July 26: The Federation of Nepalese Chamber of Commerce and Industry (FNCCI), the umbrella organization of the private sector, has expressed its official view regarding the monetary policy introduced by Nepal Rastra Bank (NRB) for the current fiscal year.…
July 26: Nepal imported goods from 164 countries during the last fiscal year (FY…
July 25: Prime Minister Sher Bahadur Deuba has suggested all stakeholders not to import luxury goods, arguing that the trade deficit has increased to the extent that the country cannot afford such…
July 25: A large amount of Nepali currency has gone out of the country in a period of one year for the import of petroleum…
July 25: The current expenditure of the government has increased sharply in the last…
July 25: Nepal Chamber of Commerce (NCC) has said that the monetary policy is likely to reduce economic…
July 25: The Ministry of Culture, Tourism and Civil Aviation has granted permission to Phulchoki Adventure Pvt Ltd to commercially operate paragliding at Kushadevi area in Kavrepalanchowk…
July 25: Nepal Stock Exchange (NEPSE) index closed all green on Sunday, the opening day of the week that marked the first transactions following the issuance of a new monetary…
July 24: Online shopping platform Daraz has announced its annual campaign 'Mahabachat Bazar…
July 24: The monetary policy for the current fiscal year has extended the timeframe for the merger and acquisition of banks and financial…
July 24: Most of the ambulances in Nepal have normal stretchers and equipment which can transport general…
July 24: Nepal Rastra Bank (NRB) has tightened the screws on economic activities through the monetary policy unveiled on Friday with the motive of improving the economy that is heading towards crisis.…
July 24: The Ministry of Labour, Employment and Social Security has given permission to hire Nepali workers for the World Cup Football Tournament to be held in Qatar in November later this…
July 24: Russia and Ukraine have reached an understanding to open the route to export grains through the Black Sea at a time when there is increasing concern that the food crisis will increase worldwide due to the…
July 24: Tatopani Customs Office collected Rs 3.42 billion revenue in the last fiscal year 2021/22. The revenue collection was double than the target set by the…
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', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 26: The Federation of Nepalese Chamber of Commerce and Industry (FNCCI), the umbrella organization of the private sector, has expressed its official view regarding the monetary policy introduced by Nepal Rastra Bank (NRB) for the current fiscal year. The federation said that the monetary policy will create more pressure on the liquidity crisis prevailing in the market as there is no concrete way to reduce the lack of capital. FNCCI concluded that the monetary policy failed impress the private sector.</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:"Arial","sans-serif"">The federation expressed that the monetary policy of the current fiscal year released by Nepal Rastra Bank on Friday focused on reducing expenses by controlling credit rather than increasing the source of foreign exchange earnings. The FNCCI, on the other hand, appreciated the provisions such as reducing the interest rate of loans flowing to the productive sector compared to other businesses, giving continuity to the re-financing facilities for businesses heavily affected by Covid-19, and rescheduling loans for small entrepreneurs.</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:"Arial","sans-serif"">A statement issued by the federation on Monday mentions that the monetary policy did not include concrete measures for import substitution and promotion of export. As per the statement, due to the strict policy, the investment of the private sector will also shrink and it will be challenging to achieve the economic growth rate of 8 percent as mentioned in the 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:"Arial","sans-serif"">The federation stated that even after increasing the interest rate, the deposits did not increase. The federation says that even approved loans cannot be obtained due to the lack of investable funds, which will affect the construction of projects related to hydropower, tourism and other sectors. </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:"Arial","sans-serif"">According to the federation, such a strict policy is only going to make loans expensive and it will not be easy to keep the inflation within the desired limit only through monetary instruments. In addition, FNCCI believes that the amendment made in the limit to avail loans through mortgage of shares will help the small investors.</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:"Arial","sans-serif"">The statement read, “The federation's demand that the interest rate should be different for the loans flowing in the productive and commercial sectors has been addressed, which is much appreciated.” </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:"Arial","sans-serif"">FNCCI has also urged the central bank to maintain refinancing in exports and production, while linking the refinancing with productivity.</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:"Arial","sans-serif"">The statement issued by the federation identified the inclusion of green economy and digital payment as positive steps. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-26', 'modified' => '2022-07-26', 'keywords' => 'monetary, policy, FNCCI, private, sector, impress, import, substitution, export, inflation', 'description' => '', 'sortorder' => '15427', 'image' => '20220726112517_monetary policy.jpg', 'article_date' => '2022-07-26 11:24:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15685', 'article_category_id' => '1', 'title' => 'Nepal Imported Goods from 164 Countries during Last FY', 'sub_title' => '', 'summary' => 'July 26: Nepal imported goods from 164 countries during the last fiscal year (FY 2021-22). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 26: Nepal imported goods from 164 countries during the last fiscal year (FY 2021-22). </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:"Arial","sans-serif"">According to the data unveiled by the Department of Customs on Monday, Nepal imported goods worth over Rs 1,920 billion from those countries during the review year. The statistics show that Nepal purchased goods worth over Rs 1,200 billion from India alone while the export to India was worth Rs 155 billion. It means the country's trade deficit with India alone was over 1,044 billion during last fiscal year. </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:"Arial","sans-serif"">After India, China is the second largest supplier to Nepal as in one year Nepal imported goods worth over Rs 264 billion and exported goods worth Rs 887 million, resulting in a trade deficit worth around Rs 263 billion. </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:"Arial","sans-serif"">Meanwhile, the country's trade deficit is increasing year by year. During the last fiscal year, trade deficit increased by 23 percent compared to the previous fiscal year. </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:"Arial","sans-serif"">According to the department, the trade deficit reached over Rs 1,720 billion during the last fiscal year while it was over Rs 1,398 billion in the previous year. -- RSS </span></span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-07-26', 'modified' => '2022-07-26', 'keywords' => 'Import, goods, trade, deficit', 'description' => '', 'sortorder' => '15426', 'image' => '20220726075004_20220428025847_nepal-major-imports-update.jpg', 'article_date' => '2022-07-26 07:49:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15684', 'article_category_id' => '1', 'title' => 'PM Deuba Urges not to Buy Luxury Goods', 'sub_title' => '', 'summary' => 'July 25: Prime Minister Sher Bahadur Deuba has suggested all stakeholders not to import luxury goods, arguing that the trade deficit has increased to the extent that the country cannot afford such items.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">July 25: Prime Minister Sher Bahadur Deuba has suggested all stakeholders not to import luxury goods, arguing that the trade deficit has increased to the extent that the country cannot afford such items.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The prime minister stressed on increasing domestic production and marketing of goods produced in the country instead of importing goods.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Addressing the 19th Annual General Meeting of the Confederation of Nepalese Industries (CNI) on Sunday, Prime Minister Deuba said there is internal and external pressure on Nepal's economy.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“It is necessary to stop importing expensive and luxurious goods produced abroad to get rid of them,” he said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Prime Minister Deuba said that the country should focus on agricultural production as the trade deficit and foreign exchange reserves have declined to unprecedented levels. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">He said that since the agricultural sector is the main pillar of the country's economy, commercialization and mechanization of the agricultural sector should strengthen the roots of economic growth. He was of the view that the development of this sector can eliminate poverty and economic inequality in the country.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The prime minister also said that he expects the support of the private sector in economic activities that earn foreign currency. Prime Minister Deuba also urged to substitute the use of petroleum products by increasing the use of electricity in industries.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Moreover, he urged the industrialists and businessmen not only to focus on areas of immediate profit but also in the long term development of the country. He urged them to increase export by utilizing the raw materials within the country, and increase the investment in strengthening the foundation of the country's economy.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Prime Minister Deuba said that the government is ready to work hand in hand with the private sector to prevent further deterioration of the country's economy and bring it back on track. He made it clear that the government is always committed in providing the private sector with the necessary policy arrangements and infrastructure facilities to do business and asserted that economic development.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">He made it clear that the government is carrying out various legal, policy, and institutional reforms to create a proper investment environment for the private sector, and to create an environment in which enterprises and businesses can be conducted simply and easily.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Prime Minister Deuba said that the monetary policy of the current financial year has come to support the budget. He said that the objective of the monetary policy is to support the development of the country's agricultural, manufacturing, and export industries. </span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2022-07-25', 'modified' => '2022-07-25', 'keywords' => '', 'description' => '', 'sortorder' => '15425', 'image' => '20220725063540_1658672926.5000.jpg', 'article_date' => '2022-07-25 18:35:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15683', 'article_category_id' => '1', 'title' => 'Nepal Spent Rs 320 Billion on Fuel Import in FY 2021/22 ', 'sub_title' => '', 'summary' => 'July 25: A large amount of Nepali currency has gone out of the country in a period of one year for the import of petroleum products.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 25: A large amount of Nepali currency has gone out of the country in a period of one year for the import of petroleum products. The cost of purchasing fuel has increased due to price hike and increase in consumption. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Data released by the Department of Customs shows that Nepal imported petroleum products worth Rs 320.32 billion from India in the last fiscal year (FY 2021/22). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The largest amount has been spent on importing diesel in the review year. Nepal spent over Rs 168.23 billion in diesel import in the last fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Rs 71.38 billion was spent on importing petrol, Rs 65.55 billion on import of cooking gas (LPG) and Rs 15.15 billion on import of aviation fuel in the review period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Nepal imported unprocessed soybean, palm and sunflower oil worth Rs 113 billion, mobiles phones and laptop worth Rs 52 billion, gold and silver worth Rs 48 billion and food grain worth more than Rs 73 billion during the last one year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal exported refined soybean oil worth the highest amount during this period. Refined soybean oil worth Rs 48.12 billion was exported from Nepal. Similarly, it exported refined palm oil worth Rs 41.64 billion, synthetic yarn worth Rs 10.14 billion, woolen goods worth Rs 7.71 billion and ready-made garments worth Rs 5.76 billion during the last fiscal year. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-07-25', 'modified' => '2022-07-25', 'keywords' => 'Import, petrol, diesel, soybean, synthetic, yarn, department, customs', 'description' => '', 'sortorder' => '15424', 'image' => '20220725051852_petroo - Copy.jpg', 'article_date' => '2022-07-25 17:17:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15682', 'article_category_id' => '1', 'title' => 'Current Expenditure Increases Four Folds in Ten Years', 'sub_title' => '', 'summary' => 'July 25: The current expenditure of the government has increased sharply in the last decade.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Bijay Damase</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:"Arial","sans-serif"">July 25: The current expenditure of the government has increased sharply in the last decade.</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:"Arial","sans-serif"">Although the government has been chanting the slogan of austerity measures on public expenditure through policies and programmes every year, in practice, the current expenditure seems to be increasing unnaturally.</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:"Arial","sans-serif"">As per the data of the past ten years, it seems that the current expenditure has quadrupled. The current expenditure which was Rs 247 billion in the fiscal year 2012/13, has reached Rs 966 billion in the fiscal year 2021/22.</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:"Arial","sans-serif"">Due to the arbitrary distribution of financial aid, duplicity of agencies and unnecessary posts under them, the current expenditure of the government is increasing unnaturally.</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:"Arial","sans-serif"">According to the 59th report of the Auditor General, in the year 2021/22, the Ministry of Home Affairs distributed Rs 79,367,000 to VVIPs in the form of medical treatment and financial assistance.</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:"Arial","sans-serif"">Although it is mentioned in the procedure that one person can be given financial assistance up to Rs 700,000, the report of the Auditor General revealed that the government distributed up to Rs 2.5 million to an individual that year.</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:"Arial","sans-serif"">In the same year, the Ministry of Home Affairs provided financial assistance of Rs 10 million to a shelter and another Rs 2 million to a cultural development fund, according to the report of the Auditor General. </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:"Arial","sans-serif"">Although there is a provision in the Public Health Act 2075 that if treatment is required abroad, the government will not bear the expenses incurred for it, but the Auditor General's Office concluded that the government violated this procedure. </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:"Arial","sans-serif"">A report of the Public Expenditure Review Commission formed by the government shows that the current expenditure of the government has increased due to lack of sufficient basis for allocation of budget for current expenditure and clear criteria for expenditure headings, and internal audits. Dozens of suggestions made by the commission to reduce expenses 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:"Arial","sans-serif"">Former secretary Bimal Wagle says that due to the trend of adding expensive vehicles and expensive goods in the office, the revenue raised in the country is not able to cover the current expenses. Although it is reasonable for the current expenditure to increase in accordance to inflation in one decade, it is not a good sign for it to increase so much abnormally.</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:"Arial","sans-serif""> “There are enough places where the government can reduce expenses, but no one is willing to do it,” says Wagle.</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:"Arial","sans-serif""> According to Wagle, it seems that public bodies and people holding public positions are not able to adopt caution in expenses such as office supplies, food, water, electricity, and fuel in connection with government work.</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:"Arial","sans-serif"">Some of the development committees, commissions, institutes, authorities, corporations, foundations, boards, centers, and councils that are currently running with government funds are unnecessary. They are also increasing public expenditure. </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:"Arial","sans-serif"">Wagle says that the government bodies should be restructured or abolished after reviewing issues like duplication of work and responsibilities, the bodies that have been transferred to the provincial and local levels, or those that are not considered necessary to continue.</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:"Arial","sans-serif"">Jagadish Chandra Pokharel, former vice-chairman of the National Planning Commission, says that there is a growing threat that the increasing current expenditure will have a negative impact on the entire economy. According to him, the main reason for the increase in current expenditure is that the policies taken by the government for cost management are not effectively implemented. He said that such policies should be strictly implemented to prevent current expenditure from going out of control.</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:"Arial","sans-serif"">Similarly, he said that attention should be paid to actions such as reducing wasteful expenditure, improving the pension system, abolishing unnecessary ministries and agencies and appointing officials only where necessary.</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:"Arial","sans-serif"">Dhundi Prasad Niraula, joint secretary of the Ministry of Finance, says that the current expenditure has been increasing recently due to the increase in mandatory obligations along with inflation. According to him, current spending is being done according to the policy adopted by the government. He claimed that since the budget has provision for reducing unnecessary expenditure, it will be implemented effectively.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-25', 'modified' => '2022-07-25', 'keywords' => '', 'description' => '', 'sortorder' => '15423', 'image' => '20220725014945_rising-graph.jpeg', 'article_date' => '2022-07-25 13:48:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15681', 'article_category_id' => '1', 'title' => 'Monetary Policy likely to Reduce Economic Activities: NCC', 'sub_title' => '', 'summary' => 'July 25: Nepal Chamber of Commerce (NCC) has said that the monetary policy is likely to reduce economic activities.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 25: Nepal Chamber of Commerce (NCC) has said that the monetary policy is likely to reduce economic activities. The NCC made the remark about the monetary policy for the current fiscal year 2079/80 unveiled by Nepal Rastra Bank on Friday. A statement issued by the NCC states that the tight monetary policy introduced by the central bank has indicated a reduction in economic activities in the country.</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:"Arial","sans-serif"">The NCC argued that since the monetary policy reduced the target of credit expansion, economic activities will shrink. It will also affect revenue while the expansion of new industries and businesses will decline. </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:"Arial","sans-serif"">Also, the mandatory cash reserve ratio (CRR) has been increased from 3 to 4 percent, the statutory liquidity ratio limit has also been increased.</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:"Arial","sans-serif"">The chamber understands that the interest rate payable by banks and financial institutions for taking loans from the NRB has been increased by 1.5 percent to 8.5 percent, so the overall interest on loan will increase in the future. On Sunday, the NCC released a 9-point statement regarding the monetary policy.</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:"Arial","sans-serif"">The chamber claimed that the provision to maintain the security ratio in real estate mortgage loans at 30 percent in Kathmandu Valley and 40 percent in other places will affect the overall real estate business.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-25', 'modified' => '2022-07-25', 'keywords' => '', 'description' => '', 'sortorder' => '15422', 'image' => '20220725012235_monetary.jpg', 'article_date' => '2022-07-25 13:20:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15680', 'article_category_id' => '1', 'title' => 'Government Grants Permission for Commercial Paragliding in Kushadevi', 'sub_title' => '', 'summary' => 'July 25: The Ministry of Culture, Tourism and Civil Aviation has granted permission to Phulchoki Adventure Pvt Ltd to commercially operate paragliding at Kushadevi area in Kavrepalanchowk district. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 25: The Ministry of Culture, Tourism and Civil Aviation has granted permission to Phulchoki Adventure Pvt Ltd to commercially operate paragliding at Kushadevi area in Kavrepalanchowk district. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Following the ministerial-level decision, the Civil Aviation Authority of Nepal (CAAN) has initiated technical process to allow paragliding in the area, according to CAAN officials.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The company confirmed it has received permission for paragliding.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"We have got permission from the ministry to operate commercial paragliding. We will operate it after the CAAN issues the paragliding operation directive," said the company's president Chhabi Lal Humagain. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It may take around two months for the operation of the project, he added. The flight will take place on a daily basis from 10 am to 4 pm, said Humagain. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Three years ago, a paragliding flight was tested in the area which is considered to be suitable for the adventure in terms of location, landing, air pressure and other environmental aspects. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-07-25', 'modified' => '2022-07-25', 'keywords' => '', 'description' => '', 'sortorder' => '15421', 'image' => '20220725121309_para.jpg', 'article_date' => '2022-07-25 12:12:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15679', 'article_category_id' => '1', 'title' => 'NEPSE on Bullish Trend after Issuance of Monetary Policy ', 'sub_title' => '', 'summary' => 'July 25: Nepal Stock Exchange (NEPSE) index closed all green on Sunday, the opening day of the week that marked the first transactions following the issuance of a new monetary policy. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 25: Nepal Stock Exchange (NEPSE) index closed all green on Sunday, the opening day of the week that marked the first transactions following the issuance of a new monetary policy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government had unveiled the monetary policy for the current fiscal year (FY 2022/23) on Friday. The policy has omitted the provision of a lower ceiling in acquiring loan against share. Besides, it allows loan up to Rs 120 million against share. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NEPSE index increased 61.05 points to close at 2,078.51 points. Similarly, the sensitive index also surged 12.09 points to reach 398.33 points. Over 6.4 million shares of the total 219 companies were traded at more than Rs 2.7 billion on Sunday. Points of all subgroups in the NEPSE have increased. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Banking sector gained 22.88 points, trading 88.01 points, hotel and tourism 74.2 points, development banks 177.32 points, hydropower 84.5 points, finance 117.99 points, production 100.39 points, others 103.82 points, microfinance 175.17 points, life insurance 207.77 points, mutual fund 0.17 points and investment 2.1 points. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The market capitalization after the transactions on the week's first day of trading is equivalent to Rs 2967.98 billion. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-07-25', 'modified' => '2022-07-25', 'keywords' => '', 'description' => '', 'sortorder' => '15420', 'image' => '20220725080819_960x0.jpg', 'article_date' => '2022-07-25 08:07:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15678', 'article_category_id' => '266', 'title' => 'Daraz Announces ‘Maha Bachat’ Scheme', 'sub_title' => '', 'summary' => 'July 24: Online shopping platform Daraz has announced its annual campaign 'Mahabachat Bazar Abhiyan'.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 24: Online shopping platform Daraz has announced its annual campaign 'Mahabachat Bazar Abhiyan'. The company informed that the main objective of this campaign, which kicked off on July 24, is to provide customers with an opportunity to save more while shopping at the store. </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:"Arial","sans-serif"">According to the company, this campaign offers up to 60 percent discount, up to 1,500 discounts on online prepayment, up to 7,000 vouchers, free shipping facility and bumper gifts to win free tickets to Turkey.</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:"Arial","sans-serif"">Customers can get a discount of 10 percent (maximum Rs 1000) if prepaid by debit card and 12 percent (maximum Rs 1,500) if prepaid by credit card. The company said that the cardholders of Nepal Investment Bank, Sanima Bank, Machhapuchche Bank, Everest Bank, BOK, NCC Bank, Muktinath and Jyoti Bikas Bank can get the benefit of prepayment discount. </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:"Arial","sans-serif"">In addition, customers who pay through e-service wallet can get a discount of up to 10 percent (maximum Rs 1000) for a limited period.</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:"Arial","sans-serif"">There is also an opportunity to play games for Re 1 in the Daraz Mahabachat market campaign. Customers can only play for any one of the New Classic Helmet, High Ground Adventure and ProArt content for prizes. The company informed that to participate in the game, the customer need to pay Re 1 through online payment.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-24', 'modified' => '2022-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '15419', 'image' => '20220724052138_discountt.jpg', 'article_date' => '2022-07-24 17:20:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15676', 'article_category_id' => '1', 'title' => 'Merger and Acquisition Facility Extended till mid-January ', 'sub_title' => '', 'summary' => 'July 24: The monetary policy for the current fiscal year has extended the timeframe for the merger and acquisition of banks and financial institutions. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">July 24: The monetary policy for the current fiscal year has extended the timeframe for the merger and acquisition of banks and financial institutions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Unveiling the monetary policy on Friday, Nepal Rastra Bank’s Governor Maha Prasad Adhikari shared that the banks and financial institutions opting for merger and acquisition would be provided with the facilities up to mid-January next year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Earlier, the central bank had set the deadline for merger and acquisition up to mid-July. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Likewise, the monetary policy states that the transactions of banks and financial institutions opting for merger and acquisition will not be halted.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The central bank had adopted a policy to encourage merger and acquisition of banks and financial institutions to increase their paid-up capital in order to increase their risk-bearing capacity. It has been giving tax concessions to the merging banks, cooling off period, investment in the priority sector and so on.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In order to reduce the number of banks and financial institutions, NRB had issued regulations regarding merger of banks and financial institutions in 2068 BS. Since then, 241 banks and financial institutions have joined the merger / acquisition process, 177 licenses have been revoked and the number of BFIs has dropped to 64.</span></span></span></p> ', 'published' => true, 'created' => '2022-07-24', 'modified' => '2022-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '15418', 'image' => '20220724042452_merger.jpg', 'article_date' => '2022-07-24 16:24:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15677', 'article_category_id' => '1', 'title' => 'Every Province to have a Mini Mobile Hospital ', 'sub_title' => '', 'summary' => 'July 24: Most of the ambulances in Nepal have normal stretchers and equipment which can transport general patients.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">July 24: Most of the ambulances in Nepal have normal stretchers and equipment which can transport general patients. Due to geographical conditions, traffic jams, and lack of facilities, many patients die on the way to hospital.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">However, some ambulances also provide important services available only in hospitals such as ventilators, patient monitoring machines, syringe pumps, infusion pumps, oxygen concentrators, ECG machines, and ultrasound service. Such vehicles with facilities like mini hospitals are being used in developed countries. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">However, would such a convenient vehicle be operated in a developing country like ours? The National Disaster Risk Reduction and Management Authority removed any doubt by bringing such vehicles to Nepal. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">A multi-service vehicle with the facility to treat a complex situation of patient has been introduced in Nepal for the first time.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Those vehicles will also start service in Nepal in future disasters and help reduce premature deaths. Anil Pokharel, the chief executive officer of NDRRMA, informed that even if the doctor does not arrive, the patient can be treated and monitored inside the vehicle by connecting the doctor through telemedicine service.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">He said the vehicle is a mini hospital or a mobile hospital, and he believes it would help save people's lives during disaster. He also claimed that this type of vehicle has been introduced in Nepal for the first time.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The Armed Police Force has been charged with the responsibility pf operating and managing eight big vehicles and eight 'A class' ambulances with such facilities. The government has acquired the vehicle with the management support of the Multi-Donor Trust Fund and the World Bank.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">This project has been funded by international aid agencies including those from the USA, Britain, Canada and Switzerland.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Home Minister Bal Krishna Khand handed over the keys of the vehicles to Inspector General of Armed Police Force Raju Aryal on Saturday. These vehicles will be kept in each province and the center. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">If it is not possible to bring people affected by disaster and those who are seriously injured to the hospital, they can be treated in the same vehicle if they need immediate treatment. Altogether 6 people can be treated on comfortable beds inside the vehicle, while some more patients can be treated on chairs as well.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">For a country like Nepal facing the challenge of natural disasters, it is believed that using this vehicle will protect the people affected by disasters from premature death. Nepal is at great risk of natural disasters. Disasters such as earthquakes, floods, and fires continue to affect people due to difficult geographical conditions.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Doctors and nurses can save the lives of the patients by treating and caring them on the way to the hospital.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">At the handover ceremony, Home Minister Khand pointed out the need to increase the budget for the disabled and emphasized that every sector should be sensitive to their issues. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Home Secretary Tek Narayan Pandey expressed his belief that the vehicle with facilities will help save human lives from the crisis. Chandra Prasad Dhakal, senior vice president of the Federation of Nepalese Chamber of Commerce and Industry, termed the vehicle a moving hospital. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-24', 'modified' => '2022-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '15417', 'image' => '20220724050456_ND-KTM-GudneHospitala.jpg', 'article_date' => '2022-07-24 17:04:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15675', 'article_category_id' => '1', 'title' => 'Monetary Policy Aims to Bring the Economy Back on Track', 'sub_title' => '', 'summary' => 'July 24: Nepal Rastra Bank (NRB) has tightened the screws on economic activities through the monetary policy unveiled on Friday with the motive of improving the economy that is heading towards crisis. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Yadav Humagain</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">July 24: Nepal Rastra Bank (NRB) has tightened the screws on economic activities through the monetary policy unveiled on Friday with the motive of improving the economy that is heading towards crisis. NRB Governor Maha Prasad Adhikari was praised for introducing flexible monetary policy in the last two fiscal years considering the impact of Covid-19. However, this time, he has resorted to strict measures to bring the economy back on track. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although the past policy made the economy affected by the pandemic vibrant, it also resulted in high Balance of Payments (BoP), decline in foreign exchange reserves and liquidity crisis in the banking system. Therefore, the central bank decided to tighten the economic activities through the new monetary policy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The monetary policy introduced for the current fiscal year aims at keeping external sector stability by controlling inflation. The monetary policy focuses on promoting overall fiscal stability and boosting productivity by mobilizing fiscal instruments in the productive sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank also aims to discourage credit flow by increasing the interest rate on loans through the monetary policy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The NRB has adopted a policy to mobilize loan in the productive sector rather than expanding credit in the context of high credit-GDP ratio. It also aims to protect small and medium scale industries.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In order to increase the foreign exchange reserves, the central bank has decided to encourage remittance through the banking channel.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Instead of achieving the government’s economic growth target, the monetary policy focuses on fiscal stability.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NRB Spokesperson Dr Gunakar Bhatta says that the monetary policy is focused on resolving the crisis faced by the country’s economy.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We have brought the monetary policy with the objective of resolving the economic crisis in a phase-wise manner,” Bhatta told reporters, adding, “If the economy improves, the monetary policy can be amended accordingly.” The central bank has been reviewing the monetary policy every three months.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although the government has set a target of 8 percent economic growth in the current fiscal year, the central bank has decided to limit credit flow. Banks are facing problems in deposit collection because the loans disbursed in the past were extensively utilized in non-productive sectors such as imports. As the banks are facing resource crunch, the central bank has reduced the target of credit flow to the private sector by 6.4 percentage points and fixed it at 12.6 percent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The monetary policy has focused on fiscal stability at a time when the economy is facing liquidity crisis. The central bank has increased the cash reserve ratio (CRR) and statutory liquidity ratio (SLR) to protect the deposits and strengthen the banking system.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CRR has been increased from 3 percent to 4 percent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the SLR has been increased from 2 percent to 12 percent for commercial banks and 10 percent for development banks as well as finance companies. As per the monetary policy, the BFIs need to comply with the new SLR by mid-January 2023.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank has decided to increase the interest rate to discourage credit flow. The monetary policy has increased the bank rate by 1.5 percentage points to 8.5 percent. The central bank believes that increase in interest rate will discourage consumption.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although this policy will affect the interest rate of some sectors, it will not have much effect overall, says banker Bhuvan Kumar Dahal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The central bank’s policy will not impact the overall interest rate of the banks,” says Dahal, adding, “The interest rate on other sectors might be more as the monetary policy focuses on credit flow to the productive sector.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although NRB has tightened credit flow, it has kept productive sector in priority and also decided to protect small and medium scale industries.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The monetary policy will keep differences in interest rates on loan to be mobilized in productive sector and business sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the provision, BFIs can disburse loans up to Rs 20 million to the productive sectors such as agriculture, livestock and fishery, export-oriented industries and industries that produce goods with cent percent home-grown raw materials by charging interest rate not exceeding 2 percentage points added to the base rate.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the monetary policy, the central bank will gradually reduce the facilities given to sectors affected by the Covid-19 pandemic. NRB informed that the policy to provide refinancing facility will be reviewed so that only the productive sectors such as agriculture and those badly affected by the pandemic will be given refinancing facility.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-24', 'modified' => '2022-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '15416', 'image' => '20220724040529_NP_KTM.jpg', 'article_date' => '2022-07-24 16:03:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15674', 'article_category_id' => '1', 'title' => 'Nepali Workers to be Hired for Qatar World Cup ', 'sub_title' => '', 'summary' => 'July 24: The Ministry of Labour, Employment and Social Security has given permission to hire Nepali workers for the World Cup Football Tournament to be held in Qatar in November later this year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 24: The Ministry of Labour, Employment and Social Security has given permission to hire Nepali workers for the World Cup Football Tournament to be held in Qatar in November later this year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Various companies in Qatar have shown interest to hire Nepali workers for a short duration in view of the World Cup 2022. Accordingly, the government has decided to send Nepali workers after completing all the due procedures. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Joint Secretary at the Ministry and Head of the Employment Management Division Rajiv Pokharel shared that since the workers will be sent for a short period it has been decided to send them only after granting them a work permit. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With the decision of the ministry, the Embassy of Qatar will verify the demands proposed by the employers who are willing to take workers for a short period of time. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the ministry, the employers will have to bear the entire expenses incurred in the recruitment process including the two-way air tickets of the workers. The working period of such workers in Qatar will be less than six months. Apart from the recruitment agencies, those who want to go for short-term employment individually will also be allowed to go if they have a visa and a work permit. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the law, the minimum duration of the work permit is two years but there is also a legal provision to grant work permit for short-term work opportunities and visas, said Joint Secretary Pokharel. The number of workers to be taken from Nepal for Qatar World Cup is not decided yet.-- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-07-24', 'modified' => '2022-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '15415', 'image' => '20220724021312_QatarStadium-1444x710.jpg', 'article_date' => '2022-07-24 14:12:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15673', 'article_category_id' => '1', 'title' => 'Russia Agrees to Release Million of Tons of Food Grains', 'sub_title' => '', 'summary' => 'July 24: Russia and Ukraine have reached an understanding to open the route to export grains through the Black Sea at a time when there is increasing concern that the food crisis will increase worldwide due to the war.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">July 24: Russia and Ukraine have reached an understanding to open the route to export grains through the Black Sea at a time when there is increasing concern that the food crisis will increase worldwide due to the war.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two sides signed an agreement in Turkey on Friday allowing the export of 1 million tons of grains from Ukraine. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the BBC, the agreement will allow millions of tonnes of grain, currently trapped in Ukraine by the war, to be exported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the agreement, Russia will gradually open the Ukrainian ports towards the Black Sea.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The World Food Program has warned that a million people could die of starvation if Russia continues to block the ports to Ukraine.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">But Russian Foreign Minister Sergey Lavrov said that he is optimistic that the issue of Ukraine's grain exports can be resolved if the minefields laid by Ukraine in the waters around its port are removed. Ukraine is one of the world's leading grain exporters.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With Russia's invasion of Ukraine on February 24, one million people are at risk of starvation due to the halt in export of grains. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Al Jazeera, Russian defence minister Sergei Shoigu and Ukraine’s infrastructure minister, Oleksandr Kubrakov, signed the deal separately on Friday, carefully avoiding sitting at the same table and avoiding shaking hands in Istanbul.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the information, the contract is said to last for 120 days in addition to the possibility of extension of agreement with the consent of both parties. The halt in Ukrainian grain supplies led to a global food crisis and the price of bread and pasta made from wheat skyrocketed. Apart from that, the prices of cooking oil and fertilizers also increased. The United States has also requested Russia to take immediate steps to implement the agreement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On Friday, the price of wheat in the world market fell by two percent, as the possibility of supplying more than 20 million tons of Ukrainian grain surged.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In his Friday night speech, Ukrainian President Volodymyr Zelenskyy said that his country has marketable grain worth about US$ 10 billion. He also mentioned that the United Nations is responsible for ensuring the agreement. Ukraine has been saying that the Russian navy is blocking the supply of grain and other imports.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Ukraine alleged that Russian forces even stole grain from its agricultural fields. Due to the drought, the Covid-19 pandemic and the war in Ukraine, some countries in the world are facing an extreme food crisis. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-24', 'modified' => '2022-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '15414', 'image' => '20220724123223_wheatttttt.jpg', 'article_date' => '2022-07-24 12:31:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15672', 'article_category_id' => '1', 'title' => 'Tatopani Customs Office Collects Rs 3.42 Billion Revenue ', 'sub_title' => '', 'summary' => 'July 24: Tatopani Customs Office collected Rs 3.42 billion revenue in the last fiscal year 2021/22. The revenue collection was double than the target set by the office. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 24: Tatopani Customs Office collected Rs 3.42 billion revenue in the last fiscal year 2021/22. The revenue collection was double than the target set by the office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chief Customs Officer of Tatopani Customs Office, Narad Gautam, said revenue collection increased by two folds in the last fiscal year despite various problems including coronavirus pandemic, landslide, flood and decline in import of Chinese goods. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The office collected Rs 3.42 billion revenue against the target of Rs 1.46 billion, he shared. Gautam further said that revenue collection was better than the expectation due to various reasons including import of goods, adherence to health safety protocols and training to businessmen. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In FY 2020/21, the office had set a target to collect Rs 4.50 billion but only Rs 1.02 billion was collected. Gautam added that a target has been set to collect Rs 4.63 billion in the current fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The arrival of containers carrying goods from China is very less. Around four to eight containers carrying goods from China enter Nepal via the check point every day. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-07-24', 'modified' => '2022-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '15413', 'image' => '20220724115357_Tatopani.jpg', 'article_date' => '2022-07-24 11:53:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '15686', 'article_category_id' => '1', 'title' => 'Monetary Policy Fails to Impress Private Sector: FNCCI', 'sub_title' => '', 'summary' => 'July 26: The Federation of Nepalese Chamber of Commerce and Industry (FNCCI), the umbrella organization of the private sector, has expressed its official view regarding the monetary policy introduced by Nepal Rastra Bank (NRB) for the current fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 26: The Federation of Nepalese Chamber of Commerce and Industry (FNCCI), the umbrella organization of the private sector, has expressed its official view regarding the monetary policy introduced by Nepal Rastra Bank (NRB) for the current fiscal year. The federation said that the monetary policy will create more pressure on the liquidity crisis prevailing in the market as there is no concrete way to reduce the lack of capital. FNCCI concluded that the monetary policy failed impress the private sector.</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:"Arial","sans-serif"">The federation expressed that the monetary policy of the current fiscal year released by Nepal Rastra Bank on Friday focused on reducing expenses by controlling credit rather than increasing the source of foreign exchange earnings. The FNCCI, on the other hand, appreciated the provisions such as reducing the interest rate of loans flowing to the productive sector compared to other businesses, giving continuity to the re-financing facilities for businesses heavily affected by Covid-19, and rescheduling loans for small entrepreneurs.</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:"Arial","sans-serif"">A statement issued by the federation on Monday mentions that the monetary policy did not include concrete measures for import substitution and promotion of export. As per the statement, due to the strict policy, the investment of the private sector will also shrink and it will be challenging to achieve the economic growth rate of 8 percent as mentioned in the 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:"Arial","sans-serif"">The federation stated that even after increasing the interest rate, the deposits did not increase. The federation says that even approved loans cannot be obtained due to the lack of investable funds, which will affect the construction of projects related to hydropower, tourism and other sectors. </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:"Arial","sans-serif"">According to the federation, such a strict policy is only going to make loans expensive and it will not be easy to keep the inflation within the desired limit only through monetary instruments. In addition, FNCCI believes that the amendment made in the limit to avail loans through mortgage of shares will help the small investors.</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:"Arial","sans-serif"">The statement read, “The federation's demand that the interest rate should be different for the loans flowing in the productive and commercial sectors has been addressed, which is much appreciated.” </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:"Arial","sans-serif"">FNCCI has also urged the central bank to maintain refinancing in exports and production, while linking the refinancing with productivity.</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:"Arial","sans-serif"">The statement issued by the federation identified the inclusion of green economy and digital payment as positive steps. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-26', 'modified' => '2022-07-26', 'keywords' => 'monetary, policy, FNCCI, private, sector, impress, import, substitution, export, inflation', 'description' => '', 'sortorder' => '15427', 'image' => '20220726112517_monetary policy.jpg', 'article_date' => '2022-07-26 11:24:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15685', 'article_category_id' => '1', 'title' => 'Nepal Imported Goods from 164 Countries during Last FY', 'sub_title' => '', 'summary' => 'July 26: Nepal imported goods from 164 countries during the last fiscal year (FY 2021-22). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 26: Nepal imported goods from 164 countries during the last fiscal year (FY 2021-22). </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:"Arial","sans-serif"">According to the data unveiled by the Department of Customs on Monday, Nepal imported goods worth over Rs 1,920 billion from those countries during the review year. The statistics show that Nepal purchased goods worth over Rs 1,200 billion from India alone while the export to India was worth Rs 155 billion. It means the country's trade deficit with India alone was over 1,044 billion during last fiscal year. </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:"Arial","sans-serif"">After India, China is the second largest supplier to Nepal as in one year Nepal imported goods worth over Rs 264 billion and exported goods worth Rs 887 million, resulting in a trade deficit worth around Rs 263 billion. </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:"Arial","sans-serif"">Meanwhile, the country's trade deficit is increasing year by year. During the last fiscal year, trade deficit increased by 23 percent compared to the previous fiscal year. </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:"Arial","sans-serif"">According to the department, the trade deficit reached over Rs 1,720 billion during the last fiscal year while it was over Rs 1,398 billion in the previous year. -- RSS </span></span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-07-26', 'modified' => '2022-07-26', 'keywords' => 'Import, goods, trade, deficit', 'description' => '', 'sortorder' => '15426', 'image' => '20220726075004_20220428025847_nepal-major-imports-update.jpg', 'article_date' => '2022-07-26 07:49:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15684', 'article_category_id' => '1', 'title' => 'PM Deuba Urges not to Buy Luxury Goods', 'sub_title' => '', 'summary' => 'July 25: Prime Minister Sher Bahadur Deuba has suggested all stakeholders not to import luxury goods, arguing that the trade deficit has increased to the extent that the country cannot afford such items.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">July 25: Prime Minister Sher Bahadur Deuba has suggested all stakeholders not to import luxury goods, arguing that the trade deficit has increased to the extent that the country cannot afford such items.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The prime minister stressed on increasing domestic production and marketing of goods produced in the country instead of importing goods.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Addressing the 19th Annual General Meeting of the Confederation of Nepalese Industries (CNI) on Sunday, Prime Minister Deuba said there is internal and external pressure on Nepal's economy.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“It is necessary to stop importing expensive and luxurious goods produced abroad to get rid of them,” he said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Prime Minister Deuba said that the country should focus on agricultural production as the trade deficit and foreign exchange reserves have declined to unprecedented levels. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">He said that since the agricultural sector is the main pillar of the country's economy, commercialization and mechanization of the agricultural sector should strengthen the roots of economic growth. He was of the view that the development of this sector can eliminate poverty and economic inequality in the country.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The prime minister also said that he expects the support of the private sector in economic activities that earn foreign currency. Prime Minister Deuba also urged to substitute the use of petroleum products by increasing the use of electricity in industries.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Moreover, he urged the industrialists and businessmen not only to focus on areas of immediate profit but also in the long term development of the country. He urged them to increase export by utilizing the raw materials within the country, and increase the investment in strengthening the foundation of the country's economy.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Prime Minister Deuba said that the government is ready to work hand in hand with the private sector to prevent further deterioration of the country's economy and bring it back on track. He made it clear that the government is always committed in providing the private sector with the necessary policy arrangements and infrastructure facilities to do business and asserted that economic development.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">He made it clear that the government is carrying out various legal, policy, and institutional reforms to create a proper investment environment for the private sector, and to create an environment in which enterprises and businesses can be conducted simply and easily.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Prime Minister Deuba said that the monetary policy of the current financial year has come to support the budget. He said that the objective of the monetary policy is to support the development of the country's agricultural, manufacturing, and export industries. </span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2022-07-25', 'modified' => '2022-07-25', 'keywords' => '', 'description' => '', 'sortorder' => '15425', 'image' => '20220725063540_1658672926.5000.jpg', 'article_date' => '2022-07-25 18:35:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15683', 'article_category_id' => '1', 'title' => 'Nepal Spent Rs 320 Billion on Fuel Import in FY 2021/22 ', 'sub_title' => '', 'summary' => 'July 25: A large amount of Nepali currency has gone out of the country in a period of one year for the import of petroleum products.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 25: A large amount of Nepali currency has gone out of the country in a period of one year for the import of petroleum products. The cost of purchasing fuel has increased due to price hike and increase in consumption. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Data released by the Department of Customs shows that Nepal imported petroleum products worth Rs 320.32 billion from India in the last fiscal year (FY 2021/22). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The largest amount has been spent on importing diesel in the review year. Nepal spent over Rs 168.23 billion in diesel import in the last fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Rs 71.38 billion was spent on importing petrol, Rs 65.55 billion on import of cooking gas (LPG) and Rs 15.15 billion on import of aviation fuel in the review period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Nepal imported unprocessed soybean, palm and sunflower oil worth Rs 113 billion, mobiles phones and laptop worth Rs 52 billion, gold and silver worth Rs 48 billion and food grain worth more than Rs 73 billion during the last one year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal exported refined soybean oil worth the highest amount during this period. Refined soybean oil worth Rs 48.12 billion was exported from Nepal. Similarly, it exported refined palm oil worth Rs 41.64 billion, synthetic yarn worth Rs 10.14 billion, woolen goods worth Rs 7.71 billion and ready-made garments worth Rs 5.76 billion during the last fiscal year. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-07-25', 'modified' => '2022-07-25', 'keywords' => 'Import, petrol, diesel, soybean, synthetic, yarn, department, customs', 'description' => '', 'sortorder' => '15424', 'image' => '20220725051852_petroo - Copy.jpg', 'article_date' => '2022-07-25 17:17:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15682', 'article_category_id' => '1', 'title' => 'Current Expenditure Increases Four Folds in Ten Years', 'sub_title' => '', 'summary' => 'July 25: The current expenditure of the government has increased sharply in the last decade.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Bijay Damase</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:"Arial","sans-serif"">July 25: The current expenditure of the government has increased sharply in the last decade.</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:"Arial","sans-serif"">Although the government has been chanting the slogan of austerity measures on public expenditure through policies and programmes every year, in practice, the current expenditure seems to be increasing unnaturally.</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:"Arial","sans-serif"">As per the data of the past ten years, it seems that the current expenditure has quadrupled. The current expenditure which was Rs 247 billion in the fiscal year 2012/13, has reached Rs 966 billion in the fiscal year 2021/22.</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:"Arial","sans-serif"">Due to the arbitrary distribution of financial aid, duplicity of agencies and unnecessary posts under them, the current expenditure of the government is increasing unnaturally.</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:"Arial","sans-serif"">According to the 59th report of the Auditor General, in the year 2021/22, the Ministry of Home Affairs distributed Rs 79,367,000 to VVIPs in the form of medical treatment and financial assistance.</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:"Arial","sans-serif"">Although it is mentioned in the procedure that one person can be given financial assistance up to Rs 700,000, the report of the Auditor General revealed that the government distributed up to Rs 2.5 million to an individual that year.</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:"Arial","sans-serif"">In the same year, the Ministry of Home Affairs provided financial assistance of Rs 10 million to a shelter and another Rs 2 million to a cultural development fund, according to the report of the Auditor General. </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:"Arial","sans-serif"">Although there is a provision in the Public Health Act 2075 that if treatment is required abroad, the government will not bear the expenses incurred for it, but the Auditor General's Office concluded that the government violated this procedure. </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:"Arial","sans-serif"">A report of the Public Expenditure Review Commission formed by the government shows that the current expenditure of the government has increased due to lack of sufficient basis for allocation of budget for current expenditure and clear criteria for expenditure headings, and internal audits. Dozens of suggestions made by the commission to reduce expenses 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:"Arial","sans-serif"">Former secretary Bimal Wagle says that due to the trend of adding expensive vehicles and expensive goods in the office, the revenue raised in the country is not able to cover the current expenses. Although it is reasonable for the current expenditure to increase in accordance to inflation in one decade, it is not a good sign for it to increase so much abnormally.</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:"Arial","sans-serif""> “There are enough places where the government can reduce expenses, but no one is willing to do it,” says Wagle.</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:"Arial","sans-serif""> According to Wagle, it seems that public bodies and people holding public positions are not able to adopt caution in expenses such as office supplies, food, water, electricity, and fuel in connection with government work.</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:"Arial","sans-serif"">Some of the development committees, commissions, institutes, authorities, corporations, foundations, boards, centers, and councils that are currently running with government funds are unnecessary. They are also increasing public expenditure. </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:"Arial","sans-serif"">Wagle says that the government bodies should be restructured or abolished after reviewing issues like duplication of work and responsibilities, the bodies that have been transferred to the provincial and local levels, or those that are not considered necessary to continue.</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:"Arial","sans-serif"">Jagadish Chandra Pokharel, former vice-chairman of the National Planning Commission, says that there is a growing threat that the increasing current expenditure will have a negative impact on the entire economy. According to him, the main reason for the increase in current expenditure is that the policies taken by the government for cost management are not effectively implemented. He said that such policies should be strictly implemented to prevent current expenditure from going out of control.</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:"Arial","sans-serif"">Similarly, he said that attention should be paid to actions such as reducing wasteful expenditure, improving the pension system, abolishing unnecessary ministries and agencies and appointing officials only where necessary.</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:"Arial","sans-serif"">Dhundi Prasad Niraula, joint secretary of the Ministry of Finance, says that the current expenditure has been increasing recently due to the increase in mandatory obligations along with inflation. According to him, current spending is being done according to the policy adopted by the government. He claimed that since the budget has provision for reducing unnecessary expenditure, it will be implemented effectively.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-25', 'modified' => '2022-07-25', 'keywords' => '', 'description' => '', 'sortorder' => '15423', 'image' => '20220725014945_rising-graph.jpeg', 'article_date' => '2022-07-25 13:48:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15681', 'article_category_id' => '1', 'title' => 'Monetary Policy likely to Reduce Economic Activities: NCC', 'sub_title' => '', 'summary' => 'July 25: Nepal Chamber of Commerce (NCC) has said that the monetary policy is likely to reduce economic activities.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 25: Nepal Chamber of Commerce (NCC) has said that the monetary policy is likely to reduce economic activities. The NCC made the remark about the monetary policy for the current fiscal year 2079/80 unveiled by Nepal Rastra Bank on Friday. A statement issued by the NCC states that the tight monetary policy introduced by the central bank has indicated a reduction in economic activities in the country.</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:"Arial","sans-serif"">The NCC argued that since the monetary policy reduced the target of credit expansion, economic activities will shrink. It will also affect revenue while the expansion of new industries and businesses will decline. </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:"Arial","sans-serif"">Also, the mandatory cash reserve ratio (CRR) has been increased from 3 to 4 percent, the statutory liquidity ratio limit has also been increased.</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:"Arial","sans-serif"">The chamber understands that the interest rate payable by banks and financial institutions for taking loans from the NRB has been increased by 1.5 percent to 8.5 percent, so the overall interest on loan will increase in the future. On Sunday, the NCC released a 9-point statement regarding the monetary policy.</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:"Arial","sans-serif"">The chamber claimed that the provision to maintain the security ratio in real estate mortgage loans at 30 percent in Kathmandu Valley and 40 percent in other places will affect the overall real estate business.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-25', 'modified' => '2022-07-25', 'keywords' => '', 'description' => '', 'sortorder' => '15422', 'image' => '20220725012235_monetary.jpg', 'article_date' => '2022-07-25 13:20:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15680', 'article_category_id' => '1', 'title' => 'Government Grants Permission for Commercial Paragliding in Kushadevi', 'sub_title' => '', 'summary' => 'July 25: The Ministry of Culture, Tourism and Civil Aviation has granted permission to Phulchoki Adventure Pvt Ltd to commercially operate paragliding at Kushadevi area in Kavrepalanchowk district. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 25: The Ministry of Culture, Tourism and Civil Aviation has granted permission to Phulchoki Adventure Pvt Ltd to commercially operate paragliding at Kushadevi area in Kavrepalanchowk district. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Following the ministerial-level decision, the Civil Aviation Authority of Nepal (CAAN) has initiated technical process to allow paragliding in the area, according to CAAN officials.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The company confirmed it has received permission for paragliding.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"We have got permission from the ministry to operate commercial paragliding. We will operate it after the CAAN issues the paragliding operation directive," said the company's president Chhabi Lal Humagain. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It may take around two months for the operation of the project, he added. The flight will take place on a daily basis from 10 am to 4 pm, said Humagain. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Three years ago, a paragliding flight was tested in the area which is considered to be suitable for the adventure in terms of location, landing, air pressure and other environmental aspects. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-07-25', 'modified' => '2022-07-25', 'keywords' => '', 'description' => '', 'sortorder' => '15421', 'image' => '20220725121309_para.jpg', 'article_date' => '2022-07-25 12:12:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15679', 'article_category_id' => '1', 'title' => 'NEPSE on Bullish Trend after Issuance of Monetary Policy ', 'sub_title' => '', 'summary' => 'July 25: Nepal Stock Exchange (NEPSE) index closed all green on Sunday, the opening day of the week that marked the first transactions following the issuance of a new monetary policy. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 25: Nepal Stock Exchange (NEPSE) index closed all green on Sunday, the opening day of the week that marked the first transactions following the issuance of a new monetary policy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government had unveiled the monetary policy for the current fiscal year (FY 2022/23) on Friday. The policy has omitted the provision of a lower ceiling in acquiring loan against share. Besides, it allows loan up to Rs 120 million against share. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NEPSE index increased 61.05 points to close at 2,078.51 points. Similarly, the sensitive index also surged 12.09 points to reach 398.33 points. Over 6.4 million shares of the total 219 companies were traded at more than Rs 2.7 billion on Sunday. Points of all subgroups in the NEPSE have increased. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Banking sector gained 22.88 points, trading 88.01 points, hotel and tourism 74.2 points, development banks 177.32 points, hydropower 84.5 points, finance 117.99 points, production 100.39 points, others 103.82 points, microfinance 175.17 points, life insurance 207.77 points, mutual fund 0.17 points and investment 2.1 points. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The market capitalization after the transactions on the week's first day of trading is equivalent to Rs 2967.98 billion. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-07-25', 'modified' => '2022-07-25', 'keywords' => '', 'description' => '', 'sortorder' => '15420', 'image' => '20220725080819_960x0.jpg', 'article_date' => '2022-07-25 08:07:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15678', 'article_category_id' => '266', 'title' => 'Daraz Announces ‘Maha Bachat’ Scheme', 'sub_title' => '', 'summary' => 'July 24: Online shopping platform Daraz has announced its annual campaign 'Mahabachat Bazar Abhiyan'.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 24: Online shopping platform Daraz has announced its annual campaign 'Mahabachat Bazar Abhiyan'. The company informed that the main objective of this campaign, which kicked off on July 24, is to provide customers with an opportunity to save more while shopping at the store. </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:"Arial","sans-serif"">According to the company, this campaign offers up to 60 percent discount, up to 1,500 discounts on online prepayment, up to 7,000 vouchers, free shipping facility and bumper gifts to win free tickets to Turkey.</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:"Arial","sans-serif"">Customers can get a discount of 10 percent (maximum Rs 1000) if prepaid by debit card and 12 percent (maximum Rs 1,500) if prepaid by credit card. The company said that the cardholders of Nepal Investment Bank, Sanima Bank, Machhapuchche Bank, Everest Bank, BOK, NCC Bank, Muktinath and Jyoti Bikas Bank can get the benefit of prepayment discount. </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:"Arial","sans-serif"">In addition, customers who pay through e-service wallet can get a discount of up to 10 percent (maximum Rs 1000) for a limited period.</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:"Arial","sans-serif"">There is also an opportunity to play games for Re 1 in the Daraz Mahabachat market campaign. Customers can only play for any one of the New Classic Helmet, High Ground Adventure and ProArt content for prizes. The company informed that to participate in the game, the customer need to pay Re 1 through online payment.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-24', 'modified' => '2022-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '15419', 'image' => '20220724052138_discountt.jpg', 'article_date' => '2022-07-24 17:20:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15676', 'article_category_id' => '1', 'title' => 'Merger and Acquisition Facility Extended till mid-January ', 'sub_title' => '', 'summary' => 'July 24: The monetary policy for the current fiscal year has extended the timeframe for the merger and acquisition of banks and financial institutions. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">July 24: The monetary policy for the current fiscal year has extended the timeframe for the merger and acquisition of banks and financial institutions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Unveiling the monetary policy on Friday, Nepal Rastra Bank’s Governor Maha Prasad Adhikari shared that the banks and financial institutions opting for merger and acquisition would be provided with the facilities up to mid-January next year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Earlier, the central bank had set the deadline for merger and acquisition up to mid-July. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Likewise, the monetary policy states that the transactions of banks and financial institutions opting for merger and acquisition will not be halted.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The central bank had adopted a policy to encourage merger and acquisition of banks and financial institutions to increase their paid-up capital in order to increase their risk-bearing capacity. It has been giving tax concessions to the merging banks, cooling off period, investment in the priority sector and so on.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In order to reduce the number of banks and financial institutions, NRB had issued regulations regarding merger of banks and financial institutions in 2068 BS. Since then, 241 banks and financial institutions have joined the merger / acquisition process, 177 licenses have been revoked and the number of BFIs has dropped to 64.</span></span></span></p> ', 'published' => true, 'created' => '2022-07-24', 'modified' => '2022-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '15418', 'image' => '20220724042452_merger.jpg', 'article_date' => '2022-07-24 16:24:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15677', 'article_category_id' => '1', 'title' => 'Every Province to have a Mini Mobile Hospital ', 'sub_title' => '', 'summary' => 'July 24: Most of the ambulances in Nepal have normal stretchers and equipment which can transport general patients.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">July 24: Most of the ambulances in Nepal have normal stretchers and equipment which can transport general patients. Due to geographical conditions, traffic jams, and lack of facilities, many patients die on the way to hospital.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">However, some ambulances also provide important services available only in hospitals such as ventilators, patient monitoring machines, syringe pumps, infusion pumps, oxygen concentrators, ECG machines, and ultrasound service. Such vehicles with facilities like mini hospitals are being used in developed countries. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">However, would such a convenient vehicle be operated in a developing country like ours? The National Disaster Risk Reduction and Management Authority removed any doubt by bringing such vehicles to Nepal. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">A multi-service vehicle with the facility to treat a complex situation of patient has been introduced in Nepal for the first time.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Those vehicles will also start service in Nepal in future disasters and help reduce premature deaths. Anil Pokharel, the chief executive officer of NDRRMA, informed that even if the doctor does not arrive, the patient can be treated and monitored inside the vehicle by connecting the doctor through telemedicine service.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">He said the vehicle is a mini hospital or a mobile hospital, and he believes it would help save people's lives during disaster. He also claimed that this type of vehicle has been introduced in Nepal for the first time.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The Armed Police Force has been charged with the responsibility pf operating and managing eight big vehicles and eight 'A class' ambulances with such facilities. The government has acquired the vehicle with the management support of the Multi-Donor Trust Fund and the World Bank.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">This project has been funded by international aid agencies including those from the USA, Britain, Canada and Switzerland.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Home Minister Bal Krishna Khand handed over the keys of the vehicles to Inspector General of Armed Police Force Raju Aryal on Saturday. These vehicles will be kept in each province and the center. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">If it is not possible to bring people affected by disaster and those who are seriously injured to the hospital, they can be treated in the same vehicle if they need immediate treatment. Altogether 6 people can be treated on comfortable beds inside the vehicle, while some more patients can be treated on chairs as well.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">For a country like Nepal facing the challenge of natural disasters, it is believed that using this vehicle will protect the people affected by disasters from premature death. Nepal is at great risk of natural disasters. Disasters such as earthquakes, floods, and fires continue to affect people due to difficult geographical conditions.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Doctors and nurses can save the lives of the patients by treating and caring them on the way to the hospital.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">At the handover ceremony, Home Minister Khand pointed out the need to increase the budget for the disabled and emphasized that every sector should be sensitive to their issues. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Home Secretary Tek Narayan Pandey expressed his belief that the vehicle with facilities will help save human lives from the crisis. Chandra Prasad Dhakal, senior vice president of the Federation of Nepalese Chamber of Commerce and Industry, termed the vehicle a moving hospital. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-24', 'modified' => '2022-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '15417', 'image' => '20220724050456_ND-KTM-GudneHospitala.jpg', 'article_date' => '2022-07-24 17:04:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15675', 'article_category_id' => '1', 'title' => 'Monetary Policy Aims to Bring the Economy Back on Track', 'sub_title' => '', 'summary' => 'July 24: Nepal Rastra Bank (NRB) has tightened the screws on economic activities through the monetary policy unveiled on Friday with the motive of improving the economy that is heading towards crisis. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Yadav Humagain</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">July 24: Nepal Rastra Bank (NRB) has tightened the screws on economic activities through the monetary policy unveiled on Friday with the motive of improving the economy that is heading towards crisis. NRB Governor Maha Prasad Adhikari was praised for introducing flexible monetary policy in the last two fiscal years considering the impact of Covid-19. However, this time, he has resorted to strict measures to bring the economy back on track. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although the past policy made the economy affected by the pandemic vibrant, it also resulted in high Balance of Payments (BoP), decline in foreign exchange reserves and liquidity crisis in the banking system. Therefore, the central bank decided to tighten the economic activities through the new monetary policy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The monetary policy introduced for the current fiscal year aims at keeping external sector stability by controlling inflation. The monetary policy focuses on promoting overall fiscal stability and boosting productivity by mobilizing fiscal instruments in the productive sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank also aims to discourage credit flow by increasing the interest rate on loans through the monetary policy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The NRB has adopted a policy to mobilize loan in the productive sector rather than expanding credit in the context of high credit-GDP ratio. It also aims to protect small and medium scale industries.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In order to increase the foreign exchange reserves, the central bank has decided to encourage remittance through the banking channel.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Instead of achieving the government’s economic growth target, the monetary policy focuses on fiscal stability.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NRB Spokesperson Dr Gunakar Bhatta says that the monetary policy is focused on resolving the crisis faced by the country’s economy.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We have brought the monetary policy with the objective of resolving the economic crisis in a phase-wise manner,” Bhatta told reporters, adding, “If the economy improves, the monetary policy can be amended accordingly.” The central bank has been reviewing the monetary policy every three months.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although the government has set a target of 8 percent economic growth in the current fiscal year, the central bank has decided to limit credit flow. Banks are facing problems in deposit collection because the loans disbursed in the past were extensively utilized in non-productive sectors such as imports. As the banks are facing resource crunch, the central bank has reduced the target of credit flow to the private sector by 6.4 percentage points and fixed it at 12.6 percent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The monetary policy has focused on fiscal stability at a time when the economy is facing liquidity crisis. The central bank has increased the cash reserve ratio (CRR) and statutory liquidity ratio (SLR) to protect the deposits and strengthen the banking system.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CRR has been increased from 3 percent to 4 percent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the SLR has been increased from 2 percent to 12 percent for commercial banks and 10 percent for development banks as well as finance companies. As per the monetary policy, the BFIs need to comply with the new SLR by mid-January 2023.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank has decided to increase the interest rate to discourage credit flow. The monetary policy has increased the bank rate by 1.5 percentage points to 8.5 percent. The central bank believes that increase in interest rate will discourage consumption.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although this policy will affect the interest rate of some sectors, it will not have much effect overall, says banker Bhuvan Kumar Dahal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The central bank’s policy will not impact the overall interest rate of the banks,” says Dahal, adding, “The interest rate on other sectors might be more as the monetary policy focuses on credit flow to the productive sector.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although NRB has tightened credit flow, it has kept productive sector in priority and also decided to protect small and medium scale industries.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The monetary policy will keep differences in interest rates on loan to be mobilized in productive sector and business sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the provision, BFIs can disburse loans up to Rs 20 million to the productive sectors such as agriculture, livestock and fishery, export-oriented industries and industries that produce goods with cent percent home-grown raw materials by charging interest rate not exceeding 2 percentage points added to the base rate.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the monetary policy, the central bank will gradually reduce the facilities given to sectors affected by the Covid-19 pandemic. NRB informed that the policy to provide refinancing facility will be reviewed so that only the productive sectors such as agriculture and those badly affected by the pandemic will be given refinancing facility.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-24', 'modified' => '2022-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '15416', 'image' => '20220724040529_NP_KTM.jpg', 'article_date' => '2022-07-24 16:03:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15674', 'article_category_id' => '1', 'title' => 'Nepali Workers to be Hired for Qatar World Cup ', 'sub_title' => '', 'summary' => 'July 24: The Ministry of Labour, Employment and Social Security has given permission to hire Nepali workers for the World Cup Football Tournament to be held in Qatar in November later this year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 24: The Ministry of Labour, Employment and Social Security has given permission to hire Nepali workers for the World Cup Football Tournament to be held in Qatar in November later this year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Various companies in Qatar have shown interest to hire Nepali workers for a short duration in view of the World Cup 2022. Accordingly, the government has decided to send Nepali workers after completing all the due procedures. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Joint Secretary at the Ministry and Head of the Employment Management Division Rajiv Pokharel shared that since the workers will be sent for a short period it has been decided to send them only after granting them a work permit. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With the decision of the ministry, the Embassy of Qatar will verify the demands proposed by the employers who are willing to take workers for a short period of time. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the ministry, the employers will have to bear the entire expenses incurred in the recruitment process including the two-way air tickets of the workers. The working period of such workers in Qatar will be less than six months. Apart from the recruitment agencies, those who want to go for short-term employment individually will also be allowed to go if they have a visa and a work permit. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the law, the minimum duration of the work permit is two years but there is also a legal provision to grant work permit for short-term work opportunities and visas, said Joint Secretary Pokharel. The number of workers to be taken from Nepal for Qatar World Cup is not decided yet.-- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-07-24', 'modified' => '2022-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '15415', 'image' => '20220724021312_QatarStadium-1444x710.jpg', 'article_date' => '2022-07-24 14:12:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15673', 'article_category_id' => '1', 'title' => 'Russia Agrees to Release Million of Tons of Food Grains', 'sub_title' => '', 'summary' => 'July 24: Russia and Ukraine have reached an understanding to open the route to export grains through the Black Sea at a time when there is increasing concern that the food crisis will increase worldwide due to the war.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">July 24: Russia and Ukraine have reached an understanding to open the route to export grains through the Black Sea at a time when there is increasing concern that the food crisis will increase worldwide due to the war.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two sides signed an agreement in Turkey on Friday allowing the export of 1 million tons of grains from Ukraine. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the BBC, the agreement will allow millions of tonnes of grain, currently trapped in Ukraine by the war, to be exported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the agreement, Russia will gradually open the Ukrainian ports towards the Black Sea.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The World Food Program has warned that a million people could die of starvation if Russia continues to block the ports to Ukraine.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">But Russian Foreign Minister Sergey Lavrov said that he is optimistic that the issue of Ukraine's grain exports can be resolved if the minefields laid by Ukraine in the waters around its port are removed. Ukraine is one of the world's leading grain exporters.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With Russia's invasion of Ukraine on February 24, one million people are at risk of starvation due to the halt in export of grains. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Al Jazeera, Russian defence minister Sergei Shoigu and Ukraine’s infrastructure minister, Oleksandr Kubrakov, signed the deal separately on Friday, carefully avoiding sitting at the same table and avoiding shaking hands in Istanbul.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the information, the contract is said to last for 120 days in addition to the possibility of extension of agreement with the consent of both parties. The halt in Ukrainian grain supplies led to a global food crisis and the price of bread and pasta made from wheat skyrocketed. Apart from that, the prices of cooking oil and fertilizers also increased. The United States has also requested Russia to take immediate steps to implement the agreement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On Friday, the price of wheat in the world market fell by two percent, as the possibility of supplying more than 20 million tons of Ukrainian grain surged.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In his Friday night speech, Ukrainian President Volodymyr Zelenskyy said that his country has marketable grain worth about US$ 10 billion. He also mentioned that the United Nations is responsible for ensuring the agreement. Ukraine has been saying that the Russian navy is blocking the supply of grain and other imports.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Ukraine alleged that Russian forces even stole grain from its agricultural fields. Due to the drought, the Covid-19 pandemic and the war in Ukraine, some countries in the world are facing an extreme food crisis. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-24', 'modified' => '2022-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '15414', 'image' => '20220724123223_wheatttttt.jpg', 'article_date' => '2022-07-24 12:31:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15672', 'article_category_id' => '1', 'title' => 'Tatopani Customs Office Collects Rs 3.42 Billion Revenue ', 'sub_title' => '', 'summary' => 'July 24: Tatopani Customs Office collected Rs 3.42 billion revenue in the last fiscal year 2021/22. The revenue collection was double than the target set by the office. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 24: Tatopani Customs Office collected Rs 3.42 billion revenue in the last fiscal year 2021/22. The revenue collection was double than the target set by the office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chief Customs Officer of Tatopani Customs Office, Narad Gautam, said revenue collection increased by two folds in the last fiscal year despite various problems including coronavirus pandemic, landslide, flood and decline in import of Chinese goods. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The office collected Rs 3.42 billion revenue against the target of Rs 1.46 billion, he shared. Gautam further said that revenue collection was better than the expectation due to various reasons including import of goods, adherence to health safety protocols and training to businessmen. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In FY 2020/21, the office had set a target to collect Rs 4.50 billion but only Rs 1.02 billion was collected. Gautam added that a target has been set to collect Rs 4.63 billion in the current fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The arrival of containers carrying goods from China is very less. Around four to eight containers carrying goods from China enter Nepal via the check point every day. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-07-24', 'modified' => '2022-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '15413', 'image' => '20220724115357_Tatopani.jpg', 'article_date' => '2022-07-24 11:53:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 26: The Federation of Nepalese Chamber of Commerce and Industry (FNCCI), the umbrella organization of the private sector, has expressed its official view regarding the monetary policy introduced by Nepal Rastra Bank (NRB) for the current fiscal year. The federation said that the monetary policy will create more pressure on the liquidity crisis prevailing in the market as there is no concrete way to reduce the lack of capital. FNCCI concluded that the monetary policy failed impress the private sector.</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:"Arial","sans-serif"">The federation expressed that the monetary policy of the current fiscal year released by Nepal Rastra Bank on Friday focused on reducing expenses by controlling credit rather than increasing the source of foreign exchange earnings. The FNCCI, on the other hand, appreciated the provisions such as reducing the interest rate of loans flowing to the productive sector compared to other businesses, giving continuity to the re-financing facilities for businesses heavily affected by Covid-19, and rescheduling loans for small entrepreneurs.</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:"Arial","sans-serif"">A statement issued by the federation on Monday mentions that the monetary policy did not include concrete measures for import substitution and promotion of export. As per the statement, due to the strict policy, the investment of the private sector will also shrink and it will be challenging to achieve the economic growth rate of 8 percent as mentioned in the 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:"Arial","sans-serif"">The federation stated that even after increasing the interest rate, the deposits did not increase. The federation says that even approved loans cannot be obtained due to the lack of investable funds, which will affect the construction of projects related to hydropower, tourism and other sectors. </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:"Arial","sans-serif"">According to the federation, such a strict policy is only going to make loans expensive and it will not be easy to keep the inflation within the desired limit only through monetary instruments. In addition, FNCCI believes that the amendment made in the limit to avail loans through mortgage of shares will help the small investors.</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:"Arial","sans-serif"">The statement read, “The federation's demand that the interest rate should be different for the loans flowing in the productive and commercial sectors has been addressed, which is much appreciated.” </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:"Arial","sans-serif"">FNCCI has also urged the central bank to maintain refinancing in exports and production, while linking the refinancing with productivity.</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:"Arial","sans-serif"">The statement issued by the federation identified the inclusion of green economy and digital payment as positive steps. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-26', 'modified' => '2022-07-26', 'keywords' => 'monetary, policy, FNCCI, private, sector, impress, import, substitution, export, inflation', 'description' => '', 'sortorder' => '15427', 'image' => '20220726112517_monetary policy.jpg', 'article_date' => '2022-07-26 11:24:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15685', 'article_category_id' => '1', 'title' => 'Nepal Imported Goods from 164 Countries during Last FY', 'sub_title' => '', 'summary' => 'July 26: Nepal imported goods from 164 countries during the last fiscal year (FY 2021-22). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 26: Nepal imported goods from 164 countries during the last fiscal year (FY 2021-22). </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:"Arial","sans-serif"">According to the data unveiled by the Department of Customs on Monday, Nepal imported goods worth over Rs 1,920 billion from those countries during the review year. The statistics show that Nepal purchased goods worth over Rs 1,200 billion from India alone while the export to India was worth Rs 155 billion. It means the country's trade deficit with India alone was over 1,044 billion during last fiscal year. </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:"Arial","sans-serif"">After India, China is the second largest supplier to Nepal as in one year Nepal imported goods worth over Rs 264 billion and exported goods worth Rs 887 million, resulting in a trade deficit worth around Rs 263 billion. </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:"Arial","sans-serif"">Meanwhile, the country's trade deficit is increasing year by year. During the last fiscal year, trade deficit increased by 23 percent compared to the previous fiscal year. </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:"Arial","sans-serif"">According to the department, the trade deficit reached over Rs 1,720 billion during the last fiscal year while it was over Rs 1,398 billion in the previous year. -- RSS </span></span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-07-26', 'modified' => '2022-07-26', 'keywords' => 'Import, goods, trade, deficit', 'description' => '', 'sortorder' => '15426', 'image' => '20220726075004_20220428025847_nepal-major-imports-update.jpg', 'article_date' => '2022-07-26 07:49:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15684', 'article_category_id' => '1', 'title' => 'PM Deuba Urges not to Buy Luxury Goods', 'sub_title' => '', 'summary' => 'July 25: Prime Minister Sher Bahadur Deuba has suggested all stakeholders not to import luxury goods, arguing that the trade deficit has increased to the extent that the country cannot afford such items.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">July 25: Prime Minister Sher Bahadur Deuba has suggested all stakeholders not to import luxury goods, arguing that the trade deficit has increased to the extent that the country cannot afford such items.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The prime minister stressed on increasing domestic production and marketing of goods produced in the country instead of importing goods.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Addressing the 19th Annual General Meeting of the Confederation of Nepalese Industries (CNI) on Sunday, Prime Minister Deuba said there is internal and external pressure on Nepal's economy.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“It is necessary to stop importing expensive and luxurious goods produced abroad to get rid of them,” he said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Prime Minister Deuba said that the country should focus on agricultural production as the trade deficit and foreign exchange reserves have declined to unprecedented levels. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">He said that since the agricultural sector is the main pillar of the country's economy, commercialization and mechanization of the agricultural sector should strengthen the roots of economic growth. He was of the view that the development of this sector can eliminate poverty and economic inequality in the country.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The prime minister also said that he expects the support of the private sector in economic activities that earn foreign currency. Prime Minister Deuba also urged to substitute the use of petroleum products by increasing the use of electricity in industries.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Moreover, he urged the industrialists and businessmen not only to focus on areas of immediate profit but also in the long term development of the country. He urged them to increase export by utilizing the raw materials within the country, and increase the investment in strengthening the foundation of the country's economy.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Prime Minister Deuba said that the government is ready to work hand in hand with the private sector to prevent further deterioration of the country's economy and bring it back on track. He made it clear that the government is always committed in providing the private sector with the necessary policy arrangements and infrastructure facilities to do business and asserted that economic development.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">He made it clear that the government is carrying out various legal, policy, and institutional reforms to create a proper investment environment for the private sector, and to create an environment in which enterprises and businesses can be conducted simply and easily.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Prime Minister Deuba said that the monetary policy of the current financial year has come to support the budget. He said that the objective of the monetary policy is to support the development of the country's agricultural, manufacturing, and export industries. </span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2022-07-25', 'modified' => '2022-07-25', 'keywords' => '', 'description' => '', 'sortorder' => '15425', 'image' => '20220725063540_1658672926.5000.jpg', 'article_date' => '2022-07-25 18:35:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15683', 'article_category_id' => '1', 'title' => 'Nepal Spent Rs 320 Billion on Fuel Import in FY 2021/22 ', 'sub_title' => '', 'summary' => 'July 25: A large amount of Nepali currency has gone out of the country in a period of one year for the import of petroleum products.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 25: A large amount of Nepali currency has gone out of the country in a period of one year for the import of petroleum products. The cost of purchasing fuel has increased due to price hike and increase in consumption. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Data released by the Department of Customs shows that Nepal imported petroleum products worth Rs 320.32 billion from India in the last fiscal year (FY 2021/22). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The largest amount has been spent on importing diesel in the review year. Nepal spent over Rs 168.23 billion in diesel import in the last fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Rs 71.38 billion was spent on importing petrol, Rs 65.55 billion on import of cooking gas (LPG) and Rs 15.15 billion on import of aviation fuel in the review period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Nepal imported unprocessed soybean, palm and sunflower oil worth Rs 113 billion, mobiles phones and laptop worth Rs 52 billion, gold and silver worth Rs 48 billion and food grain worth more than Rs 73 billion during the last one year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal exported refined soybean oil worth the highest amount during this period. Refined soybean oil worth Rs 48.12 billion was exported from Nepal. Similarly, it exported refined palm oil worth Rs 41.64 billion, synthetic yarn worth Rs 10.14 billion, woolen goods worth Rs 7.71 billion and ready-made garments worth Rs 5.76 billion during the last fiscal year. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-07-25', 'modified' => '2022-07-25', 'keywords' => 'Import, petrol, diesel, soybean, synthetic, yarn, department, customs', 'description' => '', 'sortorder' => '15424', 'image' => '20220725051852_petroo - Copy.jpg', 'article_date' => '2022-07-25 17:17:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15682', 'article_category_id' => '1', 'title' => 'Current Expenditure Increases Four Folds in Ten Years', 'sub_title' => '', 'summary' => 'July 25: The current expenditure of the government has increased sharply in the last decade.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Bijay Damase</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:"Arial","sans-serif"">July 25: The current expenditure of the government has increased sharply in the last decade.</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:"Arial","sans-serif"">Although the government has been chanting the slogan of austerity measures on public expenditure through policies and programmes every year, in practice, the current expenditure seems to be increasing unnaturally.</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:"Arial","sans-serif"">As per the data of the past ten years, it seems that the current expenditure has quadrupled. The current expenditure which was Rs 247 billion in the fiscal year 2012/13, has reached Rs 966 billion in the fiscal year 2021/22.</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:"Arial","sans-serif"">Due to the arbitrary distribution of financial aid, duplicity of agencies and unnecessary posts under them, the current expenditure of the government is increasing unnaturally.</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:"Arial","sans-serif"">According to the 59th report of the Auditor General, in the year 2021/22, the Ministry of Home Affairs distributed Rs 79,367,000 to VVIPs in the form of medical treatment and financial assistance.</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:"Arial","sans-serif"">Although it is mentioned in the procedure that one person can be given financial assistance up to Rs 700,000, the report of the Auditor General revealed that the government distributed up to Rs 2.5 million to an individual that year.</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:"Arial","sans-serif"">In the same year, the Ministry of Home Affairs provided financial assistance of Rs 10 million to a shelter and another Rs 2 million to a cultural development fund, according to the report of the Auditor General. </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:"Arial","sans-serif"">Although there is a provision in the Public Health Act 2075 that if treatment is required abroad, the government will not bear the expenses incurred for it, but the Auditor General's Office concluded that the government violated this procedure. </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:"Arial","sans-serif"">A report of the Public Expenditure Review Commission formed by the government shows that the current expenditure of the government has increased due to lack of sufficient basis for allocation of budget for current expenditure and clear criteria for expenditure headings, and internal audits. Dozens of suggestions made by the commission to reduce expenses 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:"Arial","sans-serif"">Former secretary Bimal Wagle says that due to the trend of adding expensive vehicles and expensive goods in the office, the revenue raised in the country is not able to cover the current expenses. Although it is reasonable for the current expenditure to increase in accordance to inflation in one decade, it is not a good sign for it to increase so much abnormally.</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:"Arial","sans-serif""> “There are enough places where the government can reduce expenses, but no one is willing to do it,” says Wagle.</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:"Arial","sans-serif""> According to Wagle, it seems that public bodies and people holding public positions are not able to adopt caution in expenses such as office supplies, food, water, electricity, and fuel in connection with government work.</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:"Arial","sans-serif"">Some of the development committees, commissions, institutes, authorities, corporations, foundations, boards, centers, and councils that are currently running with government funds are unnecessary. They are also increasing public expenditure. </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:"Arial","sans-serif"">Wagle says that the government bodies should be restructured or abolished after reviewing issues like duplication of work and responsibilities, the bodies that have been transferred to the provincial and local levels, or those that are not considered necessary to continue.</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:"Arial","sans-serif"">Jagadish Chandra Pokharel, former vice-chairman of the National Planning Commission, says that there is a growing threat that the increasing current expenditure will have a negative impact on the entire economy. According to him, the main reason for the increase in current expenditure is that the policies taken by the government for cost management are not effectively implemented. He said that such policies should be strictly implemented to prevent current expenditure from going out of control.</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:"Arial","sans-serif"">Similarly, he said that attention should be paid to actions such as reducing wasteful expenditure, improving the pension system, abolishing unnecessary ministries and agencies and appointing officials only where necessary.</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:"Arial","sans-serif"">Dhundi Prasad Niraula, joint secretary of the Ministry of Finance, says that the current expenditure has been increasing recently due to the increase in mandatory obligations along with inflation. According to him, current spending is being done according to the policy adopted by the government. He claimed that since the budget has provision for reducing unnecessary expenditure, it will be implemented effectively.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-25', 'modified' => '2022-07-25', 'keywords' => '', 'description' => '', 'sortorder' => '15423', 'image' => '20220725014945_rising-graph.jpeg', 'article_date' => '2022-07-25 13:48:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15681', 'article_category_id' => '1', 'title' => 'Monetary Policy likely to Reduce Economic Activities: NCC', 'sub_title' => '', 'summary' => 'July 25: Nepal Chamber of Commerce (NCC) has said that the monetary policy is likely to reduce economic activities.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 25: Nepal Chamber of Commerce (NCC) has said that the monetary policy is likely to reduce economic activities. The NCC made the remark about the monetary policy for the current fiscal year 2079/80 unveiled by Nepal Rastra Bank on Friday. A statement issued by the NCC states that the tight monetary policy introduced by the central bank has indicated a reduction in economic activities in the country.</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:"Arial","sans-serif"">The NCC argued that since the monetary policy reduced the target of credit expansion, economic activities will shrink. It will also affect revenue while the expansion of new industries and businesses will decline. </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:"Arial","sans-serif"">Also, the mandatory cash reserve ratio (CRR) has been increased from 3 to 4 percent, the statutory liquidity ratio limit has also been increased.</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:"Arial","sans-serif"">The chamber understands that the interest rate payable by banks and financial institutions for taking loans from the NRB has been increased by 1.5 percent to 8.5 percent, so the overall interest on loan will increase in the future. On Sunday, the NCC released a 9-point statement regarding the monetary policy.</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:"Arial","sans-serif"">The chamber claimed that the provision to maintain the security ratio in real estate mortgage loans at 30 percent in Kathmandu Valley and 40 percent in other places will affect the overall real estate business.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-25', 'modified' => '2022-07-25', 'keywords' => '', 'description' => '', 'sortorder' => '15422', 'image' => '20220725012235_monetary.jpg', 'article_date' => '2022-07-25 13:20:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15680', 'article_category_id' => '1', 'title' => 'Government Grants Permission for Commercial Paragliding in Kushadevi', 'sub_title' => '', 'summary' => 'July 25: The Ministry of Culture, Tourism and Civil Aviation has granted permission to Phulchoki Adventure Pvt Ltd to commercially operate paragliding at Kushadevi area in Kavrepalanchowk district. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 25: The Ministry of Culture, Tourism and Civil Aviation has granted permission to Phulchoki Adventure Pvt Ltd to commercially operate paragliding at Kushadevi area in Kavrepalanchowk district. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Following the ministerial-level decision, the Civil Aviation Authority of Nepal (CAAN) has initiated technical process to allow paragliding in the area, according to CAAN officials.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The company confirmed it has received permission for paragliding.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"We have got permission from the ministry to operate commercial paragliding. We will operate it after the CAAN issues the paragliding operation directive," said the company's president Chhabi Lal Humagain. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It may take around two months for the operation of the project, he added. The flight will take place on a daily basis from 10 am to 4 pm, said Humagain. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Three years ago, a paragliding flight was tested in the area which is considered to be suitable for the adventure in terms of location, landing, air pressure and other environmental aspects. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-07-25', 'modified' => '2022-07-25', 'keywords' => '', 'description' => '', 'sortorder' => '15421', 'image' => '20220725121309_para.jpg', 'article_date' => '2022-07-25 12:12:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15679', 'article_category_id' => '1', 'title' => 'NEPSE on Bullish Trend after Issuance of Monetary Policy ', 'sub_title' => '', 'summary' => 'July 25: Nepal Stock Exchange (NEPSE) index closed all green on Sunday, the opening day of the week that marked the first transactions following the issuance of a new monetary policy. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 25: Nepal Stock Exchange (NEPSE) index closed all green on Sunday, the opening day of the week that marked the first transactions following the issuance of a new monetary policy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government had unveiled the monetary policy for the current fiscal year (FY 2022/23) on Friday. The policy has omitted the provision of a lower ceiling in acquiring loan against share. Besides, it allows loan up to Rs 120 million against share. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NEPSE index increased 61.05 points to close at 2,078.51 points. Similarly, the sensitive index also surged 12.09 points to reach 398.33 points. Over 6.4 million shares of the total 219 companies were traded at more than Rs 2.7 billion on Sunday. Points of all subgroups in the NEPSE have increased. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Banking sector gained 22.88 points, trading 88.01 points, hotel and tourism 74.2 points, development banks 177.32 points, hydropower 84.5 points, finance 117.99 points, production 100.39 points, others 103.82 points, microfinance 175.17 points, life insurance 207.77 points, mutual fund 0.17 points and investment 2.1 points. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The market capitalization after the transactions on the week's first day of trading is equivalent to Rs 2967.98 billion. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-07-25', 'modified' => '2022-07-25', 'keywords' => '', 'description' => '', 'sortorder' => '15420', 'image' => '20220725080819_960x0.jpg', 'article_date' => '2022-07-25 08:07:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15678', 'article_category_id' => '266', 'title' => 'Daraz Announces ‘Maha Bachat’ Scheme', 'sub_title' => '', 'summary' => 'July 24: Online shopping platform Daraz has announced its annual campaign 'Mahabachat Bazar Abhiyan'.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 24: Online shopping platform Daraz has announced its annual campaign 'Mahabachat Bazar Abhiyan'. The company informed that the main objective of this campaign, which kicked off on July 24, is to provide customers with an opportunity to save more while shopping at the store. </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:"Arial","sans-serif"">According to the company, this campaign offers up to 60 percent discount, up to 1,500 discounts on online prepayment, up to 7,000 vouchers, free shipping facility and bumper gifts to win free tickets to Turkey.</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:"Arial","sans-serif"">Customers can get a discount of 10 percent (maximum Rs 1000) if prepaid by debit card and 12 percent (maximum Rs 1,500) if prepaid by credit card. The company said that the cardholders of Nepal Investment Bank, Sanima Bank, Machhapuchche Bank, Everest Bank, BOK, NCC Bank, Muktinath and Jyoti Bikas Bank can get the benefit of prepayment discount. </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:"Arial","sans-serif"">In addition, customers who pay through e-service wallet can get a discount of up to 10 percent (maximum Rs 1000) for a limited period.</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:"Arial","sans-serif"">There is also an opportunity to play games for Re 1 in the Daraz Mahabachat market campaign. Customers can only play for any one of the New Classic Helmet, High Ground Adventure and ProArt content for prizes. The company informed that to participate in the game, the customer need to pay Re 1 through online payment.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-24', 'modified' => '2022-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '15419', 'image' => '20220724052138_discountt.jpg', 'article_date' => '2022-07-24 17:20:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15676', 'article_category_id' => '1', 'title' => 'Merger and Acquisition Facility Extended till mid-January ', 'sub_title' => '', 'summary' => 'July 24: The monetary policy for the current fiscal year has extended the timeframe for the merger and acquisition of banks and financial institutions. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">July 24: The monetary policy for the current fiscal year has extended the timeframe for the merger and acquisition of banks and financial institutions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Unveiling the monetary policy on Friday, Nepal Rastra Bank’s Governor Maha Prasad Adhikari shared that the banks and financial institutions opting for merger and acquisition would be provided with the facilities up to mid-January next year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Earlier, the central bank had set the deadline for merger and acquisition up to mid-July. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Likewise, the monetary policy states that the transactions of banks and financial institutions opting for merger and acquisition will not be halted.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The central bank had adopted a policy to encourage merger and acquisition of banks and financial institutions to increase their paid-up capital in order to increase their risk-bearing capacity. It has been giving tax concessions to the merging banks, cooling off period, investment in the priority sector and so on.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In order to reduce the number of banks and financial institutions, NRB had issued regulations regarding merger of banks and financial institutions in 2068 BS. Since then, 241 banks and financial institutions have joined the merger / acquisition process, 177 licenses have been revoked and the number of BFIs has dropped to 64.</span></span></span></p> ', 'published' => true, 'created' => '2022-07-24', 'modified' => '2022-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '15418', 'image' => '20220724042452_merger.jpg', 'article_date' => '2022-07-24 16:24:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15677', 'article_category_id' => '1', 'title' => 'Every Province to have a Mini Mobile Hospital ', 'sub_title' => '', 'summary' => 'July 24: Most of the ambulances in Nepal have normal stretchers and equipment which can transport general patients.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">July 24: Most of the ambulances in Nepal have normal stretchers and equipment which can transport general patients. Due to geographical conditions, traffic jams, and lack of facilities, many patients die on the way to hospital.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">However, some ambulances also provide important services available only in hospitals such as ventilators, patient monitoring machines, syringe pumps, infusion pumps, oxygen concentrators, ECG machines, and ultrasound service. Such vehicles with facilities like mini hospitals are being used in developed countries. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">However, would such a convenient vehicle be operated in a developing country like ours? The National Disaster Risk Reduction and Management Authority removed any doubt by bringing such vehicles to Nepal. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">A multi-service vehicle with the facility to treat a complex situation of patient has been introduced in Nepal for the first time.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Those vehicles will also start service in Nepal in future disasters and help reduce premature deaths. Anil Pokharel, the chief executive officer of NDRRMA, informed that even if the doctor does not arrive, the patient can be treated and monitored inside the vehicle by connecting the doctor through telemedicine service.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">He said the vehicle is a mini hospital or a mobile hospital, and he believes it would help save people's lives during disaster. He also claimed that this type of vehicle has been introduced in Nepal for the first time.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The Armed Police Force has been charged with the responsibility pf operating and managing eight big vehicles and eight 'A class' ambulances with such facilities. The government has acquired the vehicle with the management support of the Multi-Donor Trust Fund and the World Bank.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">This project has been funded by international aid agencies including those from the USA, Britain, Canada and Switzerland.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Home Minister Bal Krishna Khand handed over the keys of the vehicles to Inspector General of Armed Police Force Raju Aryal on Saturday. These vehicles will be kept in each province and the center. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">If it is not possible to bring people affected by disaster and those who are seriously injured to the hospital, they can be treated in the same vehicle if they need immediate treatment. Altogether 6 people can be treated on comfortable beds inside the vehicle, while some more patients can be treated on chairs as well.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">For a country like Nepal facing the challenge of natural disasters, it is believed that using this vehicle will protect the people affected by disasters from premature death. Nepal is at great risk of natural disasters. Disasters such as earthquakes, floods, and fires continue to affect people due to difficult geographical conditions.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Doctors and nurses can save the lives of the patients by treating and caring them on the way to the hospital.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">At the handover ceremony, Home Minister Khand pointed out the need to increase the budget for the disabled and emphasized that every sector should be sensitive to their issues. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Home Secretary Tek Narayan Pandey expressed his belief that the vehicle with facilities will help save human lives from the crisis. Chandra Prasad Dhakal, senior vice president of the Federation of Nepalese Chamber of Commerce and Industry, termed the vehicle a moving hospital. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-24', 'modified' => '2022-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '15417', 'image' => '20220724050456_ND-KTM-GudneHospitala.jpg', 'article_date' => '2022-07-24 17:04:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15675', 'article_category_id' => '1', 'title' => 'Monetary Policy Aims to Bring the Economy Back on Track', 'sub_title' => '', 'summary' => 'July 24: Nepal Rastra Bank (NRB) has tightened the screws on economic activities through the monetary policy unveiled on Friday with the motive of improving the economy that is heading towards crisis. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Yadav Humagain</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">July 24: Nepal Rastra Bank (NRB) has tightened the screws on economic activities through the monetary policy unveiled on Friday with the motive of improving the economy that is heading towards crisis. NRB Governor Maha Prasad Adhikari was praised for introducing flexible monetary policy in the last two fiscal years considering the impact of Covid-19. However, this time, he has resorted to strict measures to bring the economy back on track. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although the past policy made the economy affected by the pandemic vibrant, it also resulted in high Balance of Payments (BoP), decline in foreign exchange reserves and liquidity crisis in the banking system. Therefore, the central bank decided to tighten the economic activities through the new monetary policy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The monetary policy introduced for the current fiscal year aims at keeping external sector stability by controlling inflation. The monetary policy focuses on promoting overall fiscal stability and boosting productivity by mobilizing fiscal instruments in the productive sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank also aims to discourage credit flow by increasing the interest rate on loans through the monetary policy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The NRB has adopted a policy to mobilize loan in the productive sector rather than expanding credit in the context of high credit-GDP ratio. It also aims to protect small and medium scale industries.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In order to increase the foreign exchange reserves, the central bank has decided to encourage remittance through the banking channel.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Instead of achieving the government’s economic growth target, the monetary policy focuses on fiscal stability.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NRB Spokesperson Dr Gunakar Bhatta says that the monetary policy is focused on resolving the crisis faced by the country’s economy.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We have brought the monetary policy with the objective of resolving the economic crisis in a phase-wise manner,” Bhatta told reporters, adding, “If the economy improves, the monetary policy can be amended accordingly.” The central bank has been reviewing the monetary policy every three months.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although the government has set a target of 8 percent economic growth in the current fiscal year, the central bank has decided to limit credit flow. Banks are facing problems in deposit collection because the loans disbursed in the past were extensively utilized in non-productive sectors such as imports. As the banks are facing resource crunch, the central bank has reduced the target of credit flow to the private sector by 6.4 percentage points and fixed it at 12.6 percent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The monetary policy has focused on fiscal stability at a time when the economy is facing liquidity crisis. The central bank has increased the cash reserve ratio (CRR) and statutory liquidity ratio (SLR) to protect the deposits and strengthen the banking system.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CRR has been increased from 3 percent to 4 percent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the SLR has been increased from 2 percent to 12 percent for commercial banks and 10 percent for development banks as well as finance companies. As per the monetary policy, the BFIs need to comply with the new SLR by mid-January 2023.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank has decided to increase the interest rate to discourage credit flow. The monetary policy has increased the bank rate by 1.5 percentage points to 8.5 percent. The central bank believes that increase in interest rate will discourage consumption.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although this policy will affect the interest rate of some sectors, it will not have much effect overall, says banker Bhuvan Kumar Dahal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The central bank’s policy will not impact the overall interest rate of the banks,” says Dahal, adding, “The interest rate on other sectors might be more as the monetary policy focuses on credit flow to the productive sector.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although NRB has tightened credit flow, it has kept productive sector in priority and also decided to protect small and medium scale industries.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The monetary policy will keep differences in interest rates on loan to be mobilized in productive sector and business sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the provision, BFIs can disburse loans up to Rs 20 million to the productive sectors such as agriculture, livestock and fishery, export-oriented industries and industries that produce goods with cent percent home-grown raw materials by charging interest rate not exceeding 2 percentage points added to the base rate.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the monetary policy, the central bank will gradually reduce the facilities given to sectors affected by the Covid-19 pandemic. NRB informed that the policy to provide refinancing facility will be reviewed so that only the productive sectors such as agriculture and those badly affected by the pandemic will be given refinancing facility.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-24', 'modified' => '2022-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '15416', 'image' => '20220724040529_NP_KTM.jpg', 'article_date' => '2022-07-24 16:03:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15674', 'article_category_id' => '1', 'title' => 'Nepali Workers to be Hired for Qatar World Cup ', 'sub_title' => '', 'summary' => 'July 24: The Ministry of Labour, Employment and Social Security has given permission to hire Nepali workers for the World Cup Football Tournament to be held in Qatar in November later this year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 24: The Ministry of Labour, Employment and Social Security has given permission to hire Nepali workers for the World Cup Football Tournament to be held in Qatar in November later this year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Various companies in Qatar have shown interest to hire Nepali workers for a short duration in view of the World Cup 2022. Accordingly, the government has decided to send Nepali workers after completing all the due procedures. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Joint Secretary at the Ministry and Head of the Employment Management Division Rajiv Pokharel shared that since the workers will be sent for a short period it has been decided to send them only after granting them a work permit. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With the decision of the ministry, the Embassy of Qatar will verify the demands proposed by the employers who are willing to take workers for a short period of time. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the ministry, the employers will have to bear the entire expenses incurred in the recruitment process including the two-way air tickets of the workers. The working period of such workers in Qatar will be less than six months. Apart from the recruitment agencies, those who want to go for short-term employment individually will also be allowed to go if they have a visa and a work permit. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the law, the minimum duration of the work permit is two years but there is also a legal provision to grant work permit for short-term work opportunities and visas, said Joint Secretary Pokharel. The number of workers to be taken from Nepal for Qatar World Cup is not decided yet.-- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-07-24', 'modified' => '2022-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '15415', 'image' => '20220724021312_QatarStadium-1444x710.jpg', 'article_date' => '2022-07-24 14:12:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15673', 'article_category_id' => '1', 'title' => 'Russia Agrees to Release Million of Tons of Food Grains', 'sub_title' => '', 'summary' => 'July 24: Russia and Ukraine have reached an understanding to open the route to export grains through the Black Sea at a time when there is increasing concern that the food crisis will increase worldwide due to the war.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">July 24: Russia and Ukraine have reached an understanding to open the route to export grains through the Black Sea at a time when there is increasing concern that the food crisis will increase worldwide due to the war.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two sides signed an agreement in Turkey on Friday allowing the export of 1 million tons of grains from Ukraine. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the BBC, the agreement will allow millions of tonnes of grain, currently trapped in Ukraine by the war, to be exported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the agreement, Russia will gradually open the Ukrainian ports towards the Black Sea.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The World Food Program has warned that a million people could die of starvation if Russia continues to block the ports to Ukraine.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">But Russian Foreign Minister Sergey Lavrov said that he is optimistic that the issue of Ukraine's grain exports can be resolved if the minefields laid by Ukraine in the waters around its port are removed. Ukraine is one of the world's leading grain exporters.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With Russia's invasion of Ukraine on February 24, one million people are at risk of starvation due to the halt in export of grains. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Al Jazeera, Russian defence minister Sergei Shoigu and Ukraine’s infrastructure minister, Oleksandr Kubrakov, signed the deal separately on Friday, carefully avoiding sitting at the same table and avoiding shaking hands in Istanbul.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the information, the contract is said to last for 120 days in addition to the possibility of extension of agreement with the consent of both parties. The halt in Ukrainian grain supplies led to a global food crisis and the price of bread and pasta made from wheat skyrocketed. Apart from that, the prices of cooking oil and fertilizers also increased. The United States has also requested Russia to take immediate steps to implement the agreement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On Friday, the price of wheat in the world market fell by two percent, as the possibility of supplying more than 20 million tons of Ukrainian grain surged.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In his Friday night speech, Ukrainian President Volodymyr Zelenskyy said that his country has marketable grain worth about US$ 10 billion. He also mentioned that the United Nations is responsible for ensuring the agreement. Ukraine has been saying that the Russian navy is blocking the supply of grain and other imports.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Ukraine alleged that Russian forces even stole grain from its agricultural fields. Due to the drought, the Covid-19 pandemic and the war in Ukraine, some countries in the world are facing an extreme food crisis. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-24', 'modified' => '2022-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '15414', 'image' => '20220724123223_wheatttttt.jpg', 'article_date' => '2022-07-24 12:31:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15672', 'article_category_id' => '1', 'title' => 'Tatopani Customs Office Collects Rs 3.42 Billion Revenue ', 'sub_title' => '', 'summary' => 'July 24: Tatopani Customs Office collected Rs 3.42 billion revenue in the last fiscal year 2021/22. The revenue collection was double than the target set by the office. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 24: Tatopani Customs Office collected Rs 3.42 billion revenue in the last fiscal year 2021/22. The revenue collection was double than the target set by the office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chief Customs Officer of Tatopani Customs Office, Narad Gautam, said revenue collection increased by two folds in the last fiscal year despite various problems including coronavirus pandemic, landslide, flood and decline in import of Chinese goods. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The office collected Rs 3.42 billion revenue against the target of Rs 1.46 billion, he shared. Gautam further said that revenue collection was better than the expectation due to various reasons including import of goods, adherence to health safety protocols and training to businessmen. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In FY 2020/21, the office had set a target to collect Rs 4.50 billion but only Rs 1.02 billion was collected. Gautam added that a target has been set to collect Rs 4.63 billion in the current fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The arrival of containers carrying goods from China is very less. Around four to eight containers carrying goods from China enter Nepal via the check point every day. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-07-24', 'modified' => '2022-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '15413', 'image' => '20220724115357_Tatopani.jpg', 'article_date' => '2022-07-24 11:53:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 26: The Federation of Nepalese Chamber of Commerce and Industry (FNCCI), the umbrella organization of the private sector, has expressed its official view regarding the monetary policy introduced by Nepal Rastra Bank (NRB) for the current fiscal year. The federation said that the monetary policy will create more pressure on the liquidity crisis prevailing in the market as there is no concrete way to reduce the lack of capital. FNCCI concluded that the monetary policy failed impress the private sector.</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:"Arial","sans-serif"">The federation expressed that the monetary policy of the current fiscal year released by Nepal Rastra Bank on Friday focused on reducing expenses by controlling credit rather than increasing the source of foreign exchange earnings. The FNCCI, on the other hand, appreciated the provisions such as reducing the interest rate of loans flowing to the productive sector compared to other businesses, giving continuity to the re-financing facilities for businesses heavily affected by Covid-19, and rescheduling loans for small entrepreneurs.</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:"Arial","sans-serif"">A statement issued by the federation on Monday mentions that the monetary policy did not include concrete measures for import substitution and promotion of export. As per the statement, due to the strict policy, the investment of the private sector will also shrink and it will be challenging to achieve the economic growth rate of 8 percent as mentioned in the 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:"Arial","sans-serif"">The federation stated that even after increasing the interest rate, the deposits did not increase. The federation says that even approved loans cannot be obtained due to the lack of investable funds, which will affect the construction of projects related to hydropower, tourism and other sectors. </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:"Arial","sans-serif"">According to the federation, such a strict policy is only going to make loans expensive and it will not be easy to keep the inflation within the desired limit only through monetary instruments. In addition, FNCCI believes that the amendment made in the limit to avail loans through mortgage of shares will help the small investors.</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:"Arial","sans-serif"">The statement read, “The federation's demand that the interest rate should be different for the loans flowing in the productive and commercial sectors has been addressed, which is much appreciated.” </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:"Arial","sans-serif"">FNCCI has also urged the central bank to maintain refinancing in exports and production, while linking the refinancing with productivity.</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:"Arial","sans-serif"">The statement issued by the federation identified the inclusion of green economy and digital payment as positive steps. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-26', 'modified' => '2022-07-26', 'keywords' => 'monetary, policy, FNCCI, private, sector, impress, import, substitution, export, inflation', 'description' => '', 'sortorder' => '15427', 'image' => '20220726112517_monetary policy.jpg', 'article_date' => '2022-07-26 11:24:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15685', 'article_category_id' => '1', 'title' => 'Nepal Imported Goods from 164 Countries during Last FY', 'sub_title' => '', 'summary' => 'July 26: Nepal imported goods from 164 countries during the last fiscal year (FY 2021-22). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 26: Nepal imported goods from 164 countries during the last fiscal year (FY 2021-22). </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:"Arial","sans-serif"">According to the data unveiled by the Department of Customs on Monday, Nepal imported goods worth over Rs 1,920 billion from those countries during the review year. The statistics show that Nepal purchased goods worth over Rs 1,200 billion from India alone while the export to India was worth Rs 155 billion. It means the country's trade deficit with India alone was over 1,044 billion during last fiscal year. </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:"Arial","sans-serif"">After India, China is the second largest supplier to Nepal as in one year Nepal imported goods worth over Rs 264 billion and exported goods worth Rs 887 million, resulting in a trade deficit worth around Rs 263 billion. </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:"Arial","sans-serif"">Meanwhile, the country's trade deficit is increasing year by year. During the last fiscal year, trade deficit increased by 23 percent compared to the previous fiscal year. </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:"Arial","sans-serif"">According to the department, the trade deficit reached over Rs 1,720 billion during the last fiscal year while it was over Rs 1,398 billion in the previous year. -- RSS </span></span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-07-26', 'modified' => '2022-07-26', 'keywords' => 'Import, goods, trade, deficit', 'description' => '', 'sortorder' => '15426', 'image' => '20220726075004_20220428025847_nepal-major-imports-update.jpg', 'article_date' => '2022-07-26 07:49:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15684', 'article_category_id' => '1', 'title' => 'PM Deuba Urges not to Buy Luxury Goods', 'sub_title' => '', 'summary' => 'July 25: Prime Minister Sher Bahadur Deuba has suggested all stakeholders not to import luxury goods, arguing that the trade deficit has increased to the extent that the country cannot afford such items.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">July 25: Prime Minister Sher Bahadur Deuba has suggested all stakeholders not to import luxury goods, arguing that the trade deficit has increased to the extent that the country cannot afford such items.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The prime minister stressed on increasing domestic production and marketing of goods produced in the country instead of importing goods.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Addressing the 19th Annual General Meeting of the Confederation of Nepalese Industries (CNI) on Sunday, Prime Minister Deuba said there is internal and external pressure on Nepal's economy.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">“It is necessary to stop importing expensive and luxurious goods produced abroad to get rid of them,” he said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Prime Minister Deuba said that the country should focus on agricultural production as the trade deficit and foreign exchange reserves have declined to unprecedented levels. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">He said that since the agricultural sector is the main pillar of the country's economy, commercialization and mechanization of the agricultural sector should strengthen the roots of economic growth. He was of the view that the development of this sector can eliminate poverty and economic inequality in the country.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The prime minister also said that he expects the support of the private sector in economic activities that earn foreign currency. Prime Minister Deuba also urged to substitute the use of petroleum products by increasing the use of electricity in industries.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Moreover, he urged the industrialists and businessmen not only to focus on areas of immediate profit but also in the long term development of the country. He urged them to increase export by utilizing the raw materials within the country, and increase the investment in strengthening the foundation of the country's economy.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Prime Minister Deuba said that the government is ready to work hand in hand with the private sector to prevent further deterioration of the country's economy and bring it back on track. He made it clear that the government is always committed in providing the private sector with the necessary policy arrangements and infrastructure facilities to do business and asserted that economic development.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">He made it clear that the government is carrying out various legal, policy, and institutional reforms to create a proper investment environment for the private sector, and to create an environment in which enterprises and businesses can be conducted simply and easily.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Prime Minister Deuba said that the monetary policy of the current financial year has come to support the budget. He said that the objective of the monetary policy is to support the development of the country's agricultural, manufacturing, and export industries. </span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2022-07-25', 'modified' => '2022-07-25', 'keywords' => '', 'description' => '', 'sortorder' => '15425', 'image' => '20220725063540_1658672926.5000.jpg', 'article_date' => '2022-07-25 18:35:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15683', 'article_category_id' => '1', 'title' => 'Nepal Spent Rs 320 Billion on Fuel Import in FY 2021/22 ', 'sub_title' => '', 'summary' => 'July 25: A large amount of Nepali currency has gone out of the country in a period of one year for the import of petroleum products.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 25: A large amount of Nepali currency has gone out of the country in a period of one year for the import of petroleum products. The cost of purchasing fuel has increased due to price hike and increase in consumption. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Data released by the Department of Customs shows that Nepal imported petroleum products worth Rs 320.32 billion from India in the last fiscal year (FY 2021/22). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The largest amount has been spent on importing diesel in the review year. Nepal spent over Rs 168.23 billion in diesel import in the last fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Rs 71.38 billion was spent on importing petrol, Rs 65.55 billion on import of cooking gas (LPG) and Rs 15.15 billion on import of aviation fuel in the review period. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Nepal imported unprocessed soybean, palm and sunflower oil worth Rs 113 billion, mobiles phones and laptop worth Rs 52 billion, gold and silver worth Rs 48 billion and food grain worth more than Rs 73 billion during the last one year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal exported refined soybean oil worth the highest amount during this period. Refined soybean oil worth Rs 48.12 billion was exported from Nepal. Similarly, it exported refined palm oil worth Rs 41.64 billion, synthetic yarn worth Rs 10.14 billion, woolen goods worth Rs 7.71 billion and ready-made garments worth Rs 5.76 billion during the last fiscal year. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-07-25', 'modified' => '2022-07-25', 'keywords' => 'Import, petrol, diesel, soybean, synthetic, yarn, department, customs', 'description' => '', 'sortorder' => '15424', 'image' => '20220725051852_petroo - Copy.jpg', 'article_date' => '2022-07-25 17:17:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15682', 'article_category_id' => '1', 'title' => 'Current Expenditure Increases Four Folds in Ten Years', 'sub_title' => '', 'summary' => 'July 25: The current expenditure of the government has increased sharply in the last decade.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Bijay Damase</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:"Arial","sans-serif"">July 25: The current expenditure of the government has increased sharply in the last decade.</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:"Arial","sans-serif"">Although the government has been chanting the slogan of austerity measures on public expenditure through policies and programmes every year, in practice, the current expenditure seems to be increasing unnaturally.</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:"Arial","sans-serif"">As per the data of the past ten years, it seems that the current expenditure has quadrupled. The current expenditure which was Rs 247 billion in the fiscal year 2012/13, has reached Rs 966 billion in the fiscal year 2021/22.</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:"Arial","sans-serif"">Due to the arbitrary distribution of financial aid, duplicity of agencies and unnecessary posts under them, the current expenditure of the government is increasing unnaturally.</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:"Arial","sans-serif"">According to the 59th report of the Auditor General, in the year 2021/22, the Ministry of Home Affairs distributed Rs 79,367,000 to VVIPs in the form of medical treatment and financial assistance.</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:"Arial","sans-serif"">Although it is mentioned in the procedure that one person can be given financial assistance up to Rs 700,000, the report of the Auditor General revealed that the government distributed up to Rs 2.5 million to an individual that year.</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:"Arial","sans-serif"">In the same year, the Ministry of Home Affairs provided financial assistance of Rs 10 million to a shelter and another Rs 2 million to a cultural development fund, according to the report of the Auditor General. </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:"Arial","sans-serif"">Although there is a provision in the Public Health Act 2075 that if treatment is required abroad, the government will not bear the expenses incurred for it, but the Auditor General's Office concluded that the government violated this procedure. </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:"Arial","sans-serif"">A report of the Public Expenditure Review Commission formed by the government shows that the current expenditure of the government has increased due to lack of sufficient basis for allocation of budget for current expenditure and clear criteria for expenditure headings, and internal audits. Dozens of suggestions made by the commission to reduce expenses 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:"Arial","sans-serif"">Former secretary Bimal Wagle says that due to the trend of adding expensive vehicles and expensive goods in the office, the revenue raised in the country is not able to cover the current expenses. Although it is reasonable for the current expenditure to increase in accordance to inflation in one decade, it is not a good sign for it to increase so much abnormally.</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:"Arial","sans-serif""> “There are enough places where the government can reduce expenses, but no one is willing to do it,” says Wagle.</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:"Arial","sans-serif""> According to Wagle, it seems that public bodies and people holding public positions are not able to adopt caution in expenses such as office supplies, food, water, electricity, and fuel in connection with government work.</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:"Arial","sans-serif"">Some of the development committees, commissions, institutes, authorities, corporations, foundations, boards, centers, and councils that are currently running with government funds are unnecessary. They are also increasing public expenditure. </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:"Arial","sans-serif"">Wagle says that the government bodies should be restructured or abolished after reviewing issues like duplication of work and responsibilities, the bodies that have been transferred to the provincial and local levels, or those that are not considered necessary to continue.</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:"Arial","sans-serif"">Jagadish Chandra Pokharel, former vice-chairman of the National Planning Commission, says that there is a growing threat that the increasing current expenditure will have a negative impact on the entire economy. According to him, the main reason for the increase in current expenditure is that the policies taken by the government for cost management are not effectively implemented. He said that such policies should be strictly implemented to prevent current expenditure from going out of control.</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:"Arial","sans-serif"">Similarly, he said that attention should be paid to actions such as reducing wasteful expenditure, improving the pension system, abolishing unnecessary ministries and agencies and appointing officials only where necessary.</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:"Arial","sans-serif"">Dhundi Prasad Niraula, joint secretary of the Ministry of Finance, says that the current expenditure has been increasing recently due to the increase in mandatory obligations along with inflation. According to him, current spending is being done according to the policy adopted by the government. He claimed that since the budget has provision for reducing unnecessary expenditure, it will be implemented effectively.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-25', 'modified' => '2022-07-25', 'keywords' => '', 'description' => '', 'sortorder' => '15423', 'image' => '20220725014945_rising-graph.jpeg', 'article_date' => '2022-07-25 13:48:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15681', 'article_category_id' => '1', 'title' => 'Monetary Policy likely to Reduce Economic Activities: NCC', 'sub_title' => '', 'summary' => 'July 25: Nepal Chamber of Commerce (NCC) has said that the monetary policy is likely to reduce economic activities.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 25: Nepal Chamber of Commerce (NCC) has said that the monetary policy is likely to reduce economic activities. The NCC made the remark about the monetary policy for the current fiscal year 2079/80 unveiled by Nepal Rastra Bank on Friday. A statement issued by the NCC states that the tight monetary policy introduced by the central bank has indicated a reduction in economic activities in the country.</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:"Arial","sans-serif"">The NCC argued that since the monetary policy reduced the target of credit expansion, economic activities will shrink. It will also affect revenue while the expansion of new industries and businesses will decline. </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:"Arial","sans-serif"">Also, the mandatory cash reserve ratio (CRR) has been increased from 3 to 4 percent, the statutory liquidity ratio limit has also been increased.</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:"Arial","sans-serif"">The chamber understands that the interest rate payable by banks and financial institutions for taking loans from the NRB has been increased by 1.5 percent to 8.5 percent, so the overall interest on loan will increase in the future. On Sunday, the NCC released a 9-point statement regarding the monetary policy.</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:"Arial","sans-serif"">The chamber claimed that the provision to maintain the security ratio in real estate mortgage loans at 30 percent in Kathmandu Valley and 40 percent in other places will affect the overall real estate business.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-25', 'modified' => '2022-07-25', 'keywords' => '', 'description' => '', 'sortorder' => '15422', 'image' => '20220725012235_monetary.jpg', 'article_date' => '2022-07-25 13:20:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15680', 'article_category_id' => '1', 'title' => 'Government Grants Permission for Commercial Paragliding in Kushadevi', 'sub_title' => '', 'summary' => 'July 25: The Ministry of Culture, Tourism and Civil Aviation has granted permission to Phulchoki Adventure Pvt Ltd to commercially operate paragliding at Kushadevi area in Kavrepalanchowk district. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 25: The Ministry of Culture, Tourism and Civil Aviation has granted permission to Phulchoki Adventure Pvt Ltd to commercially operate paragliding at Kushadevi area in Kavrepalanchowk district. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Following the ministerial-level decision, the Civil Aviation Authority of Nepal (CAAN) has initiated technical process to allow paragliding in the area, according to CAAN officials.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The company confirmed it has received permission for paragliding.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"We have got permission from the ministry to operate commercial paragliding. We will operate it after the CAAN issues the paragliding operation directive," said the company's president Chhabi Lal Humagain. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It may take around two months for the operation of the project, he added. The flight will take place on a daily basis from 10 am to 4 pm, said Humagain. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Three years ago, a paragliding flight was tested in the area which is considered to be suitable for the adventure in terms of location, landing, air pressure and other environmental aspects. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-07-25', 'modified' => '2022-07-25', 'keywords' => '', 'description' => '', 'sortorder' => '15421', 'image' => '20220725121309_para.jpg', 'article_date' => '2022-07-25 12:12:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15679', 'article_category_id' => '1', 'title' => 'NEPSE on Bullish Trend after Issuance of Monetary Policy ', 'sub_title' => '', 'summary' => 'July 25: Nepal Stock Exchange (NEPSE) index closed all green on Sunday, the opening day of the week that marked the first transactions following the issuance of a new monetary policy. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 25: Nepal Stock Exchange (NEPSE) index closed all green on Sunday, the opening day of the week that marked the first transactions following the issuance of a new monetary policy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government had unveiled the monetary policy for the current fiscal year (FY 2022/23) on Friday. The policy has omitted the provision of a lower ceiling in acquiring loan against share. Besides, it allows loan up to Rs 120 million against share. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NEPSE index increased 61.05 points to close at 2,078.51 points. Similarly, the sensitive index also surged 12.09 points to reach 398.33 points. Over 6.4 million shares of the total 219 companies were traded at more than Rs 2.7 billion on Sunday. Points of all subgroups in the NEPSE have increased. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Banking sector gained 22.88 points, trading 88.01 points, hotel and tourism 74.2 points, development banks 177.32 points, hydropower 84.5 points, finance 117.99 points, production 100.39 points, others 103.82 points, microfinance 175.17 points, life insurance 207.77 points, mutual fund 0.17 points and investment 2.1 points. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The market capitalization after the transactions on the week's first day of trading is equivalent to Rs 2967.98 billion. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-07-25', 'modified' => '2022-07-25', 'keywords' => '', 'description' => '', 'sortorder' => '15420', 'image' => '20220725080819_960x0.jpg', 'article_date' => '2022-07-25 08:07:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15678', 'article_category_id' => '266', 'title' => 'Daraz Announces ‘Maha Bachat’ Scheme', 'sub_title' => '', 'summary' => 'July 24: Online shopping platform Daraz has announced its annual campaign 'Mahabachat Bazar Abhiyan'.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 24: Online shopping platform Daraz has announced its annual campaign 'Mahabachat Bazar Abhiyan'. The company informed that the main objective of this campaign, which kicked off on July 24, is to provide customers with an opportunity to save more while shopping at the store. </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:"Arial","sans-serif"">According to the company, this campaign offers up to 60 percent discount, up to 1,500 discounts on online prepayment, up to 7,000 vouchers, free shipping facility and bumper gifts to win free tickets to Turkey.</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:"Arial","sans-serif"">Customers can get a discount of 10 percent (maximum Rs 1000) if prepaid by debit card and 12 percent (maximum Rs 1,500) if prepaid by credit card. The company said that the cardholders of Nepal Investment Bank, Sanima Bank, Machhapuchche Bank, Everest Bank, BOK, NCC Bank, Muktinath and Jyoti Bikas Bank can get the benefit of prepayment discount. </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:"Arial","sans-serif"">In addition, customers who pay through e-service wallet can get a discount of up to 10 percent (maximum Rs 1000) for a limited period.</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:"Arial","sans-serif"">There is also an opportunity to play games for Re 1 in the Daraz Mahabachat market campaign. Customers can only play for any one of the New Classic Helmet, High Ground Adventure and ProArt content for prizes. The company informed that to participate in the game, the customer need to pay Re 1 through online payment.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-24', 'modified' => '2022-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '15419', 'image' => '20220724052138_discountt.jpg', 'article_date' => '2022-07-24 17:20:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15676', 'article_category_id' => '1', 'title' => 'Merger and Acquisition Facility Extended till mid-January ', 'sub_title' => '', 'summary' => 'July 24: The monetary policy for the current fiscal year has extended the timeframe for the merger and acquisition of banks and financial institutions. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">July 24: The monetary policy for the current fiscal year has extended the timeframe for the merger and acquisition of banks and financial institutions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Unveiling the monetary policy on Friday, Nepal Rastra Bank’s Governor Maha Prasad Adhikari shared that the banks and financial institutions opting for merger and acquisition would be provided with the facilities up to mid-January next year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Earlier, the central bank had set the deadline for merger and acquisition up to mid-July. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Likewise, the monetary policy states that the transactions of banks and financial institutions opting for merger and acquisition will not be halted.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The central bank had adopted a policy to encourage merger and acquisition of banks and financial institutions to increase their paid-up capital in order to increase their risk-bearing capacity. It has been giving tax concessions to the merging banks, cooling off period, investment in the priority sector and so on.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">In order to reduce the number of banks and financial institutions, NRB had issued regulations regarding merger of banks and financial institutions in 2068 BS. Since then, 241 banks and financial institutions have joined the merger / acquisition process, 177 licenses have been revoked and the number of BFIs has dropped to 64.</span></span></span></p> ', 'published' => true, 'created' => '2022-07-24', 'modified' => '2022-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '15418', 'image' => '20220724042452_merger.jpg', 'article_date' => '2022-07-24 16:24:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15677', 'article_category_id' => '1', 'title' => 'Every Province to have a Mini Mobile Hospital ', 'sub_title' => '', 'summary' => 'July 24: Most of the ambulances in Nepal have normal stretchers and equipment which can transport general patients.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">July 24: Most of the ambulances in Nepal have normal stretchers and equipment which can transport general patients. Due to geographical conditions, traffic jams, and lack of facilities, many patients die on the way to hospital.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">However, some ambulances also provide important services available only in hospitals such as ventilators, patient monitoring machines, syringe pumps, infusion pumps, oxygen concentrators, ECG machines, and ultrasound service. Such vehicles with facilities like mini hospitals are being used in developed countries. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">However, would such a convenient vehicle be operated in a developing country like ours? The National Disaster Risk Reduction and Management Authority removed any doubt by bringing such vehicles to Nepal. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">A multi-service vehicle with the facility to treat a complex situation of patient has been introduced in Nepal for the first time.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Those vehicles will also start service in Nepal in future disasters and help reduce premature deaths. Anil Pokharel, the chief executive officer of NDRRMA, informed that even if the doctor does not arrive, the patient can be treated and monitored inside the vehicle by connecting the doctor through telemedicine service.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">He said the vehicle is a mini hospital or a mobile hospital, and he believes it would help save people's lives during disaster. He also claimed that this type of vehicle has been introduced in Nepal for the first time.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">The Armed Police Force has been charged with the responsibility pf operating and managing eight big vehicles and eight 'A class' ambulances with such facilities. The government has acquired the vehicle with the management support of the Multi-Donor Trust Fund and the World Bank.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">This project has been funded by international aid agencies including those from the USA, Britain, Canada and Switzerland.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Home Minister Bal Krishna Khand handed over the keys of the vehicles to Inspector General of Armed Police Force Raju Aryal on Saturday. These vehicles will be kept in each province and the center. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">If it is not possible to bring people affected by disaster and those who are seriously injured to the hospital, they can be treated in the same vehicle if they need immediate treatment. Altogether 6 people can be treated on comfortable beds inside the vehicle, while some more patients can be treated on chairs as well.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">For a country like Nepal facing the challenge of natural disasters, it is believed that using this vehicle will protect the people affected by disasters from premature death. Nepal is at great risk of natural disasters. Disasters such as earthquakes, floods, and fires continue to affect people due to difficult geographical conditions.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Doctors and nurses can save the lives of the patients by treating and caring them on the way to the hospital.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">At the handover ceremony, Home Minister Khand pointed out the need to increase the budget for the disabled and emphasized that every sector should be sensitive to their issues. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial","sans-serif"">Home Secretary Tek Narayan Pandey expressed his belief that the vehicle with facilities will help save human lives from the crisis. Chandra Prasad Dhakal, senior vice president of the Federation of Nepalese Chamber of Commerce and Industry, termed the vehicle a moving hospital. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-24', 'modified' => '2022-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '15417', 'image' => '20220724050456_ND-KTM-GudneHospitala.jpg', 'article_date' => '2022-07-24 17:04:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15675', 'article_category_id' => '1', 'title' => 'Monetary Policy Aims to Bring the Economy Back on Track', 'sub_title' => '', 'summary' => 'July 24: Nepal Rastra Bank (NRB) has tightened the screws on economic activities through the monetary policy unveiled on Friday with the motive of improving the economy that is heading towards crisis. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Yadav Humagain</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">July 24: Nepal Rastra Bank (NRB) has tightened the screws on economic activities through the monetary policy unveiled on Friday with the motive of improving the economy that is heading towards crisis. NRB Governor Maha Prasad Adhikari was praised for introducing flexible monetary policy in the last two fiscal years considering the impact of Covid-19. However, this time, he has resorted to strict measures to bring the economy back on track. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although the past policy made the economy affected by the pandemic vibrant, it also resulted in high Balance of Payments (BoP), decline in foreign exchange reserves and liquidity crisis in the banking system. Therefore, the central bank decided to tighten the economic activities through the new monetary policy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The monetary policy introduced for the current fiscal year aims at keeping external sector stability by controlling inflation. The monetary policy focuses on promoting overall fiscal stability and boosting productivity by mobilizing fiscal instruments in the productive sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank also aims to discourage credit flow by increasing the interest rate on loans through the monetary policy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The NRB has adopted a policy to mobilize loan in the productive sector rather than expanding credit in the context of high credit-GDP ratio. It also aims to protect small and medium scale industries.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In order to increase the foreign exchange reserves, the central bank has decided to encourage remittance through the banking channel.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Instead of achieving the government’s economic growth target, the monetary policy focuses on fiscal stability.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NRB Spokesperson Dr Gunakar Bhatta says that the monetary policy is focused on resolving the crisis faced by the country’s economy.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We have brought the monetary policy with the objective of resolving the economic crisis in a phase-wise manner,” Bhatta told reporters, adding, “If the economy improves, the monetary policy can be amended accordingly.” The central bank has been reviewing the monetary policy every three months.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although the government has set a target of 8 percent economic growth in the current fiscal year, the central bank has decided to limit credit flow. Banks are facing problems in deposit collection because the loans disbursed in the past were extensively utilized in non-productive sectors such as imports. As the banks are facing resource crunch, the central bank has reduced the target of credit flow to the private sector by 6.4 percentage points and fixed it at 12.6 percent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The monetary policy has focused on fiscal stability at a time when the economy is facing liquidity crisis. The central bank has increased the cash reserve ratio (CRR) and statutory liquidity ratio (SLR) to protect the deposits and strengthen the banking system.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The CRR has been increased from 3 percent to 4 percent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the SLR has been increased from 2 percent to 12 percent for commercial banks and 10 percent for development banks as well as finance companies. As per the monetary policy, the BFIs need to comply with the new SLR by mid-January 2023.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank has decided to increase the interest rate to discourage credit flow. The monetary policy has increased the bank rate by 1.5 percentage points to 8.5 percent. The central bank believes that increase in interest rate will discourage consumption.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although this policy will affect the interest rate of some sectors, it will not have much effect overall, says banker Bhuvan Kumar Dahal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The central bank’s policy will not impact the overall interest rate of the banks,” says Dahal, adding, “The interest rate on other sectors might be more as the monetary policy focuses on credit flow to the productive sector.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although NRB has tightened credit flow, it has kept productive sector in priority and also decided to protect small and medium scale industries.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The monetary policy will keep differences in interest rates on loan to be mobilized in productive sector and business sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the provision, BFIs can disburse loans up to Rs 20 million to the productive sectors such as agriculture, livestock and fishery, export-oriented industries and industries that produce goods with cent percent home-grown raw materials by charging interest rate not exceeding 2 percentage points added to the base rate.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the monetary policy, the central bank will gradually reduce the facilities given to sectors affected by the Covid-19 pandemic. NRB informed that the policy to provide refinancing facility will be reviewed so that only the productive sectors such as agriculture and those badly affected by the pandemic will be given refinancing facility.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-24', 'modified' => '2022-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '15416', 'image' => '20220724040529_NP_KTM.jpg', 'article_date' => '2022-07-24 16:03:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15674', 'article_category_id' => '1', 'title' => 'Nepali Workers to be Hired for Qatar World Cup ', 'sub_title' => '', 'summary' => 'July 24: The Ministry of Labour, Employment and Social Security has given permission to hire Nepali workers for the World Cup Football Tournament to be held in Qatar in November later this year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 24: The Ministry of Labour, Employment and Social Security has given permission to hire Nepali workers for the World Cup Football Tournament to be held in Qatar in November later this year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Various companies in Qatar have shown interest to hire Nepali workers for a short duration in view of the World Cup 2022. Accordingly, the government has decided to send Nepali workers after completing all the due procedures. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Joint Secretary at the Ministry and Head of the Employment Management Division Rajiv Pokharel shared that since the workers will be sent for a short period it has been decided to send them only after granting them a work permit. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With the decision of the ministry, the Embassy of Qatar will verify the demands proposed by the employers who are willing to take workers for a short period of time. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the ministry, the employers will have to bear the entire expenses incurred in the recruitment process including the two-way air tickets of the workers. The working period of such workers in Qatar will be less than six months. Apart from the recruitment agencies, those who want to go for short-term employment individually will also be allowed to go if they have a visa and a work permit. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the law, the minimum duration of the work permit is two years but there is also a legal provision to grant work permit for short-term work opportunities and visas, said Joint Secretary Pokharel. The number of workers to be taken from Nepal for Qatar World Cup is not decided yet.-- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-07-24', 'modified' => '2022-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '15415', 'image' => '20220724021312_QatarStadium-1444x710.jpg', 'article_date' => '2022-07-24 14:12:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15673', 'article_category_id' => '1', 'title' => 'Russia Agrees to Release Million of Tons of Food Grains', 'sub_title' => '', 'summary' => 'July 24: Russia and Ukraine have reached an understanding to open the route to export grains through the Black Sea at a time when there is increasing concern that the food crisis will increase worldwide due to the war.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">July 24: Russia and Ukraine have reached an understanding to open the route to export grains through the Black Sea at a time when there is increasing concern that the food crisis will increase worldwide due to the war.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two sides signed an agreement in Turkey on Friday allowing the export of 1 million tons of grains from Ukraine. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the BBC, the agreement will allow millions of tonnes of grain, currently trapped in Ukraine by the war, to be exported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the agreement, Russia will gradually open the Ukrainian ports towards the Black Sea.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The World Food Program has warned that a million people could die of starvation if Russia continues to block the ports to Ukraine.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">But Russian Foreign Minister Sergey Lavrov said that he is optimistic that the issue of Ukraine's grain exports can be resolved if the minefields laid by Ukraine in the waters around its port are removed. Ukraine is one of the world's leading grain exporters.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With Russia's invasion of Ukraine on February 24, one million people are at risk of starvation due to the halt in export of grains. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Al Jazeera, Russian defence minister Sergei Shoigu and Ukraine’s infrastructure minister, Oleksandr Kubrakov, signed the deal separately on Friday, carefully avoiding sitting at the same table and avoiding shaking hands in Istanbul.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the information, the contract is said to last for 120 days in addition to the possibility of extension of agreement with the consent of both parties. The halt in Ukrainian grain supplies led to a global food crisis and the price of bread and pasta made from wheat skyrocketed. Apart from that, the prices of cooking oil and fertilizers also increased. The United States has also requested Russia to take immediate steps to implement the agreement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On Friday, the price of wheat in the world market fell by two percent, as the possibility of supplying more than 20 million tons of Ukrainian grain surged.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In his Friday night speech, Ukrainian President Volodymyr Zelenskyy said that his country has marketable grain worth about US$ 10 billion. He also mentioned that the United Nations is responsible for ensuring the agreement. Ukraine has been saying that the Russian navy is blocking the supply of grain and other imports.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Ukraine alleged that Russian forces even stole grain from its agricultural fields. Due to the drought, the Covid-19 pandemic and the war in Ukraine, some countries in the world are facing an extreme food crisis. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-24', 'modified' => '2022-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '15414', 'image' => '20220724123223_wheatttttt.jpg', 'article_date' => '2022-07-24 12:31:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15672', 'article_category_id' => '1', 'title' => 'Tatopani Customs Office Collects Rs 3.42 Billion Revenue ', 'sub_title' => '', 'summary' => 'July 24: Tatopani Customs Office collected Rs 3.42 billion revenue in the last fiscal year 2021/22. The revenue collection was double than the target set by the office. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 24: Tatopani Customs Office collected Rs 3.42 billion revenue in the last fiscal year 2021/22. The revenue collection was double than the target set by the office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chief Customs Officer of Tatopani Customs Office, Narad Gautam, said revenue collection increased by two folds in the last fiscal year despite various problems including coronavirus pandemic, landslide, flood and decline in import of Chinese goods. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The office collected Rs 3.42 billion revenue against the target of Rs 1.46 billion, he shared. Gautam further said that revenue collection was better than the expectation due to various reasons including import of goods, adherence to health safety protocols and training to businessmen. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In FY 2020/21, the office had set a target to collect Rs 4.50 billion but only Rs 1.02 billion was collected. Gautam added that a target has been set to collect Rs 4.63 billion in the current fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The arrival of containers carrying goods from China is very less. Around four to eight containers carrying goods from China enter Nepal via the check point every day. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-07-24', 'modified' => '2022-07-24', 'keywords' => '', 'description' => '', 'sortorder' => '15413', 'image' => '20220724115357_Tatopani.jpg', 'article_date' => '2022-07-24 11:53:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
