, the risk weight is </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">150</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. Banks have been reluctant to extend loans in these areas due to the high risk burden. Likewise, the central bank has tried to address the demands of businessmen by stating that the current capital loan guidelines will also be reviewed.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Reduction of microfinance, facilitation of cooperatives</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In the past years, the central bank had adopted a policy of reducing the number of banks and financial institutions, but in the current fiscal year, it has announced that it will reduce the number of microfinance institutions. In the monetary policy, it has been mentioned that mergers and acquisitions of microfinance institutions will be encouraged so that existing facilities will be available if integrated transactions are conducted by the end of the current fiscal year (mid-July 2024)</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Similarly, NRB announced that the recommendations of the report prepared by the study committee on the problems of microfinance companies will be implemented gradually. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Amid growing demand for the central bank to monitor cooperatives, the NRB said it will facilitate to create a separate institution for monitoring the cooperative sector.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">As mentioned in the current year's budget, the monetary policy states that necessary facilitation will be done to establish a separate specialized regulatory body for effective regulation and supervision of savings and credit cooperatives.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Rs </span></span></strong><strong><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">562</span></span></strong><strong><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion loan for economic growth</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In order to achieve the </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">6 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent economic growth target set by the government in the budget of the current fiscal year, the central bank has set a target of extending loans of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">562 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion. Stating that the priority is to flow financial resources to the productive sector in order to help achieve economic growth, the loan from banks and financial institutions to the private sector in the fiscal year </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">23</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">/</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">24</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">is expected to grow by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">11 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The goal of the monetary policy is to manage the monetary system so as not to put pressure on the prices from the monetary expansion and to maintain inflation within 6.5 percent and to maintain the foreign exchange reserves to meet the import of goods and services for at least 7 months.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Although the government has imposed a 5 percent tax to discourage Nepalis from going on foreign trips, the central bank has increased the foreign facility for passport holders. It is mentioned in the monetary policy that Nepalese citizens visiting countries other than India will be provided with facilities exchange for up to US$ 1,500 twice in a year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Large debtors under surveillance</span></span></strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The central bank has announced that it will monitor the big borrowers through monetary policy. The NRB mentioned that a separate guidelines will be issued to make the supervision of large borrowers effective. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Similarly, the NRB said that the existing Banking Offenses Act, 2064 will be amended in order to assist in controlling non-commercial and disorderly activities that affect the stability of the financial sector. Reforms have also been announced in the monetary policy, including issuing a 'Stress Loan Resolution Framework' to restructure the credit of troubled borrowers, implementing a system for national level development banks to maintain capital in accordance with the Capital Adequacy Framework, reviewing credit investment systems in designated areas, and central customer identification systems based on national identity cards.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-07-24', 'modified' => '2023-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '18275', 'image' => '20230724024424_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2023-07-24 14:43:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '18545', 'article_category_id' => '1', 'title' => 'Construction Entrepreneurs Announce Series of Protest Programmes', 'sub_title' => '', 'summary' => 'July 24: The Federation of Contractors Association of Nepal (FCAN) has put forward a nine-point demand with the government along with a series of protest programmes.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">July 24: The Federation of Contractors Association of Nepal (FCAN) has put forward a nine-point demand with the government along with a series of protest programmes.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The federation announced the protest program demanding the release of payments of all construction projects in lump sum and the extension of the deadline of all the projects.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The government has already extended the deadline of infrastructure projects by publishing a notice in the Nepal Gazette as per the request of the construction entrepreneurs. However, the contractors say that their demands have not been implemented.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The contractors announced the protest programmes on Sunday following a national meet of more than 400 construction entrepreneurs from all across the nation held in the capital on Friday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Organising a press conference, the federation stated that the government has withdrawn from its commitments and therefore the contractors decided to hold the protest. FCAN argued that the government is yet to fulfill their demands.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Ravi Singh, president of the Federation, said that the government should adjust prices to address the excessive and unexpected price hike.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, other demands put forward by the federation include termination of stalled and problematic projects that have not shown any progress due to lack of budget.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">They have also demanded that cheque bounce and confiscation of bank guarantees should be stopped, the increase in the premium rate of insurance should be cancelled, the remaining arrears of income tax and value-added tax (VAT) deducted at source should be submitted to the revenue department on time.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The federation has also demanded that the provision of construction by the consumer committee should be abolished and that the public procurement act and rules related to infrastructure should be business-friendly. Singh said that more than 24,000 construction workers across the country have been affected because the government is not business-friendly. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Singh made it clear that if the government fulfils the demands of the federation, all the protest programs will be withdrawn.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Yaksha Dhwaj Karki, advisor and former president of the federation, said that the problems in the construction industry have increased due to the non-inclusion of construction professionals while amending the laws and regulations related to public procurement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">As part of the program of the movement, the federation will submit a memorandum with an ultimatum to the prime minister on Monday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">On Tuesday, seven state federations will submit a memorandum with an ultimatum to the chief minister and 77 district federations to the district administration offices. From July 26 to 30, there is a program to inform the presidents of various political parties, concerned federal government agencies, and the state federation about their demands.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, on July 30, the federation has announced a one-hour protest at the Public Procurement Monitoring Office from 10:00 am to 11:00 am, and from the same day, a 1-hour protest will be held at the offices of the chief ministers of all seven provinces and district administration offices. The federation said that they will hold a sit-in protest for one hour in front of the prime minister's residence on July 31 and will hold a strong demonstration in the federal capital with construction equipment<strong> </strong>and tools until their demands are met.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p><br /> </p> ', 'published' => true, 'created' => '2023-07-24', 'modified' => '2023-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '18274', 'image' => '20230724020921_20220418055544_fcan-building.jpg', 'article_date' => '2023-07-24 14:08:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '18544', 'article_category_id' => '1', 'title' => 'Honorary Consular Corps Nepal Nominates Vishnu Agrawal as its New Dean', 'sub_title' => '', 'summary' => 'July 24: The Honorary Consular Corps - Nepal (HCC-N), an umbrella organization of non-residential consuls general, has nominated Vishnu Kumar Agrawal as its new dean.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">July 24: The Honorary Consular-Corps Nepal (HCC-N), an umbrella organization of non-residential consuls general, has nominated Vishnu Kumar Agrawal as its new dean.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Agrawal is the immediate past president of the Confederation of Nepalese Industries (CNI). He is also the honorary consul general of the Czech Republic since 2015.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">According to HCC-N, Agrawal was appointed the honorary consul of the Czech Republic in 2010 and was promoted to the post of honorary consul general in 2015.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Issuing a statement on Sunday, HCC-N confirmed that the 16<sup>th</sup> Annual General Meeting of the organization nominated Agrawal as the new dean.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The AGM was attended by Vice President Ram Sahay Yadav and Minister for Foreign Affairs NP Saud, added the statement.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Speaking at the inauguration of the AGM, Vice President Yadav expressed his gratitude for the immense contributions made by the honorary consul generals of 59 countries with whom Nepal has established diplomatic relations but does not have permanent residential envoys.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“The need of the present day is to maintain cordial relations with all the nations of the world to support Nepal’s goal of attain economic prosperity. I am expecting a constructive role from HCC-N in this regard,” said Vice President Yadav.</span></span></span></p> ', 'published' => true, 'created' => '2023-07-24', 'modified' => '2023-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '18273', 'image' => '20230724011342_HCCN AGM.JPG', 'article_date' => '2023-07-24 13:11:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '18543', 'article_category_id' => '1', 'title' => 'Six More Arrested Including Customs Officials in Connection to Gold Smuggling ', 'sub_title' => '', 'summary' => 'July 24: The Department of Revenue Investigation (DRI) on Sunday arrested six more persons including three government officials for their alleged involvement in smuggling 100 kilograms of gold last week. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 24: The Department of Revenue Investigation (DRI) on Sunday arrested six more persons including three government officials for their alleged involvement in smuggling 100 kilograms of gold last week. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Information Officer of DRI Nabaraj Adhikari said that the arrested are Customs Officer Santosh Chand, X-ray Operator Saroj Shrestha and Customs Invigilator Kumar Dhakal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, customs agents Sudarshan Gautam, Rukmini Subba and Yadav Parajuli were also arrested. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">So far, 16 individuals have been arrested in this case. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department had seized the illegally imported gold from Tribhuvan International Airport area that had passed the customs undetected on Wednesday. The gold was brought from Hong Kong. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-07-24', 'modified' => '2023-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '18272', 'image' => '20230724122702_goldee.jpg', 'article_date' => '2023-07-24 12:26:19', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '18542', 'article_category_id' => '1', 'title' => 'Inflow of Tourists up in Mustang ', 'sub_title' => '', 'summary' => 'July 24: The number of tourists visiting Mustang increased by 45 percent during the last fiscal year, according to a report published by the state-owned RSS. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 24: The number of tourists visiting Mustang increased by 45 percent during the last fiscal year, according to a report published by the state-owned RSS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Jomsom-based Area Conservation Office under the Annapurna Conservation Area Project (ACAP) told RSS that the arrival of tourists in Mustang increased by 45.75 percent in the fiscal year 2022/23 compared to the previous fiscal year (FY 2021/22). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">ACAP Jomsom In-charge Ashok Subedi informed RSS that a total of 71,707 foreign tourists had entered Mustang in the fiscal 2022/23. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The data shows considerable rise in the inflow of tourists before and after COVID-19," he shared, adding, "Altogether 38,896 tourists had entered Mustang in the year 2021/22. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Compared to the previous fiscal year, 32,811 more tourists visited Mustang in the FY 2022/23.” </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to ACAP, as many as 59,310 tourists arrived in the district from SAARC member countries and 6,749 tourists from third countries in the last fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the review year, a total of 3,388 tourists visited Upper Mustang which is a semi-prohibited area. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The influx of tourists had increased in Mustang last year owing to the favourable weather, easy road access, facilities of hotels and lodges and nominal incidents of natural disasters, RSS reported. </span></span></span></p> ', 'published' => true, 'created' => '2023-07-24', 'modified' => '2023-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '18271', 'image' => '20230724112952_20220424035529_istockphoto-534638391-612x612.jpg', 'article_date' => '2023-07-24 11:29:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '18541', 'article_category_id' => '1', 'title' => 'Central Bank to Facilitate Digital Payments ', 'sub_title' => '', 'summary' => 'July 23: The Nepal Rastra Bank (NRB) has adopted a policy to offer additional facilities in the digital payments in a bid to stop financial anomalies and facilitate revenue collection.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 23: The Nepal Rastra Bank (NRB) has adopted a policy to offer additional facilities in the digital payments in a bid to stop financial anomalies and facilitate revenue collection. According to the Monetary Policy for the current fiscal year (FY 2023/24) published by NRB on Sunday, revenue collection will be facilitated by maximum utilization of digital payment system by the offices offering public services.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The central bank will carry out additional study for the introduction of digital currency, states the monetary policy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the inflow of foreign currencies by exporting services including information technology would be made more effective, said the policy. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-07-23', 'modified' => '2023-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '18270', 'image' => '20230723064033_20200928042838_88-800x430.jpg', 'article_date' => '2023-07-23 18:39:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '18540', 'article_category_id' => '1', 'title' => 'Monetary Policy for FY 2023-24 Sets Seven Targets', 'sub_title' => '', 'summary' => 'The Nepal Rastra Bank has unveiled its Monetary Policy for the fiscal year 2023-24, setting seven key targets. The primary objective of the policy is to maintain foreign exchange reserves at a level that can cover at least seven months' worth of anticipated imports of goods and services.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">July 23: The Nepal Rastra Bank has unveiled its Monetary Policy for the fiscal year 2023-24, setting seven key targets. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The primary objective of the policy is to maintain foreign exchange reserves at a level that can cover at least seven months' worth of anticipated imports of goods and services. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The policy rates have been determined based on the capacity of the foreign exchange reserves to cover imports and the target annual inflation rate. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Additionally, the exchange rate of the Nepalese currency against the Indian currency will remain unchanged.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">To achieve the desired outcomes, the Central Bank aims to keep interbank interest rates within a specified corridor through open market operations, aligning with the operating target. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The policy also focuses on limiting inflation to 6.5 percent by preventing excessive pressure on prices caused by monetary expansion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Furthermore, the Monetary Policy emphasizes the allocation of fiscal resources to the productive sector in line with the government's target of achieving six percent economic growth for the current fiscal year.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">As part of the plan, the broad money supply is expected to increase by 12.5 percent, while credit to the private sector from banks and financial institutions is projected to rise by 11.5 percent in the same period.</span></span></p> ', 'published' => true, 'created' => '2023-07-23', 'modified' => '2023-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '18269', 'image' => '20230723064251_RS-Ktm-IMG_20230723_165054.jpg', 'article_date' => '2023-07-23 17:35:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 13 => array( 'Article' => array( 'id' => '18539', 'article_category_id' => '1', 'title' => 'NRB Unveils Monetary Policy for FY 2023/24', 'sub_title' => '', 'summary' => 'Nepal Rastra Bank (NRB) has made public the monetary policy for the current fiscal year, 2023/24.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">July 23: Nepal Rastra Bank (NRB) has made public the monetary policy for the current fiscal year, 2023/24.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The central bank through the monetary policy has dropped the policy rate, and kept intact the mandatory cash ratio and the statutory liquidity ratio of banks and financial institutions.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Similarly, the bank rate has remained unchanged, and the bidding rate in deposit collection has been decreased. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In view of the internal and external economic scenario, the policy rate has reduced 50 base points to 6.5 percent. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The bank rate has been kept intact at 7.5 percent while the bidding rate in deposit collection has dropped to 4.5 percent from 5.5 percent.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The secondary market transaction and the bidding in the deposit collection will remain open if the weighted interbank interest rate considered the operation target by the Rastra Bank is higher than the bank rate and lower than the deposit collection rate.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Similarly, the provision of the permanent liquidity facility in the bank rate and the overnight liquidity facility in the policy rate has been kept unchanged. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">There will be a provision of providing the permanent deposit collection at the lower limit of the interest rate corridor for making the interest rate corridor effective, according to the central bank. (RSS)</span></span></p> ', 'published' => true, 'created' => '2023-07-23', 'modified' => '2023-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '18268', 'image' => '20230723042338_collage (18).jpg', 'article_date' => '2023-07-23 16:21:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 14 => array( 'Article' => array( 'id' => '18536', 'article_category_id' => '1', 'title' => 'Development Banks Launch Special Schemes under Green Financing', 'sub_title' => '', 'summary' => 'July 23: In recent times, climate change and its effects have become a challenge for sustainable development.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">July 23: In recent times, climate change and its effects have become a challenge for sustainable development. All the countries of the world are struggling to reduce the effects of climate change. Recently, there has been a big debate about green financing. Various countries have implemented the concept of green finance, which is considered important for sustainable development. Development banks have decided to come up with two special schemes as its practice is starting in Nepal as well.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Development banks have introduced 'Green Deposit Scheme' and 'Green Loan Scheme' to contribute to sustainable development. Development Bankers Association of Nepal (DBAN) working committee has decided to include investments in about a dozen productive sectors in the green credit scheme, including agricultural enterprises, forestry enterprises, hydroelectricity, solar energy, biological energy, wind energy, cable car/ropeway, electric vehicles and waste water processing enterprises. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">DBAN informed New Business Age that since the investment of banks and financial institutions is increasing in relatively less productive areas, it has decided to introduce 'Green Loan Scheme' with the aim of increasing loans in areas that support productive and sustainable development.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">Green deposit scheme is also going to be introduced with the aim of gradually securing resources for investment in green loan schemes. In the green deposit scheme, interest will be provided 0.25 percentage point higher than other savings and term deposits. Similarly, in the green loan scheme, the "product paper" of the loan scheme is going to be developed in such a way that the interest rate is 0.25 percent lower than in other loan schemes of the same nature.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:14.0pt">The organization said that any industry/business that emits carbon and affects climate change cannot avail green loan facility. It is said that the organization has issued a circular to its member banks to bring the green deposit scheme and green loan scheme in the market after getting the product paper approved by the board of directors of their respective banks.</span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-07-23', 'modified' => '2023-07-23', 'keywords' => '', 'description' => '', 'sortorder' => '18267', 'image' => '20230723021948_green financing.jpg', 'article_date' => '2023-07-23 14:19:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, '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
