July 26: Locals in Rasuwa have started transporting food to arrange meals for the devotees who reach the holy shrine of Gosaikunda for the Janai purnima fair on August…
July 26: Locals in Rasuwa have started transporting food to arrange meals for the devotees who reach the holy shrine of Gosaikunda for the Janai purnima fair on August…
July 26: Nepal’s trade deficit increased by 23 percent during the last fiscal year despite measures taken by the government to restrict…
July 26: The completion of the Kathmandu-Tarai Expressway (Fast Track) project within the deadline remains…
July 26: Nepal Rastra Bank has released the results of Inflation Expectations Survey (IES) for the third quarter of the last fiscal year (FY 2021/22).…
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: 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.…
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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: Locals in Rasuwa have started transporting food to arrange meals for the devotees who reach the holy shrine of Gosaikunda for the Janai purnima fair on August 12. </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"">Pasang Gyalpo Tamang, a businessman of Lauri Binayak, shared that the local hoteliers have starting hoarding food after the Gosainkunda Area Development Committee estimated that 15,000 devotees would attend the religious fair of Gosainkunda on the occasion of Janai Purnima on August 12.</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 hoteliers, there are 67 permanently built hotels and lodges in nine places along the route to Gosainkunda, including 43 in Dhunche, two in Tiwari Bagar, two in Khanti, one in Deurali, two in Dimsa, seven in Chandanbari, two in Cholangpati, three in Lauri Binayak and four in Gosaikunda. </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"">Ramcharan Gajurel, district president of the Hotel Association of Rasuwa, informed that pilgrims visiting Gosainkund will not have any problem with food and accommodation.</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"">At the same time, the Gosainkunda Area Development Committee has said that if there is a problem with accommodation, temporary shelters will be arranged for the travellers.</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"">Foodstuffs are being transported by porters as well as mules and horses and it is said that about 50 sacks of rice have reached Gosainkunda. Stating that more rice and other materials are being transported, hotelier Tamang estimated that 150 sacks of rice will be consumed in Gosaikunda during the fair.</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"">Businessmen say that arrangements have been made to provide materials such as noodles, biscuits, beaten rice, water, cashew nuts and almonds from the hotel for the Gosaikunda fair. Due to Covid-19, local hotels that could not see the crowd of passengers for two years are eager to welcome the devotees this 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"">Sanjeev DM, president of the Gosainkunda Area Development Committee, said that devotees will reach Gosainkunda on August 7 to observe the fair, which starts on the day of Putrada Ekadashi (the 11<sup>th</sup> day of the waxing moon) on August 8 and ends on the full moon day on August 12. </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 Langtang National Park has requested the devotees who came to perform the pilgrimage not to destroy the vegetation and not to throw garbage recklessly.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-26', 'modified' => '2022-07-26', 'keywords' => '', 'description' => '', 'sortorder' => '15432', 'image' => '20220726031810_image_processing20220416-4-1helmts.jpg', 'article_date' => '2022-07-26 15:17:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15689', 'article_category_id' => '1', 'title' => 'Government Measures Fail to Curb Imports', 'sub_title' => '', 'summary' => 'July 26: Nepal’s trade deficit increased by 23 percent during the last fiscal year despite measures taken by the government to restrict imports.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 26: Nepal’s trade deficit increased by 23 percent during the last fiscal year despite measures taken by the government to restrict imports. </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"">According to the Department of Customs, Nepal’s trade deficit has climbed to Rs 1720 billion. </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"">As per the data released by the Department of Customs on Monday, Nepal imported goods worth more than Rs 1,920.44 billion from different countries during the review year.</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 government had taken measures to restrict imports since last winter after excessive imports resulted in a decline in foreign exchange reserves.</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"">Nepal Rastra Bank (NRB) introduced a provision on December 20, 2021 requiring 50 percent cash margin for the import of goods and products under 20 different harmonic codes. Almost a month and a half later, the central bank increased the number of goods requiring cash margin for LC before they could be imported into the country. In March, the central bank officials informally instructed the CEOs of commercial banks not to open LCs for importing personal vehicles and luxury goods. </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"">As such measures failed to discourage imports, the Ministry of Industry, Commerce and Supplies issued a notice in the Nepal Gazette on April 26 banning the imports of 10 items including two wheelers above 250 cc, private vehicles, playing cards, readymade liquor among others. The ban on import of those ten items has been extended until August 30.</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 country’s exports also increased significantly during the last fiscal year. However, it too failed to reduce the trade deficit because the size of exports was negligible compared to the size of imports.</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"">Nepal’s exports increased last year by 41.74 percent compared to the pervious fiscal year. The total exports during the review year stood at Rs 203 billion.</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"">A large amount of Nepali currency went 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></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"">Looking at the data of the last five years, imports seems to have doubled during this period.</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"">Nepal had imported goods worth Rs 984 billion in the fiscal year 2016/17, which increased to Rs 1920 during the last fiscal year.</span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-26', 'modified' => '2022-07-26', 'keywords' => 'import, goods, measures,, government, Nepal', 'description' => '', 'sortorder' => '15430', 'image' => '20220726012409_Birgunj.jpg', 'article_date' => '2022-07-26 13:23:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15688', 'article_category_id' => '1', 'title' => 'MPs Doubt Kathmandu-Tarai Expressway will be Completed within December 2024', 'sub_title' => '', 'summary' => 'July 26: The completion of the Kathmandu-Tarai Expressway (Fast Track) project within the deadline remains doubtful.', '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 completion of the Kathmandu-Tarai Expressway (Fast Track) project within the deadline remains doubtful. Stakeholders have said that the basis for the completion of the project within December 2024 is not achievable. </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"">They argue that the contract management of the 72.5 km long expressway undertaken by the Nepalese Army has been delayed.</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"">During a discussion held at the Development and Technology Committee of the House of Representatives on Monday, lawmakers expressed doubts about the completion of the expressway on time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">They expressed doubt stating that the contract management has not been done as per the first phase of the work schedule for fiscal year 2021/22 while there has been problems in acquisition of land in Khokana</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"">However, the army has claimed that the project will be completed by December 2024.</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"">Defense Secretary Kiran Raj Sharma expressed his commitment that the work will be completed on time. He has sought help from the committee to acquire 427 ropanis of lands in Khokna, which is the starting point of the expressway. </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"">Chairperson of the committee, Kalyani Kumari Khadka, said that although the progress of the last fiscal year was encouraging, the overall progress of the project was slow. She said that even after five years since handing over the project to the army, the progress has been slow. </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 no credibility that the expressway will be completed by December 2024. Even if the stakeholders claim it is possible, the schedule shows a solid foundation has not been built," she said.</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"">She added that the government has been suggested to make special arrangements for the national pride project compared to other projects, but the government has not shown any interest to address this issue.</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"">Khadka instructed all concerned parties to take immediate steps to make a solid schedule for the current fiscal year to complete the project on time.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">During the discussion, CPN-UML MP Ganesh Pahadi said that the contract management should have been completed according to last year's schedule, but it has not been completed yet. He suggested that a third party should be formed separately to monitor the expressway. He said that there is a risk that the cost will increase due to the delay in contract management.</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, another MP from UML, Padma Kumari Aryal, sarcastically said that there will come a day when the expressway will be called a 'slow track.</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"">Democratic Samajwadi Party MP Anil Kumar Jha said that despite handing over the expressway to the army, the work has not been done as expected. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-26', 'modified' => '2022-07-26', 'keywords' => 'Fast, track, land, acquisition, Khokana, Nepalese, Army, contract, management', 'description' => '', 'sortorder' => '15429', 'image' => '20220726124807_fast track.jpg', 'article_date' => '2022-07-26 12:46:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15687', 'article_category_id' => '1', 'title' => 'General Public Expecting Price Hike in Next Three Months: Inflation Expectation Survey', 'sub_title' => '', 'summary' => 'July 26: Nepal Rastra Bank has released the results of Inflation Expectations Survey (IES) for the third quarter of the last fiscal year (FY 2021/22). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">July 26: Nepal Rastra Bank has released the results of Inflation Expectations Survey (IES) for the third quarter of the last fiscal year (FY 2021/22). According to the central bank, the survey was conducted from April 7 to April 12, 2022 among individual respondents from 24 market areas of twenty-one cities through field interviews. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The results are based on responses from 930 urban individuals, with additional 210 individuals in this survey compared to the number of individuals included in the previous survey. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the survey 92.5 percent of respondents expect price level to increase in the next three months. Likewise, 97.1 percent of respondents expect price level to increase over the next one year. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The share of respondents expecting price increases at more than current rate in next three months has slightly increased from mid-January, 2022, while the share of respondents expecting price increase at more than current rate over the next one year has slightly decreased, the report states. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Likewise, the share of respondents expecting price increase in next three months across the entire listed product groups except real estate (housing) has increased from mid-January, 2022. Similarly, the share of respondents expecting price increase in one year ahead across food products has increased, while it has declined across the other product groups- non-food and services and real estate (housing) from mid-January, 2022.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The median inflation expectation for three months and one year ahead have been higher compared to mid-January, 2022. Median inflation expectations for three months and one year ahead stand at 10 percent and 14 percent respectively. The current median inflation perception is 12 percent. This shows that households expect inflation to decrease in the near term and increase in the medium term, the central bank said.</span></span></p> ', 'published' => true, 'created' => '2022-07-26', 'modified' => '2022-07-26', 'keywords' => '', 'description' => '', 'sortorder' => '15428', 'image' => '20220726121005_Inflation.jpg', 'article_date' => '2022-07-26 12:09:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => 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) 5 => 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) 6 => 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) 7 => 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) 8 => 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) 9 => 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) 10 => 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) 11 => 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) 12 => 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) 13 => 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) 14 => 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' ) ) ) $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
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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: Locals in Rasuwa have started transporting food to arrange meals for the devotees who reach the holy shrine of Gosaikunda for the Janai purnima fair on August 12. </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"">Pasang Gyalpo Tamang, a businessman of Lauri Binayak, shared that the local hoteliers have starting hoarding food after the Gosainkunda Area Development Committee estimated that 15,000 devotees would attend the religious fair of Gosainkunda on the occasion of Janai Purnima on August 12.</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 hoteliers, there are 67 permanently built hotels and lodges in nine places along the route to Gosainkunda, including 43 in Dhunche, two in Tiwari Bagar, two in Khanti, one in Deurali, two in Dimsa, seven in Chandanbari, two in Cholangpati, three in Lauri Binayak and four in Gosaikunda. </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"">Ramcharan Gajurel, district president of the Hotel Association of Rasuwa, informed that pilgrims visiting Gosainkund will not have any problem with food and accommodation.</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"">At the same time, the Gosainkunda Area Development Committee has said that if there is a problem with accommodation, temporary shelters will be arranged for the travellers.</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"">Foodstuffs are being transported by porters as well as mules and horses and it is said that about 50 sacks of rice have reached Gosainkunda. Stating that more rice and other materials are being transported, hotelier Tamang estimated that 150 sacks of rice will be consumed in Gosaikunda during the fair.</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"">Businessmen say that arrangements have been made to provide materials such as noodles, biscuits, beaten rice, water, cashew nuts and almonds from the hotel for the Gosaikunda fair. Due to Covid-19, local hotels that could not see the crowd of passengers for two years are eager to welcome the devotees this 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"">Sanjeev DM, president of the Gosainkunda Area Development Committee, said that devotees will reach Gosainkunda on August 7 to observe the fair, which starts on the day of Putrada Ekadashi (the 11<sup>th</sup> day of the waxing moon) on August 8 and ends on the full moon day on August 12. </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 Langtang National Park has requested the devotees who came to perform the pilgrimage not to destroy the vegetation and not to throw garbage recklessly.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-26', 'modified' => '2022-07-26', 'keywords' => '', 'description' => '', 'sortorder' => '15432', 'image' => '20220726031810_image_processing20220416-4-1helmts.jpg', 'article_date' => '2022-07-26 15:17:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15689', 'article_category_id' => '1', 'title' => 'Government Measures Fail to Curb Imports', 'sub_title' => '', 'summary' => 'July 26: Nepal’s trade deficit increased by 23 percent during the last fiscal year despite measures taken by the government to restrict imports.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 26: Nepal’s trade deficit increased by 23 percent during the last fiscal year despite measures taken by the government to restrict imports. </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"">According to the Department of Customs, Nepal’s trade deficit has climbed to Rs 1720 billion. </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"">As per the data released by the Department of Customs on Monday, Nepal imported goods worth more than Rs 1,920.44 billion from different countries during the review year.</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 government had taken measures to restrict imports since last winter after excessive imports resulted in a decline in foreign exchange reserves.</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"">Nepal Rastra Bank (NRB) introduced a provision on December 20, 2021 requiring 50 percent cash margin for the import of goods and products under 20 different harmonic codes. Almost a month and a half later, the central bank increased the number of goods requiring cash margin for LC before they could be imported into the country. In March, the central bank officials informally instructed the CEOs of commercial banks not to open LCs for importing personal vehicles and luxury goods. </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"">As such measures failed to discourage imports, the Ministry of Industry, Commerce and Supplies issued a notice in the Nepal Gazette on April 26 banning the imports of 10 items including two wheelers above 250 cc, private vehicles, playing cards, readymade liquor among others. The ban on import of those ten items has been extended until August 30.</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 country’s exports also increased significantly during the last fiscal year. However, it too failed to reduce the trade deficit because the size of exports was negligible compared to the size of imports.</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"">Nepal’s exports increased last year by 41.74 percent compared to the pervious fiscal year. The total exports during the review year stood at Rs 203 billion.</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"">A large amount of Nepali currency went 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></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"">Looking at the data of the last five years, imports seems to have doubled during this period.</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"">Nepal had imported goods worth Rs 984 billion in the fiscal year 2016/17, which increased to Rs 1920 during the last fiscal year.</span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-26', 'modified' => '2022-07-26', 'keywords' => 'import, goods, measures,, government, Nepal', 'description' => '', 'sortorder' => '15430', 'image' => '20220726012409_Birgunj.jpg', 'article_date' => '2022-07-26 13:23:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15688', 'article_category_id' => '1', 'title' => 'MPs Doubt Kathmandu-Tarai Expressway will be Completed within December 2024', 'sub_title' => '', 'summary' => 'July 26: The completion of the Kathmandu-Tarai Expressway (Fast Track) project within the deadline remains doubtful.', '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 completion of the Kathmandu-Tarai Expressway (Fast Track) project within the deadline remains doubtful. Stakeholders have said that the basis for the completion of the project within December 2024 is not achievable. </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"">They argue that the contract management of the 72.5 km long expressway undertaken by the Nepalese Army has been delayed.</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"">During a discussion held at the Development and Technology Committee of the House of Representatives on Monday, lawmakers expressed doubts about the completion of the expressway on time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">They expressed doubt stating that the contract management has not been done as per the first phase of the work schedule for fiscal year 2021/22 while there has been problems in acquisition of land in Khokana</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"">However, the army has claimed that the project will be completed by December 2024.</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"">Defense Secretary Kiran Raj Sharma expressed his commitment that the work will be completed on time. He has sought help from the committee to acquire 427 ropanis of lands in Khokna, which is the starting point of the expressway. </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"">Chairperson of the committee, Kalyani Kumari Khadka, said that although the progress of the last fiscal year was encouraging, the overall progress of the project was slow. She said that even after five years since handing over the project to the army, the progress has been slow. </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 no credibility that the expressway will be completed by December 2024. Even if the stakeholders claim it is possible, the schedule shows a solid foundation has not been built," she said.</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"">She added that the government has been suggested to make special arrangements for the national pride project compared to other projects, but the government has not shown any interest to address this issue.</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"">Khadka instructed all concerned parties to take immediate steps to make a solid schedule for the current fiscal year to complete the project on time.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">During the discussion, CPN-UML MP Ganesh Pahadi said that the contract management should have been completed according to last year's schedule, but it has not been completed yet. He suggested that a third party should be formed separately to monitor the expressway. He said that there is a risk that the cost will increase due to the delay in contract management.</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, another MP from UML, Padma Kumari Aryal, sarcastically said that there will come a day when the expressway will be called a 'slow track.</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"">Democratic Samajwadi Party MP Anil Kumar Jha said that despite handing over the expressway to the army, the work has not been done as expected. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-26', 'modified' => '2022-07-26', 'keywords' => 'Fast, track, land, acquisition, Khokana, Nepalese, Army, contract, management', 'description' => '', 'sortorder' => '15429', 'image' => '20220726124807_fast track.jpg', 'article_date' => '2022-07-26 12:46:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15687', 'article_category_id' => '1', 'title' => 'General Public Expecting Price Hike in Next Three Months: Inflation Expectation Survey', 'sub_title' => '', 'summary' => 'July 26: Nepal Rastra Bank has released the results of Inflation Expectations Survey (IES) for the third quarter of the last fiscal year (FY 2021/22). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">July 26: Nepal Rastra Bank has released the results of Inflation Expectations Survey (IES) for the third quarter of the last fiscal year (FY 2021/22). According to the central bank, the survey was conducted from April 7 to April 12, 2022 among individual respondents from 24 market areas of twenty-one cities through field interviews. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The results are based on responses from 930 urban individuals, with additional 210 individuals in this survey compared to the number of individuals included in the previous survey. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the survey 92.5 percent of respondents expect price level to increase in the next three months. Likewise, 97.1 percent of respondents expect price level to increase over the next one year. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The share of respondents expecting price increases at more than current rate in next three months has slightly increased from mid-January, 2022, while the share of respondents expecting price increase at more than current rate over the next one year has slightly decreased, the report states. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Likewise, the share of respondents expecting price increase in next three months across the entire listed product groups except real estate (housing) has increased from mid-January, 2022. Similarly, the share of respondents expecting price increase in one year ahead across food products has increased, while it has declined across the other product groups- non-food and services and real estate (housing) from mid-January, 2022.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The median inflation expectation for three months and one year ahead have been higher compared to mid-January, 2022. Median inflation expectations for three months and one year ahead stand at 10 percent and 14 percent respectively. The current median inflation perception is 12 percent. This shows that households expect inflation to decrease in the near term and increase in the medium term, the central bank said.</span></span></p> ', 'published' => true, 'created' => '2022-07-26', 'modified' => '2022-07-26', 'keywords' => '', 'description' => '', 'sortorder' => '15428', 'image' => '20220726121005_Inflation.jpg', 'article_date' => '2022-07-26 12:09:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => 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) 5 => 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) 6 => 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) 7 => 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) 8 => 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) 9 => 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) 10 => 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) 11 => 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) 12 => 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) 13 => 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) 14 => 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' ) ) ) $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: Locals in Rasuwa have started transporting food to arrange meals for the devotees who reach the holy shrine of Gosaikunda for the Janai purnima fair on August 12. </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"">Pasang Gyalpo Tamang, a businessman of Lauri Binayak, shared that the local hoteliers have starting hoarding food after the Gosainkunda Area Development Committee estimated that 15,000 devotees would attend the religious fair of Gosainkunda on the occasion of Janai Purnima on August 12.</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 hoteliers, there are 67 permanently built hotels and lodges in nine places along the route to Gosainkunda, including 43 in Dhunche, two in Tiwari Bagar, two in Khanti, one in Deurali, two in Dimsa, seven in Chandanbari, two in Cholangpati, three in Lauri Binayak and four in Gosaikunda. </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"">Ramcharan Gajurel, district president of the Hotel Association of Rasuwa, informed that pilgrims visiting Gosainkund will not have any problem with food and accommodation.</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"">At the same time, the Gosainkunda Area Development Committee has said that if there is a problem with accommodation, temporary shelters will be arranged for the travellers.</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"">Foodstuffs are being transported by porters as well as mules and horses and it is said that about 50 sacks of rice have reached Gosainkunda. Stating that more rice and other materials are being transported, hotelier Tamang estimated that 150 sacks of rice will be consumed in Gosaikunda during the fair.</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"">Businessmen say that arrangements have been made to provide materials such as noodles, biscuits, beaten rice, water, cashew nuts and almonds from the hotel for the Gosaikunda fair. Due to Covid-19, local hotels that could not see the crowd of passengers for two years are eager to welcome the devotees this 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"">Sanjeev DM, president of the Gosainkunda Area Development Committee, said that devotees will reach Gosainkunda on August 7 to observe the fair, which starts on the day of Putrada Ekadashi (the 11<sup>th</sup> day of the waxing moon) on August 8 and ends on the full moon day on August 12. </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 Langtang National Park has requested the devotees who came to perform the pilgrimage not to destroy the vegetation and not to throw garbage recklessly.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-26', 'modified' => '2022-07-26', 'keywords' => '', 'description' => '', 'sortorder' => '15432', 'image' => '20220726031810_image_processing20220416-4-1helmts.jpg', 'article_date' => '2022-07-26 15:17:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15689', 'article_category_id' => '1', 'title' => 'Government Measures Fail to Curb Imports', 'sub_title' => '', 'summary' => 'July 26: Nepal’s trade deficit increased by 23 percent during the last fiscal year despite measures taken by the government to restrict imports.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 26: Nepal’s trade deficit increased by 23 percent during the last fiscal year despite measures taken by the government to restrict imports. </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"">According to the Department of Customs, Nepal’s trade deficit has climbed to Rs 1720 billion. </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"">As per the data released by the Department of Customs on Monday, Nepal imported goods worth more than Rs 1,920.44 billion from different countries during the review year.</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 government had taken measures to restrict imports since last winter after excessive imports resulted in a decline in foreign exchange reserves.</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"">Nepal Rastra Bank (NRB) introduced a provision on December 20, 2021 requiring 50 percent cash margin for the import of goods and products under 20 different harmonic codes. Almost a month and a half later, the central bank increased the number of goods requiring cash margin for LC before they could be imported into the country. In March, the central bank officials informally instructed the CEOs of commercial banks not to open LCs for importing personal vehicles and luxury goods. </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"">As such measures failed to discourage imports, the Ministry of Industry, Commerce and Supplies issued a notice in the Nepal Gazette on April 26 banning the imports of 10 items including two wheelers above 250 cc, private vehicles, playing cards, readymade liquor among others. The ban on import of those ten items has been extended until August 30.</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 country’s exports also increased significantly during the last fiscal year. However, it too failed to reduce the trade deficit because the size of exports was negligible compared to the size of imports.</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"">Nepal’s exports increased last year by 41.74 percent compared to the pervious fiscal year. The total exports during the review year stood at Rs 203 billion.</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"">A large amount of Nepali currency went 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></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"">Looking at the data of the last five years, imports seems to have doubled during this period.</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"">Nepal had imported goods worth Rs 984 billion in the fiscal year 2016/17, which increased to Rs 1920 during the last fiscal year.</span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-26', 'modified' => '2022-07-26', 'keywords' => 'import, goods, measures,, government, Nepal', 'description' => '', 'sortorder' => '15430', 'image' => '20220726012409_Birgunj.jpg', 'article_date' => '2022-07-26 13:23:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15688', 'article_category_id' => '1', 'title' => 'MPs Doubt Kathmandu-Tarai Expressway will be Completed within December 2024', 'sub_title' => '', 'summary' => 'July 26: The completion of the Kathmandu-Tarai Expressway (Fast Track) project within the deadline remains doubtful.', '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 completion of the Kathmandu-Tarai Expressway (Fast Track) project within the deadline remains doubtful. Stakeholders have said that the basis for the completion of the project within December 2024 is not achievable. </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"">They argue that the contract management of the 72.5 km long expressway undertaken by the Nepalese Army has been delayed.</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"">During a discussion held at the Development and Technology Committee of the House of Representatives on Monday, lawmakers expressed doubts about the completion of the expressway on time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">They expressed doubt stating that the contract management has not been done as per the first phase of the work schedule for fiscal year 2021/22 while there has been problems in acquisition of land in Khokana</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"">However, the army has claimed that the project will be completed by December 2024.</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"">Defense Secretary Kiran Raj Sharma expressed his commitment that the work will be completed on time. He has sought help from the committee to acquire 427 ropanis of lands in Khokna, which is the starting point of the expressway. </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"">Chairperson of the committee, Kalyani Kumari Khadka, said that although the progress of the last fiscal year was encouraging, the overall progress of the project was slow. She said that even after five years since handing over the project to the army, the progress has been slow. </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 no credibility that the expressway will be completed by December 2024. Even if the stakeholders claim it is possible, the schedule shows a solid foundation has not been built," she said.</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"">She added that the government has been suggested to make special arrangements for the national pride project compared to other projects, but the government has not shown any interest to address this issue.</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"">Khadka instructed all concerned parties to take immediate steps to make a solid schedule for the current fiscal year to complete the project on time.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">During the discussion, CPN-UML MP Ganesh Pahadi said that the contract management should have been completed according to last year's schedule, but it has not been completed yet. He suggested that a third party should be formed separately to monitor the expressway. He said that there is a risk that the cost will increase due to the delay in contract management.</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, another MP from UML, Padma Kumari Aryal, sarcastically said that there will come a day when the expressway will be called a 'slow track.</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"">Democratic Samajwadi Party MP Anil Kumar Jha said that despite handing over the expressway to the army, the work has not been done as expected. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-26', 'modified' => '2022-07-26', 'keywords' => 'Fast, track, land, acquisition, Khokana, Nepalese, Army, contract, management', 'description' => '', 'sortorder' => '15429', 'image' => '20220726124807_fast track.jpg', 'article_date' => '2022-07-26 12:46:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15687', 'article_category_id' => '1', 'title' => 'General Public Expecting Price Hike in Next Three Months: Inflation Expectation Survey', 'sub_title' => '', 'summary' => 'July 26: Nepal Rastra Bank has released the results of Inflation Expectations Survey (IES) for the third quarter of the last fiscal year (FY 2021/22). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">July 26: Nepal Rastra Bank has released the results of Inflation Expectations Survey (IES) for the third quarter of the last fiscal year (FY 2021/22). According to the central bank, the survey was conducted from April 7 to April 12, 2022 among individual respondents from 24 market areas of twenty-one cities through field interviews. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The results are based on responses from 930 urban individuals, with additional 210 individuals in this survey compared to the number of individuals included in the previous survey. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the survey 92.5 percent of respondents expect price level to increase in the next three months. Likewise, 97.1 percent of respondents expect price level to increase over the next one year. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The share of respondents expecting price increases at more than current rate in next three months has slightly increased from mid-January, 2022, while the share of respondents expecting price increase at more than current rate over the next one year has slightly decreased, the report states. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Likewise, the share of respondents expecting price increase in next three months across the entire listed product groups except real estate (housing) has increased from mid-January, 2022. Similarly, the share of respondents expecting price increase in one year ahead across food products has increased, while it has declined across the other product groups- non-food and services and real estate (housing) from mid-January, 2022.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The median inflation expectation for three months and one year ahead have been higher compared to mid-January, 2022. Median inflation expectations for three months and one year ahead stand at 10 percent and 14 percent respectively. The current median inflation perception is 12 percent. This shows that households expect inflation to decrease in the near term and increase in the medium term, the central bank said.</span></span></p> ', 'published' => true, 'created' => '2022-07-26', 'modified' => '2022-07-26', 'keywords' => '', 'description' => '', 'sortorder' => '15428', 'image' => '20220726121005_Inflation.jpg', 'article_date' => '2022-07-26 12:09:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => 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) 5 => 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) 6 => 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) 7 => 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) 8 => 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) 9 => 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) 10 => 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) 11 => 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) 12 => 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) 13 => 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) 14 => 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' ) ) ) $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: Locals in Rasuwa have started transporting food to arrange meals for the devotees who reach the holy shrine of Gosaikunda for the Janai purnima fair on August 12. </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"">Pasang Gyalpo Tamang, a businessman of Lauri Binayak, shared that the local hoteliers have starting hoarding food after the Gosainkunda Area Development Committee estimated that 15,000 devotees would attend the religious fair of Gosainkunda on the occasion of Janai Purnima on August 12.</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 hoteliers, there are 67 permanently built hotels and lodges in nine places along the route to Gosainkunda, including 43 in Dhunche, two in Tiwari Bagar, two in Khanti, one in Deurali, two in Dimsa, seven in Chandanbari, two in Cholangpati, three in Lauri Binayak and four in Gosaikunda. </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"">Ramcharan Gajurel, district president of the Hotel Association of Rasuwa, informed that pilgrims visiting Gosainkund will not have any problem with food and accommodation.</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"">At the same time, the Gosainkunda Area Development Committee has said that if there is a problem with accommodation, temporary shelters will be arranged for the travellers.</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"">Foodstuffs are being transported by porters as well as mules and horses and it is said that about 50 sacks of rice have reached Gosainkunda. Stating that more rice and other materials are being transported, hotelier Tamang estimated that 150 sacks of rice will be consumed in Gosaikunda during the fair.</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"">Businessmen say that arrangements have been made to provide materials such as noodles, biscuits, beaten rice, water, cashew nuts and almonds from the hotel for the Gosaikunda fair. Due to Covid-19, local hotels that could not see the crowd of passengers for two years are eager to welcome the devotees this 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"">Sanjeev DM, president of the Gosainkunda Area Development Committee, said that devotees will reach Gosainkunda on August 7 to observe the fair, which starts on the day of Putrada Ekadashi (the 11<sup>th</sup> day of the waxing moon) on August 8 and ends on the full moon day on August 12. </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 Langtang National Park has requested the devotees who came to perform the pilgrimage not to destroy the vegetation and not to throw garbage recklessly.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-26', 'modified' => '2022-07-26', 'keywords' => '', 'description' => '', 'sortorder' => '15432', 'image' => '20220726031810_image_processing20220416-4-1helmts.jpg', 'article_date' => '2022-07-26 15:17:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15689', 'article_category_id' => '1', 'title' => 'Government Measures Fail to Curb Imports', 'sub_title' => '', 'summary' => 'July 26: Nepal’s trade deficit increased by 23 percent during the last fiscal year despite measures taken by the government to restrict imports.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 26: Nepal’s trade deficit increased by 23 percent during the last fiscal year despite measures taken by the government to restrict imports. </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"">According to the Department of Customs, Nepal’s trade deficit has climbed to Rs 1720 billion. </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"">As per the data released by the Department of Customs on Monday, Nepal imported goods worth more than Rs 1,920.44 billion from different countries during the review year.</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 government had taken measures to restrict imports since last winter after excessive imports resulted in a decline in foreign exchange reserves.</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"">Nepal Rastra Bank (NRB) introduced a provision on December 20, 2021 requiring 50 percent cash margin for the import of goods and products under 20 different harmonic codes. Almost a month and a half later, the central bank increased the number of goods requiring cash margin for LC before they could be imported into the country. In March, the central bank officials informally instructed the CEOs of commercial banks not to open LCs for importing personal vehicles and luxury goods. </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"">As such measures failed to discourage imports, the Ministry of Industry, Commerce and Supplies issued a notice in the Nepal Gazette on April 26 banning the imports of 10 items including two wheelers above 250 cc, private vehicles, playing cards, readymade liquor among others. The ban on import of those ten items has been extended until August 30.</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 country’s exports also increased significantly during the last fiscal year. However, it too failed to reduce the trade deficit because the size of exports was negligible compared to the size of imports.</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"">Nepal’s exports increased last year by 41.74 percent compared to the pervious fiscal year. The total exports during the review year stood at Rs 203 billion.</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"">A large amount of Nepali currency went 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></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"">Looking at the data of the last five years, imports seems to have doubled during this period.</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"">Nepal had imported goods worth Rs 984 billion in the fiscal year 2016/17, which increased to Rs 1920 during the last fiscal year.</span></span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-26', 'modified' => '2022-07-26', 'keywords' => 'import, goods, measures,, government, Nepal', 'description' => '', 'sortorder' => '15430', 'image' => '20220726012409_Birgunj.jpg', 'article_date' => '2022-07-26 13:23:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15688', 'article_category_id' => '1', 'title' => 'MPs Doubt Kathmandu-Tarai Expressway will be Completed within December 2024', 'sub_title' => '', 'summary' => 'July 26: The completion of the Kathmandu-Tarai Expressway (Fast Track) project within the deadline remains doubtful.', '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 completion of the Kathmandu-Tarai Expressway (Fast Track) project within the deadline remains doubtful. Stakeholders have said that the basis for the completion of the project within December 2024 is not achievable. </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"">They argue that the contract management of the 72.5 km long expressway undertaken by the Nepalese Army has been delayed.</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"">During a discussion held at the Development and Technology Committee of the House of Representatives on Monday, lawmakers expressed doubts about the completion of the expressway on time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">They expressed doubt stating that the contract management has not been done as per the first phase of the work schedule for fiscal year 2021/22 while there has been problems in acquisition of land in Khokana</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"">However, the army has claimed that the project will be completed by December 2024.</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"">Defense Secretary Kiran Raj Sharma expressed his commitment that the work will be completed on time. He has sought help from the committee to acquire 427 ropanis of lands in Khokna, which is the starting point of the expressway. </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"">Chairperson of the committee, Kalyani Kumari Khadka, said that although the progress of the last fiscal year was encouraging, the overall progress of the project was slow. She said that even after five years since handing over the project to the army, the progress has been slow. </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 no credibility that the expressway will be completed by December 2024. Even if the stakeholders claim it is possible, the schedule shows a solid foundation has not been built," she said.</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"">She added that the government has been suggested to make special arrangements for the national pride project compared to other projects, but the government has not shown any interest to address this issue.</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"">Khadka instructed all concerned parties to take immediate steps to make a solid schedule for the current fiscal year to complete the project on time.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">During the discussion, CPN-UML MP Ganesh Pahadi said that the contract management should have been completed according to last year's schedule, but it has not been completed yet. He suggested that a third party should be formed separately to monitor the expressway. He said that there is a risk that the cost will increase due to the delay in contract management.</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, another MP from UML, Padma Kumari Aryal, sarcastically said that there will come a day when the expressway will be called a 'slow track.</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"">Democratic Samajwadi Party MP Anil Kumar Jha said that despite handing over the expressway to the army, the work has not been done as expected. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-26', 'modified' => '2022-07-26', 'keywords' => 'Fast, track, land, acquisition, Khokana, Nepalese, Army, contract, management', 'description' => '', 'sortorder' => '15429', 'image' => '20220726124807_fast track.jpg', 'article_date' => '2022-07-26 12:46:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15687', 'article_category_id' => '1', 'title' => 'General Public Expecting Price Hike in Next Three Months: Inflation Expectation Survey', 'sub_title' => '', 'summary' => 'July 26: Nepal Rastra Bank has released the results of Inflation Expectations Survey (IES) for the third quarter of the last fiscal year (FY 2021/22). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">July 26: Nepal Rastra Bank has released the results of Inflation Expectations Survey (IES) for the third quarter of the last fiscal year (FY 2021/22). According to the central bank, the survey was conducted from April 7 to April 12, 2022 among individual respondents from 24 market areas of twenty-one cities through field interviews. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The results are based on responses from 930 urban individuals, with additional 210 individuals in this survey compared to the number of individuals included in the previous survey. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the survey 92.5 percent of respondents expect price level to increase in the next three months. Likewise, 97.1 percent of respondents expect price level to increase over the next one year. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The share of respondents expecting price increases at more than current rate in next three months has slightly increased from mid-January, 2022, while the share of respondents expecting price increase at more than current rate over the next one year has slightly decreased, the report states. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Likewise, the share of respondents expecting price increase in next three months across the entire listed product groups except real estate (housing) has increased from mid-January, 2022. Similarly, the share of respondents expecting price increase in one year ahead across food products has increased, while it has declined across the other product groups- non-food and services and real estate (housing) from mid-January, 2022.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The median inflation expectation for three months and one year ahead have been higher compared to mid-January, 2022. Median inflation expectations for three months and one year ahead stand at 10 percent and 14 percent respectively. The current median inflation perception is 12 percent. This shows that households expect inflation to decrease in the near term and increase in the medium term, the central bank said.</span></span></p> ', 'published' => true, 'created' => '2022-07-26', 'modified' => '2022-07-26', 'keywords' => '', 'description' => '', 'sortorder' => '15428', 'image' => '20220726121005_Inflation.jpg', 'article_date' => '2022-07-26 12:09:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => 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) 5 => 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) 6 => 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) 7 => 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) 8 => 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) 9 => 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) 10 => 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) 11 => 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) 12 => 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) 13 => 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) 14 => 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' ) ) ) $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
