February 11: As interest rates on deposits have risen, so have interest rates on…
February 11: As interest rates on deposits have risen, so have interest rates on…
February 11: Pashupati Area Development Trust (PADT) has decided to reopen the Pashupatinath Temple from today (February 11).…
February 11: Credit flow of banks and financial institutions to the unproductive sector has started increasing after the demand for credit from the manufacturing industries and for infrastructure development declined due to the impact of…
February 11: Nepal has made some improvements in reducing child labour over the last one…
February 11: The Dairy Development Corporation (DDC) has increased the price of milk in accordance to the price in the local markets across different…
February 10: Nepal Rastra Bank (NRB) has tightened the screws on imports due to the decline in Balance of Payments (BoP) and foreign exchange…
February 10: Six South Asian nations, including Nepal, are set to benefit from a new USD$ 21.5 million funding from the European Union (EU), which is expected help to accelerate climate-smart, inclusive infrastructure investments in their regions, the EU and IFC said in a joint statement on…
February 10: Nepal’s trade deficit increased by 46.6 percent in the first six months of the current fiscal year to Rs 880.49…
February 10: The decline in foreign exchange reserves has continued despite the tightening of…
February 10: The trend of seeking funds outside the budget is growing…
February 10: Remittance inflow to Nepal has declined in the first six months of the current fiscal year, Nepal Rastra Bank (NRB) stated in its latest…
February 10: Nepal has made significant progress in human capital development, though key challenges remain in the health, education, and social protection sectors, which have been exacerbated by the COVID crisis, the World Bank said referring to its latest…
February 9: Flights to and from Simkot airport have resumed since Tuesday after a five-day obstruction due to bad weather.…
February 9: Dabur Nepal, a multinational company operating in Nepal, is making an additional investment of Rs 9.68…
February 9: The growth rate of credit flow in the banking sector of Nepal has been higher than that of deposit…
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Due to the liquidity crunch, banks are collecting deposits at high-interest rates. The rise of interest rates on deposits of commercial banks has also had a direct impact on the base rate and interest rates on loans.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Nepal Rastra Bank, the interest rate on loans extended by commercial banks has increased by 0.35 percentage points in one year. The weighted average interest rate on loans was 9.09 percent in January / February of last fiscal year (FY 2020/21). The weighted average interest rate on loans disbursed by commercial banks has reached 9.44 percent in the corresponding period of the current fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">With the opening of business in the current fiscal year, the demand for loans has started rising. As the demand for credit has increased, so have the interest rates of banks.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Former Executive Director of Nepal Rastra Bank Nara Bahadur Thapa says that the increase in interest rate helps maintain financial stability. He said that the increase in interest rates would have a direct impact on industry and trade, but would also help reduce the trade deficit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"As interest rates on deposits rise, so does the cost of funds, and so does business loans. However, the trade deficit will not be reduced if interest rates are not raised as much as required,” he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">If interest rates rise, the capital market will stop declining, Thapa said. According to him, the capital market has gone down in Nepal due to the low interest rates. Thapa said that it would be necessary to increase the interest rate of the banks to help the capital market to rise.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The weighted average interest rate on deposits of commercial banks has also increased by 1.37 percentage points in one year. The interest rate on deposits was 5 percent in December last year. The interest rate on deposits has risen to 6.37 percent in December this year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Along with the rise in interest rates, the base rate of banks has also gone up. The base rate of commercial banks has increased by 1.25 percentage points in the current fiscal year compared to the previous fiscal year.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-11', 'modified' => '2022-02-11', 'keywords' => '', 'description' => '', 'sortorder' => '14495', 'image' => '20220211031847_interest-rates-e1541025967190.jpg', 'article_date' => '2022-02-11 15:17:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14752', 'article_category_id' => '1', 'title' => 'PADT Decides to Reopen Pashupatinath Temple from Today', 'sub_title' => '', 'summary' => 'February 11: Pashupati Area Development Trust (PADT) has decided to reopen the Pashupatinath Temple from today (February 11). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">February 11: Pashupati Area Development Trust (PADT) has decided to reopen the Pashupatinath Temple from today (February 11). The temple was closed since January 19 due to the third wave of coronavirus.</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 a notice issued by the Trust on Thursday, the temple is being opened as per the order of the District Administration Office, Kathmandu, on February 7, that allows worship, meditation or prayers in places like monasteries, temples, mosques, and churches by observing public health standards. </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"">Although the temple was closed for the public, the priests had given continuity to regular worship by adopting safety standards, PADT Member </span><span style="font-family:"Arial Unicode MS","sans-serif"">Dr Ghanashyam Khatiwada</span> had announced earlier. <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prior to this, </span><span style="font-family:"Arial Unicode MS","sans-serif"">the Pashupatinath Temple was closed for devotees during March, 2020 when the first wave of COVID-19 hit the country. The temple was reopened after nine months. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">When the second wave hit during last April, the temple authorities again closed the temple owing to the risk of Delta variant of COVID-19. The temple was reopened after nearly five months as the number of COVID-19 cases began to decline in the country. </span></span></span></p> ', 'published' => true, 'created' => '2022-02-11', 'modified' => '2022-02-11', 'keywords' => '', 'description' => '', 'sortorder' => '14494', 'image' => '20220211034759_20220119043423_Nepal_Aug11_mymiFBv.jpg', 'article_date' => '2022-02-11 15:46:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14750', 'article_category_id' => '1', 'title' => 'Credit flow of Banks to Unproductive Sector Increasing ', 'sub_title' => '', 'summary' => 'February 11: Credit flow of banks and financial institutions to the unproductive sector has started increasing after the demand for credit from the manufacturing industries and for infrastructure development declined due to the impact of COVID-19. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">February 11: Credit flow of banks and financial institutions to the unproductive sector has started increasing after the demand for credit from the manufacturing industries and for infrastructure development declined due to the impact of COVID-19. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Nepal Rastra Bank (NRB), flow of consumption loans from banks and financial institutions have increased by 440 percent till mid-January of the current fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The bank had disbursed consumption loans of Rs 119.52 billion till mid-January 2020. However, the loan flow under this heading reached Rs 823 billion in 2021. This is 17.65 percent of the total investment of banks. As of mid-January this year, banks and financial institutions have disbursed a total of Rs 466.16 billion loan. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Banks and financial institutions have been providing consumer loans against gold and silver and debentures. Such loans are also issued to fixed deposit account holders. Similarly, they have been investing in credit cards and other headings as well. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">BFIs have invested Rs 78.39 billion in debenture securities, Rs 48.40 billion against collateral of gold and silver, Rs 36.83 billion issued for fixed deposit receipt holders and Rs 3.09 billion for credit cards. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Consumers do not have to disclose the purpose when taking a loan under the consumer heading. The common people have been taking consumer loans to meet their daily needs including household expenses. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Chairman of the Nepal Bankers' Association and Chief Executive Officer of the Agricultural Development Bank, Anil Kumar Upadhyaya, said that the growth of consumer credit was high due to low credit flow in industry and businesses. “The demand for loans in the manufacturing sector has declined due to the pandemic,” he said, adding, “This is why the growth rate of consumer credit has been high.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The credit flow from banks to the construction sector has also decreased since mid-January 2021. Compared to last year, the credit flow to this sector has decreased by 48.08 percent. Apart from this, credit flow to other productive sectors has also declined. Credit flow of banks in the agricultural sector increased by 13 percent in 2021. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Experts say that increasing investment in unproductive sectors such as consumer needs is risky while the credit of banks and financial institutions should flow into the productive sector and contribute to production, employment and overall economic growth. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-11', 'modified' => '2022-02-11', 'keywords' => '', 'description' => '', 'sortorder' => '14493', 'image' => '20220211014744_Banks - Copy.jpg', 'article_date' => '2022-02-11 13:47:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14749', 'article_category_id' => '1', 'title' => '1.1 Million Children Still Engaged in Child Labour in Nepal: Report', 'sub_title' => '', 'summary' => 'February 11: Nepal has made some improvements in reducing child labour over the last one decade.', 'content' => '<p><em> Photo Courtesy: ILO</em></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 11: Nepal has made some improvements in reducing child labour over the last one decade. However, 1.1 million children are still found working in brick kilns, carpet factories and entertainment business, among others, shows a recent report. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The joint report prepared by the Central Bureau of Statistics of the National Planning Commission and International Labour Organization (ILO) states that nearly 1.1 million children are involved in child labour in Nepal. Among them, 0.2 million children are subjected to worst forms of child labour. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The statistics reveal that child labour is still significant although the overall trend is declining in Nepal. As per the data, 2.6 million children were involved in child labour in the country in 1998, which dropped to 1.6 million in 2008 and 1.1 million in 2018. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the state-owned national news agency RSS, agriculture is found to be the sector with highest percent of child labour (87 percent) and Dalit children constitute the highest (19.4 percent) proportion based on caste and ethnicity. The report assesses the status of child labour in the country and is believed to help the government implement the second National Master Plan (2018 – 2028) on Child Labour, recently endorsed by the Ministry of Labour, Employment and Social Security (MoLESS). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The dis-aggregated data will also be useful for planning and designing child-focused programmes and activities at provincial and local levels by the government and other development partners in Nepal, RSS reported. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It is stated that among the total seven million children between the ages of 5 and 17 in Nepal, 1.1 million children (15.3 percent) were found to be engaged in child labour which is a significant decline in child labour in comparison to 2008 (1.6 million). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> The child labour prevalence for children between age of 5 and 13 years is 18 percent while it is 10 percent for the children between age of 14 and 17. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, female children are more likely to be engaged in child labour (17 percent) than that of male children (14 percent), the report states. Child labour is the highest in Karnali (24.6 percent) followed by Sudurpashchim (20.9 percent), Province 1 (17.6 percent), Gandaki (16.1 percent), Lumbini (15.8 percent), Madhes (11.5 percent), and the lowest in Bagmati (8.9 percent). According to the report, the prevalence of child labour is higher in rural areas (20.4 percent) than that of urban areas (12.1 percent). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The report found that among the total children engaged in child labour, about 87 child labour are engaged in the agriculture sector while 13 child labour are involved in other sectors. The highest child labour prevalence is found among Dalits (19.4 child labour), followed by Janajati (18.1 child labour), Brahmin/Chhetri (14.5 child labour), Terai caste (12.7 child labour), Muslim and other caste categories (12.8 child labour) and the lowest is among Newar (9.9 child labour). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the sectors with the highest child labour were found to be ‘self production’ (13.2 child labour) followed by elementary occupation (1.3 child labour), service and sales worker (1.2 child labour), skilled/semi-skilled agriculture occupation (1 child labour), crafts and trade workers (0.5 child labour), and plant and machine operators (0.1 child labour). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Children working as child labourers earned Rs 3116 per week. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the report, children engaged in child labour worked an average of 15 hours per week. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The study found that about 0.2 million (3.2 percent) children are found to be engaged in hazardous work which is a significant decline in comparison to 2008 (0.62 million). More males (3.7 percent) are engaged in such work in comparison to females (2.6 percent). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The highest number of children working in the hazardous sector is from Lumbini (4 percent) followed by Province 1 (3.9 percent), Province 2 (3.4 percent), Gandaki (3.1 percent), Bagmati (3.1 percent), Karnali (1.9 percent), and Sudurpashchim (1.4 percent). </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-11', 'modified' => '2022-02-11', 'keywords' => '', 'description' => '', 'sortorder' => '14492', 'image' => '20220211120028_wcms_790143.jpg', 'article_date' => '2022-02-11 11:59:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14748', 'article_category_id' => '1', 'title' => 'DDC Hikes Price of Milk by Rs 9 Per Litre', 'sub_title' => '', 'summary' => 'February 11: The Dairy Development Corporation (DDC) has increased the price of milk in accordance to the price in the local markets across different cities.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 11: The Dairy Development Corporation (DDC) has increased the price of milk in accordance to the price in the local markets across different cities.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Organizing a press conference on Thursday, the DDC informed that the price of milk has been increased by Rs 9 per litre. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The new price will come into effect from today (February 11), DDC said unveiling the decision taken by the Board of Directors on Wednesday, February 9.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the decision of the board, the price of milk has been fixed at Rs 85 per litre in the Kathmandu valley, Hetauda, Biratnagar and Janakpur.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prior to this, it used to cost Rs 76 for a litre of milk in these cities.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, the board has fixed the price of Rs 81 per litre of milk in cities such as Butwal and Bhairahawa while the price is Rs 79 per litre in Nepalgunj and Dhangadhi.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With the increase in price, farmers are expected to gain Rs 6.52 and the industrialists with benefit with Rs 2.88 per litre of milk. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The minimum base price of unprocessed milk, however, is Rs 56.4 per litre, as per the decision taken by the Council of Ministers on January 30. The base price will benefit the producers while the price fixed by the DDC will have impact on the consumers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government increased the price of milk upon the recommendation of a committee formed to adjust the price of milk. Although the price of milk used to be adjusted every year in the past, it had not been increased for the past two and half years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Milk producers and farmers had been complaining that they were not getting the right price of their produce due to inflation. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It is estimated that around 2.4 million metric tons of milk is produced in Nepal annually.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-11', 'modified' => '2022-02-11', 'keywords' => '', 'description' => '', 'sortorder' => '14491', 'image' => '20220211081950_20220203111904_20220121121357_20200423093954_1542865405_16685959.jpg', 'article_date' => '2022-02-11 08:19:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14747', 'article_category_id' => '1', 'title' => 'NRB further Tightens Noose on Imports', 'sub_title' => '', 'summary' => 'February 10: Nepal Rastra Bank (NRB) has tightened the screws on imports due to the decline in Balance of Payments (BoP) and foreign exchange reserves.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 10: Nepal Rastra Bank (NRB) has tightened the screws on imports due to the increase in Balance of Payments (BoP) and decline in foreign exchange reserves. Issuing a circular to banks and financial institutions (BFIs) on Wednesday, the central bank increased the number of items for which the importers are required to keep a 100 percent margin for opening letter of credit (LC). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank had introduced the provision of 100 percent cash margin for opening LC in the third week of December. Back then, the items that required 100 percent cash margin included beer, wine, and other liquors as well as tobacco products, silver, gold, furniture, sugar, sweet meats, mineral water, energy drinks, nail polish, body lotion, face cream and other cosmetics, caps, shoes, leather, construction materials, marble tiles among others.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The newly added list includes products such as walnut, almond, banana, cigarette, cake, handbag, watches, seat of vehicles, painting and drawing materials that also require 100 percent cash margin for opening LC.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, goods such as motorcycles and scooters, woolen thread, readymade garments, jackets among others require 50 percent cash margin.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">BFIs will not be allowed to provide loan for the cash margin while the amount deposited by the importers will not be entitled to interest, according to the NRB directive.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank had adopted a policy to discourage the import of luxury goods following the half-yearly review of monetary policy.</span></span></p> ', 'published' => true, 'created' => '2022-02-10', 'modified' => '2022-02-23', 'keywords' => '', 'description' => '', 'sortorder' => '14490', 'image' => '20220210051828_1589813124964.jpg', 'article_date' => '2022-02-10 17:17:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14746', 'article_category_id' => '1', 'title' => 'EU and IFC to Accelerate Climate-Smart Investments in South Asia', 'sub_title' => '', 'summary' => 'February 10: Six South Asian nations, including Nepal, are set to benefit from a new USD$ 21.5 million funding from the European Union (EU), which is expected help to accelerate climate-smart, inclusive infrastructure investments in their regions, the EU and IFC said in a joint statement on Thursday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 10: Six South Asian nations, including Nepal, are set to benefit from a new USD$ 21.5 million funding from the European Union (EU), which is expected help to accelerate climate-smart, inclusive infrastructure investments in their regions, the EU and IFC said in a joint statement on Thursday (February 10). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the statement, IFC – a member of the World Bank Group and one of the largest global development institutions focused on the private sector in emerging markets – will implement the project under the programme, Accelerating Climate-Smart and Inclusive Infrastructure in South Asia (ACSIIS).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">ACSIIS is a five-year programme running from 2021 to 2026. It is expected to help spur investments in energy, water, waste management, transport, logistics, and green buildings to benefit people and businesses in Bangladesh, Bhutan, India, the Maldives, Nepal, and Sri Lanka. ACSIIS would leverage USD$ 850 million of private sector investments in the region, the statement added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The impact of COVID-19 on investments in infrastructure has been widespread and severe. Investment commitments in infrastructure with private participation in 2020 dropped by an unprecedented 52 percent from 2019 levels. IFC estimates that South Asian countries can unlock more than US$3 trillion of climate-smart investment opportunities by fully meeting the national targets under the Paris Agreement by 2030,” the statement reads.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Hector Gomez Ang, the regional director of IFC for South Asia, attracting private capital for climate-smart infrastructure in a sustainable and inclusive manner will be critical for post-COVID-19 recovery in the region.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The EU’s support for the programme could not come at a better time as it is vital to act now to unblock obstacles to spurring sustainable infrastructure projects. This programme will leverage IFC's experience and expertise in supporting climate-smart infrastructure development in the region,” he added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The programme will also support the development of climate-smart investments in agriculture, manufacturing, tourism, health, and education while focusing on key themes such as cities, gender, and green finance. The latest initiative builds on IFC’s previous partnership with the EU to support the Eco-Cities Programme in India and other programmes in the region.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Through ACSIIS, IFC will support early-stage market development to address key market-wide constraints, as well as deliver project-level technical advice to structure sustainable infrastructure investments for the target countries, the statement further said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The programme will also support capacity building of private and government sectors to improve their ability to design, structure, and implement sustainable infrastructure projects. Several of these components, according to the joint statement, are part of IFC’s Upstream strategy, which aims to create markets in the most challenging environments, laying the foundation for future investment projects.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-10', 'modified' => '2022-02-10', 'keywords' => '', 'description' => '', 'sortorder' => '14489', 'image' => '20220210032341_61adcbb3132702612568c2b4_Money-original-large.jpg', 'article_date' => '2022-02-10 15:22:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14745', 'article_category_id' => '1', 'title' => 'Trade Deficit Increases to Rs 880 Billion', 'sub_title' => '', 'summary' => 'February 10: Nepal’s trade deficit increased by 46.6 percent in the first six months of the current fiscal year to Rs 880.49 billion.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">February 10: Nepal’s trade deficit increased by 46.6 percent in the first six months of the current fiscal year to Rs 880.49 billion. According to the Nepal Rastra Bank, the total trade deficit had contracted 5.8 percent in the corresponding period of the previous year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Current Macroeconomic and Financial Situation Report unveiled by the central bank on Wednesday states that the export-import ratio increased to 11.9 percent in the review period from 9.2 percent in the corresponding period of the previous year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">During the six months of FY 2021/22, merchandise exports increased 95.5 percent to Rs 118.85 billion compared to an increase of 6.1 percent in the same period of the previous year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Destination-wise, exports to India and other countries increased 121.8 percent and 30.2 respectively whereas exports to China decreased 10.2 percent. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Exports of palm oil, soybean oil, oil cakes, juice, woolen carpets, among others, increased whereas exports of cardamom, tea, herbs, zinc sheet, wire, among others, decreased in the review period, the report states.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, merchandise imports during the six months of FY 2021/22 increased 51.1 percent to Rs 999.34 billion against a decrease of 4.8 percent a year ago. Destination-wise, imports from India, China and other countries increased 37.5 percent, 51.5 percent, and 98.2 percent respectively. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the NRB report, imports of petroleum products, medicine, crude palm oil, transport equipment, vehicle and other parts, crude soybean oil, among others, increased whereas imports of MS billet, cement, pulses, molasses sugar, insecticides, among others, decreased in the review period. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Based on customs points, exports from Kanchanpur, Mechi, and Nepalgunj customs offices decreased whereas exports from all the other major customs points increased in the review period. On the import side, imports from all the major customs points increased in the review period. </span></span></span></p> <p> </p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">During the six months of FY 2021/22, merchandise imports from India by paying convertible foreign currency amounted Rs 110.91 billion. Such amount was Rs 83.01 billion in the same period of the previous year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">As per the Broad Economic Categories (BEC), the intermediate and final consumption goods accounted for 47.8 percent and 52.2 percent of the total exports respectively, whereas the ratio of capital goods in total exports remained negligible at 0.02 percent in the review period.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">In the same period of the previous year, the ratio of intermediate, capital and final consumption goods remained 31.9 percent, 0.6 percent and 67.5 percent of total exports respectively. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">On the imports side, the share of intermediate goods remained 53.7 percent, capital goods 10.9 percent and final consumption goods 35.4 percent in the review period. Such ratios were 52.6 percent, 12.0 percent and 35.4 percent respectively in the same period of the previous year, the report stated.</span></span></span></p> ', 'published' => true, 'created' => '2022-02-10', 'modified' => '2022-02-10', 'keywords' => '', 'description' => '', 'sortorder' => '14488', 'image' => '20220210025613_Trade.jpg', 'article_date' => '2022-02-10 14:55:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14744', 'article_category_id' => '1', 'title' => 'Foreign Exchange Reserves continue to Decline Despite Measures taken by NRB', 'sub_title' => '', 'summary' => 'February 10: The decline in foreign exchange reserves has continued despite the tightening of imports.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 10: The decline in foreign exchange reserves has continued despite the tightening of imports. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal Rastra Bank (NRB) had made an arrangement of keeping a cash margin of 100 percent for opening letter of credit (LC) for importing certain goods considering the negative impact of high imports on the foreign exchange reserves of the country. However, the decline in foreign exchange reserves has not stopped despite such measures</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Current Macroeconomic and Financial Situation Report released by the Nepal Rastra Bank on Wednesday, the foreign exchange reserves declined by an additional USD 140 million in the first six months of the current fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NRB said that the current foreign exchange will only support imports for 6.6 months.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">From the first week of December, NRB had made provision for a 100 percent margin when opening an LC for the purpose of importing luxury items such as silver and vehicles. Since then, imports of such items have declined. However, the recent data of Nepal Rastra Bank has confirmed that the declining foreign exchange reserves have not come under control yet.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the last six months alone, foreign exchange reserves have declined by about 16 percent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As of mid-July last year, foreign exchange reserves stood at US$ 11.75 billion. As of mid-January 2022, it had declined by US$ 1.86 billion to US$ 9.89 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Executive Director of Nepal Rastra Bank Dr Gunakar Bhatta said there is no need to worry about the decline in foreign exchange. The foreign exchange reserves that can support 6/7 months of imports are considered good, he added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">By mid-January, consumer price inflation has eased. Inflation, which had reached a five-year high of 7.11 percent last December, has dropped to 5.65 percent in mid-January. In the last month, inflation declined by 1.46 percentage points. However, the decline in remittances has continued.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the balance of payments deficit, current account deficit, and trade deficit have increased.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NRB Executive Director Dr Bhatta said that there was still no improvement in key indicators of the economy.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He said that foreign exchange reserves and the balance of payments were deteriorating due to high imports in the first six months of the current fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Balance of Payments (BOP) remained at a deficit of Rs 241.23 billion in the review period against a surplus of Rs.124.92 billion in the same period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The current account remained at a deficit of Rs.354.07 billion in the review period compared to a deficit of Rs.51.68 billion in the same period of the previous year.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-10', 'modified' => '2022-02-10', 'keywords' => '', 'description' => '', 'sortorder' => '14487', 'image' => '20220210014713_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-02-10 13:46:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14743', 'article_category_id' => '1', 'title' => 'Tendency of Seeking Funds Beyond Allocated Budget Increasing ', 'sub_title' => '', 'summary' => 'February 10: The trend of seeking funds outside the budget is growing alarmingly.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">February 10: The trend of seeking funds outside the budget is growing alarmingly. Instead of spending money from the budget announced by the government on May 29, most of the concerned agencies and ministries have asked for additional budget of more than Rs 216 billion. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the first seven months of the current Fiscal Year (FY), capital expenditure for development has so far been 16 percent of allocated budget while most of the agencies have asked for funds outside the budget. This year, the Ministry of Finance has demanded an additional budget of Rs 13.18 billion, while the Ministry of Energy, Water Resources and Irrigation has the highest demand for additional budget. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The energy ministry demanded more than Rs 59 billion outside the budget. The performance of this ministry in budget expenditure does not look good. The ministry has spent only 17 percent of the development budget allocated in the current fiscal year. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Ministry of Physical Infrastructure and Transport has demanded an additional amount of Rs 28.45 billion than the allocated budget. The ministry has spent a total of 16.98 percent of the budget allocated for development expenditure in the current fiscal year. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The list of bodies demanding big budgets include the Ministry of Agriculture and Livestock Development, Ministry of Defense, Ministry of Urban Development, Ministry of Communications and Information Technology, Ministry of Health and Population, Ministry of Education, Science and Technology, National Planning Commission and Ministry of Tourism. These ministries have so far spent 15 to 22 percent of budget allocated for development works. The additional budget was demanded before the election was announced. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">These bodies are also spending very poorly in the current fiscal year's budget. This shows that the past trend of not spending money on programmes included in the budget but asking for funds is still prevalent. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to former chief secretary Bimal Koirala, there is a growing tendency for ministries to go beyond the budget and ask for large amount of fund. This tendency raises questions on the homework done by the government officials during the preparation of the budget and proves that they are failing to make accurate estimates of the projects and programmes in the budget. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After the government announced that the local elections will be held in one phase on May 13, it has been a challenge for the Ministry of Finance to manage resources. So far, the Election Commission has estimated that it will cost around Rs 12 billion to hold the local elections. The commission has already submitted an estimate to Prime Minister Sher Bahadur Deuba a week ago. According to the EC, an additional budget of Rs 4 billion has been demanded that the budget allocated for the 2074 elections.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-10', 'modified' => '2022-02-10', 'keywords' => '', 'description' => '', 'sortorder' => '14486', 'image' => '20220210011355_Budget.jpg', 'article_date' => '2022-02-10 13:13:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14742', 'article_category_id' => '1', 'title' => 'Remittance Inflow Declines by 5.5 Percent ', 'sub_title' => '', 'summary' => 'February 10: Remittance inflow to Nepal has declined in the first six months of the current fiscal year, Nepal Rastra Bank (NRB) stated in its latest report. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 10: Remittance inflow to Nepal has declined in the first six months of the current fiscal year, Nepal Rastra Bank (NRB) stated in its latest report. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Current Macroeconomic and Financial Situation Report released by the central bank on Wednesday (February 9), the inflow of remittance has declined by 5.5 per cent during the review period to Rs 468.45 billion against an increase of 11.1 percent in the same period of the previous year </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In terms of the US Dollar, remittance inflow decreased 6.2 percent to 3.93 billion in the review period against an increase of 6.7 percent in the same period of the previous year, the report stated.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, the number of Nepalis acquiring work permit for foreign employment during the review period has increased significantly to 167,513. It had declined by 89 per cent during the corresponding period of the previous fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, number of Nepali workers taking approval for foreign employment (renew entry) has increased by 298.1 per cent to 130,212 during the review period while it had decreased by 75.5 per cent during the corresponding period of previous fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the NRB, the net transfer has decreased by 4.9 per cent to Rs 523 billion during the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Such a transfer had increased 8.9 percent in the same period of the previous year, the report states.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-10', 'modified' => '2022-02-10', 'keywords' => '', 'description' => '', 'sortorder' => '14485', 'image' => '20220210115450_Remittance.jpg', 'article_date' => '2022-02-10 11:54:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14741', 'article_category_id' => '1', 'title' => 'World Bank Report Suggests Reforms to Improve Public Expenditure for Human Capital', 'sub_title' => '', 'summary' => 'February 10: Nepal has made significant progress in human capital development, though key challenges remain in the health, education, and social protection sectors, which have been exacerbated by the COVID crisis, the World Bank said referring to its latest report.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 10: Nepal has made significant progress in human capital development, though key challenges remain in the health, education, and social protection sectors, which have been exacerbated by the COVID crisis, the World Bank said referring to its latest report.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the World Bank’s report “Federalism and Public Expenditure for Human Development in Nepal: An emerging agenda” launched virtually on Wednesday (February 9), Nepal’s transition to a federal state presents an opportunity to promote greater human capital accumulation, but it requires significant investment and improved efficiency in spending.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">While federalism is helping bring policymaking and service delivery closer to the people, it can be further strengthened through a clear definition of responsibilities of each level of government and ensuring the systems and resources are in place for their implementation, states the report.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“This report provides a comprehensive review of the challenges facing Nepal’s human development sectors in the federal context,” the World Bank quoted Finance Secretary Madhu Kumar Marasini as saying. “The recommendations are aligned with our national development plans and will inform and support our ongoing efforts to ensure all levels of government have the means and tools to perform their key functions in the delivery of core services in education, health, and social protection.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Public Expenditure Review (PER) identifies key reforms to help Nepal improve human capital outcomes in the federal context. The reforms suggested by the report are: (i) addressing gaps in programming, including economic inclusion for the poor, and mainstreaming delivery processes; (ii) clarifying roles of different levels of government and ensuring standards are implemented; (iii) improving management processes and systems, including a social registry; (iv) introducing incentives to promote good management practices; and (v) addressing human resource challenges to ensure that subnational governments have the capacity to efficiently deliver quality services.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The World Bank is committed to continue supporting government reforms to improve human capital outcomes, drawing on the recommendations of this report, as well as the Public Expenditure Review Report on Fiscal Policy for Sustainable Development launched in December 2021,” said Faris Hadad-Zervos, World Bank’s Country Director for the Maldives, Nepal, and Sri Lanka. “Human capital is one of the pillars of our Country Partnership Framework, and the implementation of key reforms will be supported through our technical dialogue and financial investment in the health, education and social protection sectors, as well as through our various Development Policy Credits.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Vice Chairman of the National Planning Commission Dr Bishwo Nath Poudel said that human capital is at the heart of the green, resilient, and inclusive development (GRID) approach adopted by Nepal. “The sustainability of development, adaptation to risks, and reduction of disparities (inclusive) all require addressing the structural issues that hamper further improvements in human development outcomes. The report’s recommendations aim to contribute to further advance Nepal’s GRID agenda in this regard”.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-10', 'modified' => '2022-02-10', 'keywords' => '', 'description' => '', 'sortorder' => '14484', 'image' => '20220210112645_1616615608902615_n.jpg', 'article_date' => '2022-02-10 11:26:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14740', 'article_category_id' => '1', 'title' => 'Flight Service Resumes in Humla after 5 Days', 'sub_title' => '', 'summary' => 'February 9: Flights to and from Simkot airport have resumed since Tuesday after a five-day obstruction due to bad weather. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">February 9: Flights to and from Simkot airport have resumed since Tuesday after a five-day obstruction due to bad weather. The flights were possible after removing the snow piled up at airport. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The snow was removed from the airport with the initiative of airport employees, airlines employees, security personnel and local entrepreneurs. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With the resumption of air service, people coming to and going out of the district have felt a sigh of relief. Most of the flights to Simikot are from Nepalgunjg and Surkhet. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal Food Management and Trade Company has started food supply with the resumption of flight. Other daily essentials have also been transported through flight. Sita Air and Tara Airlines are conducting flights in the district. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the District Administration Office, Humla resumed its services from Monday. The Office had closed all services for a week after the Assistant Chief District Officer tested positive for coronavirus. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-02-09', 'modified' => '2022-02-09', 'keywords' => '', 'description' => '', 'sortorder' => '14483', 'image' => '20220209020158_DB-Simkot-AirUdana.jpg', 'article_date' => '2022-02-09 14:01:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14739', 'article_category_id' => '1', 'title' => 'IBN Approves Dabur Nepal’s Investment Proposal of Rs 9.68 Billion ', 'sub_title' => '', 'summary' => 'February 9: Dabur Nepal, a multinational company operating in Nepal, is making an additional investment of Rs 9.68 billion. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">February 9: Dabur Nepal, a multinational company operating in Nepal, is making an additional investment of Rs 9.68 billion. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Investment Board has approved the additional investment proposed by Dabur Nepal. Prior to the second wave of Covid-19, the company had sought permission from the board to increase its investment in Nepal. According to the board officials, the proposal of Dabur Nepal, which produces beverages, beauty and health products, to invest Rs 9.68 billion has been approved. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Investment Board is responsible to approve and facilitate any investment above Rs 6 billion in Nepal. Accordingly, Dabur Nepal took permission from the board. Sushil Bhatta, chief executive officer of the board, informed that after discussing the company's proposal, the board meeting on Tuesday approved the investment. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The contribution of Dabur Nepal in the country’s export trade is 5.34 percent. In Nepal, 97.5 percent share of Dabur Nepal is owned by Dabur International Limited and the remaining 2.5 percent is owned by a Nepali partner. Dabur, who came to Nepal in 2047, has been producing goods including juice in Nepal and exporting them to India. Dabur has given priority to increasing the production capacity of the commodities that have more potential for export. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The main products of Dabur are Real Juice, Dabur Chyawanprash, Dabur Red Toothpaste, Dabur Hajmola, Dabur Amla Hair Oil, Dabur Honey, Dabur Glucose D, Gulabari, Fem, Prostyle, Odonil and hand wash. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Dabur Nepal said that they have been collaborating with farmers for the production of herbal plants. Recently, Dabur Nepal’s income has been increasing in Nepal. In 2020, the company earned Rs 8.93 billion from Nepal. Due to the coronavirus, there was a slight decline in revenue this year as compared to 2019. In 2019, the company had earned a revenue of Rs 9 billion. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Abhaya Gorkhali, marketing head of Dabur Nepal, informed that some portion of the investment approved on Tuesday will be invested in new products. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He said that the investment would be spent on new products, machines and maintenance of old ones in the next two to four years and also to add existing juice production plants. In addition, he said the company plans to expand the capacity of the current juice plant by adding new lines to juice production, replacing old machines and investing in new products. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Meanwhile, the Investment Board is set to become a member of a global public-private partnership. The board has decided to become a member of the World Association of PPP Units and Professionals in Switzerland. The association had committed to provide free membership to the Board. The Investment Board is confident that it will receive technical assistance on PPP related knowledge and best practices after getting the membership. </span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2022-02-09', 'modified' => '2022-02-09', 'keywords' => '', 'description' => '', 'sortorder' => '14482', 'image' => '20220209015840_116156295_3394514717279390_6580754314870935853_n.jpg', 'article_date' => '2022-02-09 13:57:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14738', 'article_category_id' => '1', 'title' => 'Credit Flow Higher than Deposit Collection in Banking Sector of Nepal', 'sub_title' => '', 'summary' => 'February 9: The growth rate of credit flow in the banking sector of Nepal has been higher than that of deposit collection.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">February 9: The growth rate of credit flow in the banking sector of Nepal has been higher than that of deposit collection. The annual growth rate of credit flow has been increasing every year compared to the growth rate of deposit collection. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to a study conducted by the Confederation of Banks and Financial Institutions (CIBFIN), the growth rate of credit flow has been higher than that of deposit collection every year since 2070 BS except for FY 2076/77.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In FY 2069/70, deposit collection increased by 17 percent, while credit flow increased by 21 percent. Similarly, when the deposit collection increased by 21 percent in the last fiscal year (FY 2077/78), the growth rate of credit flow was 28 percent.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In FY 2076/77, the growth rate of credit flow was lower than deposit collection. While deposits increased by 17 percent that year, credit flow was only 12 percent. Loan flow had shrunk during that period due to the closure led by the Covid-19 pandemic.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Experts have said that credit flow has been higher than the accumulation of deposits every year due to the expanding economy. They opined that this was also the case because banks became more aggressive and increased lending.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Banking expert Analraj Bhattarai informed that increasing the flow of credit is good. "The way credit flows have increased confirms that the economy is expanding," he said. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Low deposits on the other hand indicate that there aren’t adequate resources to expand the economy. At the same time, various other problems have also started appearing.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Bhattarai says that if the growth rate of loan flow and deposit collection continues to grow at the same proportion, it will be a challenge for banks to manage liquidity crisis in the coming days.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He said that the deposit collection could not increase as more credit has been flowed to the consumable sector. The loan disbursed from the bank comes back as a deposit in the bank after completing a certain cycle. As a result, it helps banks balance the credit to deposit ratio.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He said that banks and financial institutions and traders should exercise restraint in disbursing loans. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"If that doesn't happen, the NRB should come up with a policy to control the flow of credit," he said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Lately, the areas of deposit collection have expanded. The per capita income of Nepalis is increasing annually. The turnover and profit of business associations have increased. The salaries of government and private sector employees are also on the rise. The inflow of remittances also seems to have increased. Bhattarai says that even in that case, the lack of improvement in deposits is a matter of debate.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">If this situation continues, it will be a challenge to meet the demand for loans in the coming days, he said. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"During the same period, banks' paid-up capital have increased, and it became easier to meet the demand for loans. But, it seems to be a real challenge to meet the demand for loans in the near future,” he said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Machhapuchhre Bank’s CEO Santosh Koirala informed that the demand for loan is rising recently. However, he said that there is a challenge to meet the growing demand due to low deposits.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-09', 'modified' => '2022-02-09', 'keywords' => '', 'description' => '', 'sortorder' => '14481', 'image' => '20220209125009_Banks - Copy.jpg', 'article_date' => '2022-02-09 12:49:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '14751', 'article_category_id' => '1', 'title' => 'Interest Rates on Loans Rising Again', 'sub_title' => '', 'summary' => 'February 11: As interest rates on deposits have risen, so have interest rates on loans.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">February 11: As interest rates on deposits have risen, so have interest rates on loans. Due to the liquidity crunch, banks are collecting deposits at high-interest rates. The rise of interest rates on deposits of commercial banks has also had a direct impact on the base rate and interest rates on loans.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Nepal Rastra Bank, the interest rate on loans extended by commercial banks has increased by 0.35 percentage points in one year. The weighted average interest rate on loans was 9.09 percent in January / February of last fiscal year (FY 2020/21). The weighted average interest rate on loans disbursed by commercial banks has reached 9.44 percent in the corresponding period of the current fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">With the opening of business in the current fiscal year, the demand for loans has started rising. As the demand for credit has increased, so have the interest rates of banks.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Former Executive Director of Nepal Rastra Bank Nara Bahadur Thapa says that the increase in interest rate helps maintain financial stability. He said that the increase in interest rates would have a direct impact on industry and trade, but would also help reduce the trade deficit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"As interest rates on deposits rise, so does the cost of funds, and so does business loans. However, the trade deficit will not be reduced if interest rates are not raised as much as required,” he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">If interest rates rise, the capital market will stop declining, Thapa said. According to him, the capital market has gone down in Nepal due to the low interest rates. Thapa said that it would be necessary to increase the interest rate of the banks to help the capital market to rise.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The weighted average interest rate on deposits of commercial banks has also increased by 1.37 percentage points in one year. The interest rate on deposits was 5 percent in December last year. The interest rate on deposits has risen to 6.37 percent in December this year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Along with the rise in interest rates, the base rate of banks has also gone up. The base rate of commercial banks has increased by 1.25 percentage points in the current fiscal year compared to the previous fiscal year.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-11', 'modified' => '2022-02-11', 'keywords' => '', 'description' => '', 'sortorder' => '14495', 'image' => '20220211031847_interest-rates-e1541025967190.jpg', 'article_date' => '2022-02-11 15:17:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14752', 'article_category_id' => '1', 'title' => 'PADT Decides to Reopen Pashupatinath Temple from Today', 'sub_title' => '', 'summary' => 'February 11: Pashupati Area Development Trust (PADT) has decided to reopen the Pashupatinath Temple from today (February 11). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">February 11: Pashupati Area Development Trust (PADT) has decided to reopen the Pashupatinath Temple from today (February 11). The temple was closed since January 19 due to the third wave of coronavirus.</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 a notice issued by the Trust on Thursday, the temple is being opened as per the order of the District Administration Office, Kathmandu, on February 7, that allows worship, meditation or prayers in places like monasteries, temples, mosques, and churches by observing public health standards. </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"">Although the temple was closed for the public, the priests had given continuity to regular worship by adopting safety standards, PADT Member </span><span style="font-family:"Arial Unicode MS","sans-serif"">Dr Ghanashyam Khatiwada</span> had announced earlier. <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prior to this, </span><span style="font-family:"Arial Unicode MS","sans-serif"">the Pashupatinath Temple was closed for devotees during March, 2020 when the first wave of COVID-19 hit the country. The temple was reopened after nine months. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">When the second wave hit during last April, the temple authorities again closed the temple owing to the risk of Delta variant of COVID-19. The temple was reopened after nearly five months as the number of COVID-19 cases began to decline in the country. </span></span></span></p> ', 'published' => true, 'created' => '2022-02-11', 'modified' => '2022-02-11', 'keywords' => '', 'description' => '', 'sortorder' => '14494', 'image' => '20220211034759_20220119043423_Nepal_Aug11_mymiFBv.jpg', 'article_date' => '2022-02-11 15:46:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14750', 'article_category_id' => '1', 'title' => 'Credit flow of Banks to Unproductive Sector Increasing ', 'sub_title' => '', 'summary' => 'February 11: Credit flow of banks and financial institutions to the unproductive sector has started increasing after the demand for credit from the manufacturing industries and for infrastructure development declined due to the impact of COVID-19. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">February 11: Credit flow of banks and financial institutions to the unproductive sector has started increasing after the demand for credit from the manufacturing industries and for infrastructure development declined due to the impact of COVID-19. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Nepal Rastra Bank (NRB), flow of consumption loans from banks and financial institutions have increased by 440 percent till mid-January of the current fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The bank had disbursed consumption loans of Rs 119.52 billion till mid-January 2020. However, the loan flow under this heading reached Rs 823 billion in 2021. This is 17.65 percent of the total investment of banks. As of mid-January this year, banks and financial institutions have disbursed a total of Rs 466.16 billion loan. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Banks and financial institutions have been providing consumer loans against gold and silver and debentures. Such loans are also issued to fixed deposit account holders. Similarly, they have been investing in credit cards and other headings as well. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">BFIs have invested Rs 78.39 billion in debenture securities, Rs 48.40 billion against collateral of gold and silver, Rs 36.83 billion issued for fixed deposit receipt holders and Rs 3.09 billion for credit cards. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Consumers do not have to disclose the purpose when taking a loan under the consumer heading. The common people have been taking consumer loans to meet their daily needs including household expenses. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Chairman of the Nepal Bankers' Association and Chief Executive Officer of the Agricultural Development Bank, Anil Kumar Upadhyaya, said that the growth of consumer credit was high due to low credit flow in industry and businesses. “The demand for loans in the manufacturing sector has declined due to the pandemic,” he said, adding, “This is why the growth rate of consumer credit has been high.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The credit flow from banks to the construction sector has also decreased since mid-January 2021. Compared to last year, the credit flow to this sector has decreased by 48.08 percent. Apart from this, credit flow to other productive sectors has also declined. Credit flow of banks in the agricultural sector increased by 13 percent in 2021. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Experts say that increasing investment in unproductive sectors such as consumer needs is risky while the credit of banks and financial institutions should flow into the productive sector and contribute to production, employment and overall economic growth. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-11', 'modified' => '2022-02-11', 'keywords' => '', 'description' => '', 'sortorder' => '14493', 'image' => '20220211014744_Banks - Copy.jpg', 'article_date' => '2022-02-11 13:47:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14749', 'article_category_id' => '1', 'title' => '1.1 Million Children Still Engaged in Child Labour in Nepal: Report', 'sub_title' => '', 'summary' => 'February 11: Nepal has made some improvements in reducing child labour over the last one decade.', 'content' => '<p><em> Photo Courtesy: ILO</em></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 11: Nepal has made some improvements in reducing child labour over the last one decade. However, 1.1 million children are still found working in brick kilns, carpet factories and entertainment business, among others, shows a recent report. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The joint report prepared by the Central Bureau of Statistics of the National Planning Commission and International Labour Organization (ILO) states that nearly 1.1 million children are involved in child labour in Nepal. Among them, 0.2 million children are subjected to worst forms of child labour. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The statistics reveal that child labour is still significant although the overall trend is declining in Nepal. As per the data, 2.6 million children were involved in child labour in the country in 1998, which dropped to 1.6 million in 2008 and 1.1 million in 2018. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the state-owned national news agency RSS, agriculture is found to be the sector with highest percent of child labour (87 percent) and Dalit children constitute the highest (19.4 percent) proportion based on caste and ethnicity. The report assesses the status of child labour in the country and is believed to help the government implement the second National Master Plan (2018 – 2028) on Child Labour, recently endorsed by the Ministry of Labour, Employment and Social Security (MoLESS). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The dis-aggregated data will also be useful for planning and designing child-focused programmes and activities at provincial and local levels by the government and other development partners in Nepal, RSS reported. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It is stated that among the total seven million children between the ages of 5 and 17 in Nepal, 1.1 million children (15.3 percent) were found to be engaged in child labour which is a significant decline in child labour in comparison to 2008 (1.6 million). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> The child labour prevalence for children between age of 5 and 13 years is 18 percent while it is 10 percent for the children between age of 14 and 17. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, female children are more likely to be engaged in child labour (17 percent) than that of male children (14 percent), the report states. Child labour is the highest in Karnali (24.6 percent) followed by Sudurpashchim (20.9 percent), Province 1 (17.6 percent), Gandaki (16.1 percent), Lumbini (15.8 percent), Madhes (11.5 percent), and the lowest in Bagmati (8.9 percent). According to the report, the prevalence of child labour is higher in rural areas (20.4 percent) than that of urban areas (12.1 percent). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The report found that among the total children engaged in child labour, about 87 child labour are engaged in the agriculture sector while 13 child labour are involved in other sectors. The highest child labour prevalence is found among Dalits (19.4 child labour), followed by Janajati (18.1 child labour), Brahmin/Chhetri (14.5 child labour), Terai caste (12.7 child labour), Muslim and other caste categories (12.8 child labour) and the lowest is among Newar (9.9 child labour). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the sectors with the highest child labour were found to be ‘self production’ (13.2 child labour) followed by elementary occupation (1.3 child labour), service and sales worker (1.2 child labour), skilled/semi-skilled agriculture occupation (1 child labour), crafts and trade workers (0.5 child labour), and plant and machine operators (0.1 child labour). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Children working as child labourers earned Rs 3116 per week. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the report, children engaged in child labour worked an average of 15 hours per week. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The study found that about 0.2 million (3.2 percent) children are found to be engaged in hazardous work which is a significant decline in comparison to 2008 (0.62 million). More males (3.7 percent) are engaged in such work in comparison to females (2.6 percent). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The highest number of children working in the hazardous sector is from Lumbini (4 percent) followed by Province 1 (3.9 percent), Province 2 (3.4 percent), Gandaki (3.1 percent), Bagmati (3.1 percent), Karnali (1.9 percent), and Sudurpashchim (1.4 percent). </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-11', 'modified' => '2022-02-11', 'keywords' => '', 'description' => '', 'sortorder' => '14492', 'image' => '20220211120028_wcms_790143.jpg', 'article_date' => '2022-02-11 11:59:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14748', 'article_category_id' => '1', 'title' => 'DDC Hikes Price of Milk by Rs 9 Per Litre', 'sub_title' => '', 'summary' => 'February 11: The Dairy Development Corporation (DDC) has increased the price of milk in accordance to the price in the local markets across different cities.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 11: The Dairy Development Corporation (DDC) has increased the price of milk in accordance to the price in the local markets across different cities.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Organizing a press conference on Thursday, the DDC informed that the price of milk has been increased by Rs 9 per litre. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The new price will come into effect from today (February 11), DDC said unveiling the decision taken by the Board of Directors on Wednesday, February 9.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the decision of the board, the price of milk has been fixed at Rs 85 per litre in the Kathmandu valley, Hetauda, Biratnagar and Janakpur.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prior to this, it used to cost Rs 76 for a litre of milk in these cities.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, the board has fixed the price of Rs 81 per litre of milk in cities such as Butwal and Bhairahawa while the price is Rs 79 per litre in Nepalgunj and Dhangadhi.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With the increase in price, farmers are expected to gain Rs 6.52 and the industrialists with benefit with Rs 2.88 per litre of milk. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The minimum base price of unprocessed milk, however, is Rs 56.4 per litre, as per the decision taken by the Council of Ministers on January 30. The base price will benefit the producers while the price fixed by the DDC will have impact on the consumers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government increased the price of milk upon the recommendation of a committee formed to adjust the price of milk. Although the price of milk used to be adjusted every year in the past, it had not been increased for the past two and half years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Milk producers and farmers had been complaining that they were not getting the right price of their produce due to inflation. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It is estimated that around 2.4 million metric tons of milk is produced in Nepal annually.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-11', 'modified' => '2022-02-11', 'keywords' => '', 'description' => '', 'sortorder' => '14491', 'image' => '20220211081950_20220203111904_20220121121357_20200423093954_1542865405_16685959.jpg', 'article_date' => '2022-02-11 08:19:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14747', 'article_category_id' => '1', 'title' => 'NRB further Tightens Noose on Imports', 'sub_title' => '', 'summary' => 'February 10: Nepal Rastra Bank (NRB) has tightened the screws on imports due to the decline in Balance of Payments (BoP) and foreign exchange reserves.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 10: Nepal Rastra Bank (NRB) has tightened the screws on imports due to the increase in Balance of Payments (BoP) and decline in foreign exchange reserves. Issuing a circular to banks and financial institutions (BFIs) on Wednesday, the central bank increased the number of items for which the importers are required to keep a 100 percent margin for opening letter of credit (LC). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank had introduced the provision of 100 percent cash margin for opening LC in the third week of December. Back then, the items that required 100 percent cash margin included beer, wine, and other liquors as well as tobacco products, silver, gold, furniture, sugar, sweet meats, mineral water, energy drinks, nail polish, body lotion, face cream and other cosmetics, caps, shoes, leather, construction materials, marble tiles among others.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The newly added list includes products such as walnut, almond, banana, cigarette, cake, handbag, watches, seat of vehicles, painting and drawing materials that also require 100 percent cash margin for opening LC.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, goods such as motorcycles and scooters, woolen thread, readymade garments, jackets among others require 50 percent cash margin.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">BFIs will not be allowed to provide loan for the cash margin while the amount deposited by the importers will not be entitled to interest, according to the NRB directive.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank had adopted a policy to discourage the import of luxury goods following the half-yearly review of monetary policy.</span></span></p> ', 'published' => true, 'created' => '2022-02-10', 'modified' => '2022-02-23', 'keywords' => '', 'description' => '', 'sortorder' => '14490', 'image' => '20220210051828_1589813124964.jpg', 'article_date' => '2022-02-10 17:17:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14746', 'article_category_id' => '1', 'title' => 'EU and IFC to Accelerate Climate-Smart Investments in South Asia', 'sub_title' => '', 'summary' => 'February 10: Six South Asian nations, including Nepal, are set to benefit from a new USD$ 21.5 million funding from the European Union (EU), which is expected help to accelerate climate-smart, inclusive infrastructure investments in their regions, the EU and IFC said in a joint statement on Thursday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 10: Six South Asian nations, including Nepal, are set to benefit from a new USD$ 21.5 million funding from the European Union (EU), which is expected help to accelerate climate-smart, inclusive infrastructure investments in their regions, the EU and IFC said in a joint statement on Thursday (February 10). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the statement, IFC – a member of the World Bank Group and one of the largest global development institutions focused on the private sector in emerging markets – will implement the project under the programme, Accelerating Climate-Smart and Inclusive Infrastructure in South Asia (ACSIIS).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">ACSIIS is a five-year programme running from 2021 to 2026. It is expected to help spur investments in energy, water, waste management, transport, logistics, and green buildings to benefit people and businesses in Bangladesh, Bhutan, India, the Maldives, Nepal, and Sri Lanka. ACSIIS would leverage USD$ 850 million of private sector investments in the region, the statement added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The impact of COVID-19 on investments in infrastructure has been widespread and severe. Investment commitments in infrastructure with private participation in 2020 dropped by an unprecedented 52 percent from 2019 levels. IFC estimates that South Asian countries can unlock more than US$3 trillion of climate-smart investment opportunities by fully meeting the national targets under the Paris Agreement by 2030,” the statement reads.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Hector Gomez Ang, the regional director of IFC for South Asia, attracting private capital for climate-smart infrastructure in a sustainable and inclusive manner will be critical for post-COVID-19 recovery in the region.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The EU’s support for the programme could not come at a better time as it is vital to act now to unblock obstacles to spurring sustainable infrastructure projects. This programme will leverage IFC's experience and expertise in supporting climate-smart infrastructure development in the region,” he added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The programme will also support the development of climate-smart investments in agriculture, manufacturing, tourism, health, and education while focusing on key themes such as cities, gender, and green finance. The latest initiative builds on IFC’s previous partnership with the EU to support the Eco-Cities Programme in India and other programmes in the region.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Through ACSIIS, IFC will support early-stage market development to address key market-wide constraints, as well as deliver project-level technical advice to structure sustainable infrastructure investments for the target countries, the statement further said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The programme will also support capacity building of private and government sectors to improve their ability to design, structure, and implement sustainable infrastructure projects. Several of these components, according to the joint statement, are part of IFC’s Upstream strategy, which aims to create markets in the most challenging environments, laying the foundation for future investment projects.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-10', 'modified' => '2022-02-10', 'keywords' => '', 'description' => '', 'sortorder' => '14489', 'image' => '20220210032341_61adcbb3132702612568c2b4_Money-original-large.jpg', 'article_date' => '2022-02-10 15:22:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14745', 'article_category_id' => '1', 'title' => 'Trade Deficit Increases to Rs 880 Billion', 'sub_title' => '', 'summary' => 'February 10: Nepal’s trade deficit increased by 46.6 percent in the first six months of the current fiscal year to Rs 880.49 billion.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">February 10: Nepal’s trade deficit increased by 46.6 percent in the first six months of the current fiscal year to Rs 880.49 billion. According to the Nepal Rastra Bank, the total trade deficit had contracted 5.8 percent in the corresponding period of the previous year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Current Macroeconomic and Financial Situation Report unveiled by the central bank on Wednesday states that the export-import ratio increased to 11.9 percent in the review period from 9.2 percent in the corresponding period of the previous year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">During the six months of FY 2021/22, merchandise exports increased 95.5 percent to Rs 118.85 billion compared to an increase of 6.1 percent in the same period of the previous year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Destination-wise, exports to India and other countries increased 121.8 percent and 30.2 respectively whereas exports to China decreased 10.2 percent. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Exports of palm oil, soybean oil, oil cakes, juice, woolen carpets, among others, increased whereas exports of cardamom, tea, herbs, zinc sheet, wire, among others, decreased in the review period, the report states.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, merchandise imports during the six months of FY 2021/22 increased 51.1 percent to Rs 999.34 billion against a decrease of 4.8 percent a year ago. Destination-wise, imports from India, China and other countries increased 37.5 percent, 51.5 percent, and 98.2 percent respectively. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the NRB report, imports of petroleum products, medicine, crude palm oil, transport equipment, vehicle and other parts, crude soybean oil, among others, increased whereas imports of MS billet, cement, pulses, molasses sugar, insecticides, among others, decreased in the review period. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Based on customs points, exports from Kanchanpur, Mechi, and Nepalgunj customs offices decreased whereas exports from all the other major customs points increased in the review period. On the import side, imports from all the major customs points increased in the review period. </span></span></span></p> <p> </p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">During the six months of FY 2021/22, merchandise imports from India by paying convertible foreign currency amounted Rs 110.91 billion. Such amount was Rs 83.01 billion in the same period of the previous year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">As per the Broad Economic Categories (BEC), the intermediate and final consumption goods accounted for 47.8 percent and 52.2 percent of the total exports respectively, whereas the ratio of capital goods in total exports remained negligible at 0.02 percent in the review period.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">In the same period of the previous year, the ratio of intermediate, capital and final consumption goods remained 31.9 percent, 0.6 percent and 67.5 percent of total exports respectively. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">On the imports side, the share of intermediate goods remained 53.7 percent, capital goods 10.9 percent and final consumption goods 35.4 percent in the review period. Such ratios were 52.6 percent, 12.0 percent and 35.4 percent respectively in the same period of the previous year, the report stated.</span></span></span></p> ', 'published' => true, 'created' => '2022-02-10', 'modified' => '2022-02-10', 'keywords' => '', 'description' => '', 'sortorder' => '14488', 'image' => '20220210025613_Trade.jpg', 'article_date' => '2022-02-10 14:55:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14744', 'article_category_id' => '1', 'title' => 'Foreign Exchange Reserves continue to Decline Despite Measures taken by NRB', 'sub_title' => '', 'summary' => 'February 10: The decline in foreign exchange reserves has continued despite the tightening of imports.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 10: The decline in foreign exchange reserves has continued despite the tightening of imports. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal Rastra Bank (NRB) had made an arrangement of keeping a cash margin of 100 percent for opening letter of credit (LC) for importing certain goods considering the negative impact of high imports on the foreign exchange reserves of the country. However, the decline in foreign exchange reserves has not stopped despite such measures</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Current Macroeconomic and Financial Situation Report released by the Nepal Rastra Bank on Wednesday, the foreign exchange reserves declined by an additional USD 140 million in the first six months of the current fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NRB said that the current foreign exchange will only support imports for 6.6 months.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">From the first week of December, NRB had made provision for a 100 percent margin when opening an LC for the purpose of importing luxury items such as silver and vehicles. Since then, imports of such items have declined. However, the recent data of Nepal Rastra Bank has confirmed that the declining foreign exchange reserves have not come under control yet.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the last six months alone, foreign exchange reserves have declined by about 16 percent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As of mid-July last year, foreign exchange reserves stood at US$ 11.75 billion. As of mid-January 2022, it had declined by US$ 1.86 billion to US$ 9.89 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Executive Director of Nepal Rastra Bank Dr Gunakar Bhatta said there is no need to worry about the decline in foreign exchange. The foreign exchange reserves that can support 6/7 months of imports are considered good, he added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">By mid-January, consumer price inflation has eased. Inflation, which had reached a five-year high of 7.11 percent last December, has dropped to 5.65 percent in mid-January. In the last month, inflation declined by 1.46 percentage points. However, the decline in remittances has continued.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the balance of payments deficit, current account deficit, and trade deficit have increased.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NRB Executive Director Dr Bhatta said that there was still no improvement in key indicators of the economy.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He said that foreign exchange reserves and the balance of payments were deteriorating due to high imports in the first six months of the current fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Balance of Payments (BOP) remained at a deficit of Rs 241.23 billion in the review period against a surplus of Rs.124.92 billion in the same period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The current account remained at a deficit of Rs.354.07 billion in the review period compared to a deficit of Rs.51.68 billion in the same period of the previous year.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-10', 'modified' => '2022-02-10', 'keywords' => '', 'description' => '', 'sortorder' => '14487', 'image' => '20220210014713_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-02-10 13:46:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14743', 'article_category_id' => '1', 'title' => 'Tendency of Seeking Funds Beyond Allocated Budget Increasing ', 'sub_title' => '', 'summary' => 'February 10: The trend of seeking funds outside the budget is growing alarmingly.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">February 10: The trend of seeking funds outside the budget is growing alarmingly. Instead of spending money from the budget announced by the government on May 29, most of the concerned agencies and ministries have asked for additional budget of more than Rs 216 billion. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the first seven months of the current Fiscal Year (FY), capital expenditure for development has so far been 16 percent of allocated budget while most of the agencies have asked for funds outside the budget. This year, the Ministry of Finance has demanded an additional budget of Rs 13.18 billion, while the Ministry of Energy, Water Resources and Irrigation has the highest demand for additional budget. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The energy ministry demanded more than Rs 59 billion outside the budget. The performance of this ministry in budget expenditure does not look good. The ministry has spent only 17 percent of the development budget allocated in the current fiscal year. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Ministry of Physical Infrastructure and Transport has demanded an additional amount of Rs 28.45 billion than the allocated budget. The ministry has spent a total of 16.98 percent of the budget allocated for development expenditure in the current fiscal year. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The list of bodies demanding big budgets include the Ministry of Agriculture and Livestock Development, Ministry of Defense, Ministry of Urban Development, Ministry of Communications and Information Technology, Ministry of Health and Population, Ministry of Education, Science and Technology, National Planning Commission and Ministry of Tourism. These ministries have so far spent 15 to 22 percent of budget allocated for development works. The additional budget was demanded before the election was announced. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">These bodies are also spending very poorly in the current fiscal year's budget. This shows that the past trend of not spending money on programmes included in the budget but asking for funds is still prevalent. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to former chief secretary Bimal Koirala, there is a growing tendency for ministries to go beyond the budget and ask for large amount of fund. This tendency raises questions on the homework done by the government officials during the preparation of the budget and proves that they are failing to make accurate estimates of the projects and programmes in the budget. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After the government announced that the local elections will be held in one phase on May 13, it has been a challenge for the Ministry of Finance to manage resources. So far, the Election Commission has estimated that it will cost around Rs 12 billion to hold the local elections. The commission has already submitted an estimate to Prime Minister Sher Bahadur Deuba a week ago. According to the EC, an additional budget of Rs 4 billion has been demanded that the budget allocated for the 2074 elections.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-10', 'modified' => '2022-02-10', 'keywords' => '', 'description' => '', 'sortorder' => '14486', 'image' => '20220210011355_Budget.jpg', 'article_date' => '2022-02-10 13:13:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14742', 'article_category_id' => '1', 'title' => 'Remittance Inflow Declines by 5.5 Percent ', 'sub_title' => '', 'summary' => 'February 10: Remittance inflow to Nepal has declined in the first six months of the current fiscal year, Nepal Rastra Bank (NRB) stated in its latest report. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 10: Remittance inflow to Nepal has declined in the first six months of the current fiscal year, Nepal Rastra Bank (NRB) stated in its latest report. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Current Macroeconomic and Financial Situation Report released by the central bank on Wednesday (February 9), the inflow of remittance has declined by 5.5 per cent during the review period to Rs 468.45 billion against an increase of 11.1 percent in the same period of the previous year </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In terms of the US Dollar, remittance inflow decreased 6.2 percent to 3.93 billion in the review period against an increase of 6.7 percent in the same period of the previous year, the report stated.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, the number of Nepalis acquiring work permit for foreign employment during the review period has increased significantly to 167,513. It had declined by 89 per cent during the corresponding period of the previous fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, number of Nepali workers taking approval for foreign employment (renew entry) has increased by 298.1 per cent to 130,212 during the review period while it had decreased by 75.5 per cent during the corresponding period of previous fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the NRB, the net transfer has decreased by 4.9 per cent to Rs 523 billion during the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Such a transfer had increased 8.9 percent in the same period of the previous year, the report states.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-10', 'modified' => '2022-02-10', 'keywords' => '', 'description' => '', 'sortorder' => '14485', 'image' => '20220210115450_Remittance.jpg', 'article_date' => '2022-02-10 11:54:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14741', 'article_category_id' => '1', 'title' => 'World Bank Report Suggests Reforms to Improve Public Expenditure for Human Capital', 'sub_title' => '', 'summary' => 'February 10: Nepal has made significant progress in human capital development, though key challenges remain in the health, education, and social protection sectors, which have been exacerbated by the COVID crisis, the World Bank said referring to its latest report.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 10: Nepal has made significant progress in human capital development, though key challenges remain in the health, education, and social protection sectors, which have been exacerbated by the COVID crisis, the World Bank said referring to its latest report.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the World Bank’s report “Federalism and Public Expenditure for Human Development in Nepal: An emerging agenda” launched virtually on Wednesday (February 9), Nepal’s transition to a federal state presents an opportunity to promote greater human capital accumulation, but it requires significant investment and improved efficiency in spending.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">While federalism is helping bring policymaking and service delivery closer to the people, it can be further strengthened through a clear definition of responsibilities of each level of government and ensuring the systems and resources are in place for their implementation, states the report.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“This report provides a comprehensive review of the challenges facing Nepal’s human development sectors in the federal context,” the World Bank quoted Finance Secretary Madhu Kumar Marasini as saying. “The recommendations are aligned with our national development plans and will inform and support our ongoing efforts to ensure all levels of government have the means and tools to perform their key functions in the delivery of core services in education, health, and social protection.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Public Expenditure Review (PER) identifies key reforms to help Nepal improve human capital outcomes in the federal context. The reforms suggested by the report are: (i) addressing gaps in programming, including economic inclusion for the poor, and mainstreaming delivery processes; (ii) clarifying roles of different levels of government and ensuring standards are implemented; (iii) improving management processes and systems, including a social registry; (iv) introducing incentives to promote good management practices; and (v) addressing human resource challenges to ensure that subnational governments have the capacity to efficiently deliver quality services.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The World Bank is committed to continue supporting government reforms to improve human capital outcomes, drawing on the recommendations of this report, as well as the Public Expenditure Review Report on Fiscal Policy for Sustainable Development launched in December 2021,” said Faris Hadad-Zervos, World Bank’s Country Director for the Maldives, Nepal, and Sri Lanka. “Human capital is one of the pillars of our Country Partnership Framework, and the implementation of key reforms will be supported through our technical dialogue and financial investment in the health, education and social protection sectors, as well as through our various Development Policy Credits.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Vice Chairman of the National Planning Commission Dr Bishwo Nath Poudel said that human capital is at the heart of the green, resilient, and inclusive development (GRID) approach adopted by Nepal. “The sustainability of development, adaptation to risks, and reduction of disparities (inclusive) all require addressing the structural issues that hamper further improvements in human development outcomes. The report’s recommendations aim to contribute to further advance Nepal’s GRID agenda in this regard”.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-10', 'modified' => '2022-02-10', 'keywords' => '', 'description' => '', 'sortorder' => '14484', 'image' => '20220210112645_1616615608902615_n.jpg', 'article_date' => '2022-02-10 11:26:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14740', 'article_category_id' => '1', 'title' => 'Flight Service Resumes in Humla after 5 Days', 'sub_title' => '', 'summary' => 'February 9: Flights to and from Simkot airport have resumed since Tuesday after a five-day obstruction due to bad weather. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">February 9: Flights to and from Simkot airport have resumed since Tuesday after a five-day obstruction due to bad weather. The flights were possible after removing the snow piled up at airport. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The snow was removed from the airport with the initiative of airport employees, airlines employees, security personnel and local entrepreneurs. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With the resumption of air service, people coming to and going out of the district have felt a sigh of relief. Most of the flights to Simikot are from Nepalgunjg and Surkhet. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal Food Management and Trade Company has started food supply with the resumption of flight. Other daily essentials have also been transported through flight. Sita Air and Tara Airlines are conducting flights in the district. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the District Administration Office, Humla resumed its services from Monday. The Office had closed all services for a week after the Assistant Chief District Officer tested positive for coronavirus. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-02-09', 'modified' => '2022-02-09', 'keywords' => '', 'description' => '', 'sortorder' => '14483', 'image' => '20220209020158_DB-Simkot-AirUdana.jpg', 'article_date' => '2022-02-09 14:01:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14739', 'article_category_id' => '1', 'title' => 'IBN Approves Dabur Nepal’s Investment Proposal of Rs 9.68 Billion ', 'sub_title' => '', 'summary' => 'February 9: Dabur Nepal, a multinational company operating in Nepal, is making an additional investment of Rs 9.68 billion. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">February 9: Dabur Nepal, a multinational company operating in Nepal, is making an additional investment of Rs 9.68 billion. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Investment Board has approved the additional investment proposed by Dabur Nepal. Prior to the second wave of Covid-19, the company had sought permission from the board to increase its investment in Nepal. According to the board officials, the proposal of Dabur Nepal, which produces beverages, beauty and health products, to invest Rs 9.68 billion has been approved. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Investment Board is responsible to approve and facilitate any investment above Rs 6 billion in Nepal. Accordingly, Dabur Nepal took permission from the board. Sushil Bhatta, chief executive officer of the board, informed that after discussing the company's proposal, the board meeting on Tuesday approved the investment. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The contribution of Dabur Nepal in the country’s export trade is 5.34 percent. In Nepal, 97.5 percent share of Dabur Nepal is owned by Dabur International Limited and the remaining 2.5 percent is owned by a Nepali partner. Dabur, who came to Nepal in 2047, has been producing goods including juice in Nepal and exporting them to India. Dabur has given priority to increasing the production capacity of the commodities that have more potential for export. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The main products of Dabur are Real Juice, Dabur Chyawanprash, Dabur Red Toothpaste, Dabur Hajmola, Dabur Amla Hair Oil, Dabur Honey, Dabur Glucose D, Gulabari, Fem, Prostyle, Odonil and hand wash. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Dabur Nepal said that they have been collaborating with farmers for the production of herbal plants. Recently, Dabur Nepal’s income has been increasing in Nepal. In 2020, the company earned Rs 8.93 billion from Nepal. Due to the coronavirus, there was a slight decline in revenue this year as compared to 2019. In 2019, the company had earned a revenue of Rs 9 billion. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Abhaya Gorkhali, marketing head of Dabur Nepal, informed that some portion of the investment approved on Tuesday will be invested in new products. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He said that the investment would be spent on new products, machines and maintenance of old ones in the next two to four years and also to add existing juice production plants. In addition, he said the company plans to expand the capacity of the current juice plant by adding new lines to juice production, replacing old machines and investing in new products. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Meanwhile, the Investment Board is set to become a member of a global public-private partnership. The board has decided to become a member of the World Association of PPP Units and Professionals in Switzerland. The association had committed to provide free membership to the Board. The Investment Board is confident that it will receive technical assistance on PPP related knowledge and best practices after getting the membership. </span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2022-02-09', 'modified' => '2022-02-09', 'keywords' => '', 'description' => '', 'sortorder' => '14482', 'image' => '20220209015840_116156295_3394514717279390_6580754314870935853_n.jpg', 'article_date' => '2022-02-09 13:57:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14738', 'article_category_id' => '1', 'title' => 'Credit Flow Higher than Deposit Collection in Banking Sector of Nepal', 'sub_title' => '', 'summary' => 'February 9: The growth rate of credit flow in the banking sector of Nepal has been higher than that of deposit collection.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">February 9: The growth rate of credit flow in the banking sector of Nepal has been higher than that of deposit collection. The annual growth rate of credit flow has been increasing every year compared to the growth rate of deposit collection. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to a study conducted by the Confederation of Banks and Financial Institutions (CIBFIN), the growth rate of credit flow has been higher than that of deposit collection every year since 2070 BS except for FY 2076/77.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In FY 2069/70, deposit collection increased by 17 percent, while credit flow increased by 21 percent. Similarly, when the deposit collection increased by 21 percent in the last fiscal year (FY 2077/78), the growth rate of credit flow was 28 percent.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In FY 2076/77, the growth rate of credit flow was lower than deposit collection. While deposits increased by 17 percent that year, credit flow was only 12 percent. Loan flow had shrunk during that period due to the closure led by the Covid-19 pandemic.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Experts have said that credit flow has been higher than the accumulation of deposits every year due to the expanding economy. They opined that this was also the case because banks became more aggressive and increased lending.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Banking expert Analraj Bhattarai informed that increasing the flow of credit is good. "The way credit flows have increased confirms that the economy is expanding," he said. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Low deposits on the other hand indicate that there aren’t adequate resources to expand the economy. At the same time, various other problems have also started appearing.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Bhattarai says that if the growth rate of loan flow and deposit collection continues to grow at the same proportion, it will be a challenge for banks to manage liquidity crisis in the coming days.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He said that the deposit collection could not increase as more credit has been flowed to the consumable sector. The loan disbursed from the bank comes back as a deposit in the bank after completing a certain cycle. As a result, it helps banks balance the credit to deposit ratio.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He said that banks and financial institutions and traders should exercise restraint in disbursing loans. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"If that doesn't happen, the NRB should come up with a policy to control the flow of credit," he said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Lately, the areas of deposit collection have expanded. The per capita income of Nepalis is increasing annually. The turnover and profit of business associations have increased. The salaries of government and private sector employees are also on the rise. The inflow of remittances also seems to have increased. Bhattarai says that even in that case, the lack of improvement in deposits is a matter of debate.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">If this situation continues, it will be a challenge to meet the demand for loans in the coming days, he said. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"During the same period, banks' paid-up capital have increased, and it became easier to meet the demand for loans. But, it seems to be a real challenge to meet the demand for loans in the near future,” he said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Machhapuchhre Bank’s CEO Santosh Koirala informed that the demand for loan is rising recently. However, he said that there is a challenge to meet the growing demand due to low deposits.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-09', 'modified' => '2022-02-09', 'keywords' => '', 'description' => '', 'sortorder' => '14481', 'image' => '20220209125009_Banks - Copy.jpg', 'article_date' => '2022-02-09 12:49:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '14751', 'article_category_id' => '1', 'title' => 'Interest Rates on Loans Rising Again', 'sub_title' => '', 'summary' => 'February 11: As interest rates on deposits have risen, so have interest rates on loans.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">February 11: As interest rates on deposits have risen, so have interest rates on loans. Due to the liquidity crunch, banks are collecting deposits at high-interest rates. The rise of interest rates on deposits of commercial banks has also had a direct impact on the base rate and interest rates on loans.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Nepal Rastra Bank, the interest rate on loans extended by commercial banks has increased by 0.35 percentage points in one year. The weighted average interest rate on loans was 9.09 percent in January / February of last fiscal year (FY 2020/21). The weighted average interest rate on loans disbursed by commercial banks has reached 9.44 percent in the corresponding period of the current fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">With the opening of business in the current fiscal year, the demand for loans has started rising. As the demand for credit has increased, so have the interest rates of banks.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Former Executive Director of Nepal Rastra Bank Nara Bahadur Thapa says that the increase in interest rate helps maintain financial stability. He said that the increase in interest rates would have a direct impact on industry and trade, but would also help reduce the trade deficit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"As interest rates on deposits rise, so does the cost of funds, and so does business loans. However, the trade deficit will not be reduced if interest rates are not raised as much as required,” he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">If interest rates rise, the capital market will stop declining, Thapa said. According to him, the capital market has gone down in Nepal due to the low interest rates. Thapa said that it would be necessary to increase the interest rate of the banks to help the capital market to rise.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The weighted average interest rate on deposits of commercial banks has also increased by 1.37 percentage points in one year. The interest rate on deposits was 5 percent in December last year. The interest rate on deposits has risen to 6.37 percent in December this year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Along with the rise in interest rates, the base rate of banks has also gone up. The base rate of commercial banks has increased by 1.25 percentage points in the current fiscal year compared to the previous fiscal year.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-11', 'modified' => '2022-02-11', 'keywords' => '', 'description' => '', 'sortorder' => '14495', 'image' => '20220211031847_interest-rates-e1541025967190.jpg', 'article_date' => '2022-02-11 15:17:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14752', 'article_category_id' => '1', 'title' => 'PADT Decides to Reopen Pashupatinath Temple from Today', 'sub_title' => '', 'summary' => 'February 11: Pashupati Area Development Trust (PADT) has decided to reopen the Pashupatinath Temple from today (February 11). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">February 11: Pashupati Area Development Trust (PADT) has decided to reopen the Pashupatinath Temple from today (February 11). The temple was closed since January 19 due to the third wave of coronavirus.</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 a notice issued by the Trust on Thursday, the temple is being opened as per the order of the District Administration Office, Kathmandu, on February 7, that allows worship, meditation or prayers in places like monasteries, temples, mosques, and churches by observing public health standards. </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"">Although the temple was closed for the public, the priests had given continuity to regular worship by adopting safety standards, PADT Member </span><span style="font-family:"Arial Unicode MS","sans-serif"">Dr Ghanashyam Khatiwada</span> had announced earlier. <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prior to this, </span><span style="font-family:"Arial Unicode MS","sans-serif"">the Pashupatinath Temple was closed for devotees during March, 2020 when the first wave of COVID-19 hit the country. The temple was reopened after nine months. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">When the second wave hit during last April, the temple authorities again closed the temple owing to the risk of Delta variant of COVID-19. The temple was reopened after nearly five months as the number of COVID-19 cases began to decline in the country. </span></span></span></p> ', 'published' => true, 'created' => '2022-02-11', 'modified' => '2022-02-11', 'keywords' => '', 'description' => '', 'sortorder' => '14494', 'image' => '20220211034759_20220119043423_Nepal_Aug11_mymiFBv.jpg', 'article_date' => '2022-02-11 15:46:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14750', 'article_category_id' => '1', 'title' => 'Credit flow of Banks to Unproductive Sector Increasing ', 'sub_title' => '', 'summary' => 'February 11: Credit flow of banks and financial institutions to the unproductive sector has started increasing after the demand for credit from the manufacturing industries and for infrastructure development declined due to the impact of COVID-19. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">February 11: Credit flow of banks and financial institutions to the unproductive sector has started increasing after the demand for credit from the manufacturing industries and for infrastructure development declined due to the impact of COVID-19. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Nepal Rastra Bank (NRB), flow of consumption loans from banks and financial institutions have increased by 440 percent till mid-January of the current fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The bank had disbursed consumption loans of Rs 119.52 billion till mid-January 2020. However, the loan flow under this heading reached Rs 823 billion in 2021. This is 17.65 percent of the total investment of banks. As of mid-January this year, banks and financial institutions have disbursed a total of Rs 466.16 billion loan. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Banks and financial institutions have been providing consumer loans against gold and silver and debentures. Such loans are also issued to fixed deposit account holders. Similarly, they have been investing in credit cards and other headings as well. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">BFIs have invested Rs 78.39 billion in debenture securities, Rs 48.40 billion against collateral of gold and silver, Rs 36.83 billion issued for fixed deposit receipt holders and Rs 3.09 billion for credit cards. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Consumers do not have to disclose the purpose when taking a loan under the consumer heading. The common people have been taking consumer loans to meet their daily needs including household expenses. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Chairman of the Nepal Bankers' Association and Chief Executive Officer of the Agricultural Development Bank, Anil Kumar Upadhyaya, said that the growth of consumer credit was high due to low credit flow in industry and businesses. “The demand for loans in the manufacturing sector has declined due to the pandemic,” he said, adding, “This is why the growth rate of consumer credit has been high.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The credit flow from banks to the construction sector has also decreased since mid-January 2021. Compared to last year, the credit flow to this sector has decreased by 48.08 percent. Apart from this, credit flow to other productive sectors has also declined. Credit flow of banks in the agricultural sector increased by 13 percent in 2021. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Experts say that increasing investment in unproductive sectors such as consumer needs is risky while the credit of banks and financial institutions should flow into the productive sector and contribute to production, employment and overall economic growth. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-11', 'modified' => '2022-02-11', 'keywords' => '', 'description' => '', 'sortorder' => '14493', 'image' => '20220211014744_Banks - Copy.jpg', 'article_date' => '2022-02-11 13:47:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14749', 'article_category_id' => '1', 'title' => '1.1 Million Children Still Engaged in Child Labour in Nepal: Report', 'sub_title' => '', 'summary' => 'February 11: Nepal has made some improvements in reducing child labour over the last one decade.', 'content' => '<p><em> Photo Courtesy: ILO</em></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 11: Nepal has made some improvements in reducing child labour over the last one decade. However, 1.1 million children are still found working in brick kilns, carpet factories and entertainment business, among others, shows a recent report. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The joint report prepared by the Central Bureau of Statistics of the National Planning Commission and International Labour Organization (ILO) states that nearly 1.1 million children are involved in child labour in Nepal. Among them, 0.2 million children are subjected to worst forms of child labour. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The statistics reveal that child labour is still significant although the overall trend is declining in Nepal. As per the data, 2.6 million children were involved in child labour in the country in 1998, which dropped to 1.6 million in 2008 and 1.1 million in 2018. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the state-owned national news agency RSS, agriculture is found to be the sector with highest percent of child labour (87 percent) and Dalit children constitute the highest (19.4 percent) proportion based on caste and ethnicity. The report assesses the status of child labour in the country and is believed to help the government implement the second National Master Plan (2018 – 2028) on Child Labour, recently endorsed by the Ministry of Labour, Employment and Social Security (MoLESS). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The dis-aggregated data will also be useful for planning and designing child-focused programmes and activities at provincial and local levels by the government and other development partners in Nepal, RSS reported. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It is stated that among the total seven million children between the ages of 5 and 17 in Nepal, 1.1 million children (15.3 percent) were found to be engaged in child labour which is a significant decline in child labour in comparison to 2008 (1.6 million). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> The child labour prevalence for children between age of 5 and 13 years is 18 percent while it is 10 percent for the children between age of 14 and 17. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, female children are more likely to be engaged in child labour (17 percent) than that of male children (14 percent), the report states. Child labour is the highest in Karnali (24.6 percent) followed by Sudurpashchim (20.9 percent), Province 1 (17.6 percent), Gandaki (16.1 percent), Lumbini (15.8 percent), Madhes (11.5 percent), and the lowest in Bagmati (8.9 percent). According to the report, the prevalence of child labour is higher in rural areas (20.4 percent) than that of urban areas (12.1 percent). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The report found that among the total children engaged in child labour, about 87 child labour are engaged in the agriculture sector while 13 child labour are involved in other sectors. The highest child labour prevalence is found among Dalits (19.4 child labour), followed by Janajati (18.1 child labour), Brahmin/Chhetri (14.5 child labour), Terai caste (12.7 child labour), Muslim and other caste categories (12.8 child labour) and the lowest is among Newar (9.9 child labour). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the sectors with the highest child labour were found to be ‘self production’ (13.2 child labour) followed by elementary occupation (1.3 child labour), service and sales worker (1.2 child labour), skilled/semi-skilled agriculture occupation (1 child labour), crafts and trade workers (0.5 child labour), and plant and machine operators (0.1 child labour). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Children working as child labourers earned Rs 3116 per week. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the report, children engaged in child labour worked an average of 15 hours per week. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The study found that about 0.2 million (3.2 percent) children are found to be engaged in hazardous work which is a significant decline in comparison to 2008 (0.62 million). More males (3.7 percent) are engaged in such work in comparison to females (2.6 percent). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The highest number of children working in the hazardous sector is from Lumbini (4 percent) followed by Province 1 (3.9 percent), Province 2 (3.4 percent), Gandaki (3.1 percent), Bagmati (3.1 percent), Karnali (1.9 percent), and Sudurpashchim (1.4 percent). </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-11', 'modified' => '2022-02-11', 'keywords' => '', 'description' => '', 'sortorder' => '14492', 'image' => '20220211120028_wcms_790143.jpg', 'article_date' => '2022-02-11 11:59:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14748', 'article_category_id' => '1', 'title' => 'DDC Hikes Price of Milk by Rs 9 Per Litre', 'sub_title' => '', 'summary' => 'February 11: The Dairy Development Corporation (DDC) has increased the price of milk in accordance to the price in the local markets across different cities.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 11: The Dairy Development Corporation (DDC) has increased the price of milk in accordance to the price in the local markets across different cities.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Organizing a press conference on Thursday, the DDC informed that the price of milk has been increased by Rs 9 per litre. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The new price will come into effect from today (February 11), DDC said unveiling the decision taken by the Board of Directors on Wednesday, February 9.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the decision of the board, the price of milk has been fixed at Rs 85 per litre in the Kathmandu valley, Hetauda, Biratnagar and Janakpur.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prior to this, it used to cost Rs 76 for a litre of milk in these cities.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, the board has fixed the price of Rs 81 per litre of milk in cities such as Butwal and Bhairahawa while the price is Rs 79 per litre in Nepalgunj and Dhangadhi.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With the increase in price, farmers are expected to gain Rs 6.52 and the industrialists with benefit with Rs 2.88 per litre of milk. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The minimum base price of unprocessed milk, however, is Rs 56.4 per litre, as per the decision taken by the Council of Ministers on January 30. The base price will benefit the producers while the price fixed by the DDC will have impact on the consumers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government increased the price of milk upon the recommendation of a committee formed to adjust the price of milk. Although the price of milk used to be adjusted every year in the past, it had not been increased for the past two and half years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Milk producers and farmers had been complaining that they were not getting the right price of their produce due to inflation. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It is estimated that around 2.4 million metric tons of milk is produced in Nepal annually.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-11', 'modified' => '2022-02-11', 'keywords' => '', 'description' => '', 'sortorder' => '14491', 'image' => '20220211081950_20220203111904_20220121121357_20200423093954_1542865405_16685959.jpg', 'article_date' => '2022-02-11 08:19:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14747', 'article_category_id' => '1', 'title' => 'NRB further Tightens Noose on Imports', 'sub_title' => '', 'summary' => 'February 10: Nepal Rastra Bank (NRB) has tightened the screws on imports due to the decline in Balance of Payments (BoP) and foreign exchange reserves.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 10: Nepal Rastra Bank (NRB) has tightened the screws on imports due to the increase in Balance of Payments (BoP) and decline in foreign exchange reserves. Issuing a circular to banks and financial institutions (BFIs) on Wednesday, the central bank increased the number of items for which the importers are required to keep a 100 percent margin for opening letter of credit (LC). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank had introduced the provision of 100 percent cash margin for opening LC in the third week of December. Back then, the items that required 100 percent cash margin included beer, wine, and other liquors as well as tobacco products, silver, gold, furniture, sugar, sweet meats, mineral water, energy drinks, nail polish, body lotion, face cream and other cosmetics, caps, shoes, leather, construction materials, marble tiles among others.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The newly added list includes products such as walnut, almond, banana, cigarette, cake, handbag, watches, seat of vehicles, painting and drawing materials that also require 100 percent cash margin for opening LC.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, goods such as motorcycles and scooters, woolen thread, readymade garments, jackets among others require 50 percent cash margin.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">BFIs will not be allowed to provide loan for the cash margin while the amount deposited by the importers will not be entitled to interest, according to the NRB directive.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank had adopted a policy to discourage the import of luxury goods following the half-yearly review of monetary policy.</span></span></p> ', 'published' => true, 'created' => '2022-02-10', 'modified' => '2022-02-23', 'keywords' => '', 'description' => '', 'sortorder' => '14490', 'image' => '20220210051828_1589813124964.jpg', 'article_date' => '2022-02-10 17:17:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14746', 'article_category_id' => '1', 'title' => 'EU and IFC to Accelerate Climate-Smart Investments in South Asia', 'sub_title' => '', 'summary' => 'February 10: Six South Asian nations, including Nepal, are set to benefit from a new USD$ 21.5 million funding from the European Union (EU), which is expected help to accelerate climate-smart, inclusive infrastructure investments in their regions, the EU and IFC said in a joint statement on Thursday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 10: Six South Asian nations, including Nepal, are set to benefit from a new USD$ 21.5 million funding from the European Union (EU), which is expected help to accelerate climate-smart, inclusive infrastructure investments in their regions, the EU and IFC said in a joint statement on Thursday (February 10). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the statement, IFC – a member of the World Bank Group and one of the largest global development institutions focused on the private sector in emerging markets – will implement the project under the programme, Accelerating Climate-Smart and Inclusive Infrastructure in South Asia (ACSIIS).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">ACSIIS is a five-year programme running from 2021 to 2026. It is expected to help spur investments in energy, water, waste management, transport, logistics, and green buildings to benefit people and businesses in Bangladesh, Bhutan, India, the Maldives, Nepal, and Sri Lanka. ACSIIS would leverage USD$ 850 million of private sector investments in the region, the statement added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The impact of COVID-19 on investments in infrastructure has been widespread and severe. Investment commitments in infrastructure with private participation in 2020 dropped by an unprecedented 52 percent from 2019 levels. IFC estimates that South Asian countries can unlock more than US$3 trillion of climate-smart investment opportunities by fully meeting the national targets under the Paris Agreement by 2030,” the statement reads.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Hector Gomez Ang, the regional director of IFC for South Asia, attracting private capital for climate-smart infrastructure in a sustainable and inclusive manner will be critical for post-COVID-19 recovery in the region.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The EU’s support for the programme could not come at a better time as it is vital to act now to unblock obstacles to spurring sustainable infrastructure projects. This programme will leverage IFC's experience and expertise in supporting climate-smart infrastructure development in the region,” he added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The programme will also support the development of climate-smart investments in agriculture, manufacturing, tourism, health, and education while focusing on key themes such as cities, gender, and green finance. The latest initiative builds on IFC’s previous partnership with the EU to support the Eco-Cities Programme in India and other programmes in the region.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Through ACSIIS, IFC will support early-stage market development to address key market-wide constraints, as well as deliver project-level technical advice to structure sustainable infrastructure investments for the target countries, the statement further said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The programme will also support capacity building of private and government sectors to improve their ability to design, structure, and implement sustainable infrastructure projects. Several of these components, according to the joint statement, are part of IFC’s Upstream strategy, which aims to create markets in the most challenging environments, laying the foundation for future investment projects.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-10', 'modified' => '2022-02-10', 'keywords' => '', 'description' => '', 'sortorder' => '14489', 'image' => '20220210032341_61adcbb3132702612568c2b4_Money-original-large.jpg', 'article_date' => '2022-02-10 15:22:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14745', 'article_category_id' => '1', 'title' => 'Trade Deficit Increases to Rs 880 Billion', 'sub_title' => '', 'summary' => 'February 10: Nepal’s trade deficit increased by 46.6 percent in the first six months of the current fiscal year to Rs 880.49 billion.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">February 10: Nepal’s trade deficit increased by 46.6 percent in the first six months of the current fiscal year to Rs 880.49 billion. According to the Nepal Rastra Bank, the total trade deficit had contracted 5.8 percent in the corresponding period of the previous year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Current Macroeconomic and Financial Situation Report unveiled by the central bank on Wednesday states that the export-import ratio increased to 11.9 percent in the review period from 9.2 percent in the corresponding period of the previous year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">During the six months of FY 2021/22, merchandise exports increased 95.5 percent to Rs 118.85 billion compared to an increase of 6.1 percent in the same period of the previous year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Destination-wise, exports to India and other countries increased 121.8 percent and 30.2 respectively whereas exports to China decreased 10.2 percent. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Exports of palm oil, soybean oil, oil cakes, juice, woolen carpets, among others, increased whereas exports of cardamom, tea, herbs, zinc sheet, wire, among others, decreased in the review period, the report states.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, merchandise imports during the six months of FY 2021/22 increased 51.1 percent to Rs 999.34 billion against a decrease of 4.8 percent a year ago. Destination-wise, imports from India, China and other countries increased 37.5 percent, 51.5 percent, and 98.2 percent respectively. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the NRB report, imports of petroleum products, medicine, crude palm oil, transport equipment, vehicle and other parts, crude soybean oil, among others, increased whereas imports of MS billet, cement, pulses, molasses sugar, insecticides, among others, decreased in the review period. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Based on customs points, exports from Kanchanpur, Mechi, and Nepalgunj customs offices decreased whereas exports from all the other major customs points increased in the review period. On the import side, imports from all the major customs points increased in the review period. </span></span></span></p> <p> </p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">During the six months of FY 2021/22, merchandise imports from India by paying convertible foreign currency amounted Rs 110.91 billion. Such amount was Rs 83.01 billion in the same period of the previous year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">As per the Broad Economic Categories (BEC), the intermediate and final consumption goods accounted for 47.8 percent and 52.2 percent of the total exports respectively, whereas the ratio of capital goods in total exports remained negligible at 0.02 percent in the review period.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">In the same period of the previous year, the ratio of intermediate, capital and final consumption goods remained 31.9 percent, 0.6 percent and 67.5 percent of total exports respectively. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">On the imports side, the share of intermediate goods remained 53.7 percent, capital goods 10.9 percent and final consumption goods 35.4 percent in the review period. Such ratios were 52.6 percent, 12.0 percent and 35.4 percent respectively in the same period of the previous year, the report stated.</span></span></span></p> ', 'published' => true, 'created' => '2022-02-10', 'modified' => '2022-02-10', 'keywords' => '', 'description' => '', 'sortorder' => '14488', 'image' => '20220210025613_Trade.jpg', 'article_date' => '2022-02-10 14:55:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14744', 'article_category_id' => '1', 'title' => 'Foreign Exchange Reserves continue to Decline Despite Measures taken by NRB', 'sub_title' => '', 'summary' => 'February 10: The decline in foreign exchange reserves has continued despite the tightening of imports.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 10: The decline in foreign exchange reserves has continued despite the tightening of imports. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal Rastra Bank (NRB) had made an arrangement of keeping a cash margin of 100 percent for opening letter of credit (LC) for importing certain goods considering the negative impact of high imports on the foreign exchange reserves of the country. However, the decline in foreign exchange reserves has not stopped despite such measures</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Current Macroeconomic and Financial Situation Report released by the Nepal Rastra Bank on Wednesday, the foreign exchange reserves declined by an additional USD 140 million in the first six months of the current fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NRB said that the current foreign exchange will only support imports for 6.6 months.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">From the first week of December, NRB had made provision for a 100 percent margin when opening an LC for the purpose of importing luxury items such as silver and vehicles. Since then, imports of such items have declined. However, the recent data of Nepal Rastra Bank has confirmed that the declining foreign exchange reserves have not come under control yet.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the last six months alone, foreign exchange reserves have declined by about 16 percent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As of mid-July last year, foreign exchange reserves stood at US$ 11.75 billion. As of mid-January 2022, it had declined by US$ 1.86 billion to US$ 9.89 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Executive Director of Nepal Rastra Bank Dr Gunakar Bhatta said there is no need to worry about the decline in foreign exchange. The foreign exchange reserves that can support 6/7 months of imports are considered good, he added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">By mid-January, consumer price inflation has eased. Inflation, which had reached a five-year high of 7.11 percent last December, has dropped to 5.65 percent in mid-January. In the last month, inflation declined by 1.46 percentage points. However, the decline in remittances has continued.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the balance of payments deficit, current account deficit, and trade deficit have increased.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NRB Executive Director Dr Bhatta said that there was still no improvement in key indicators of the economy.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He said that foreign exchange reserves and the balance of payments were deteriorating due to high imports in the first six months of the current fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Balance of Payments (BOP) remained at a deficit of Rs 241.23 billion in the review period against a surplus of Rs.124.92 billion in the same period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The current account remained at a deficit of Rs.354.07 billion in the review period compared to a deficit of Rs.51.68 billion in the same period of the previous year.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-10', 'modified' => '2022-02-10', 'keywords' => '', 'description' => '', 'sortorder' => '14487', 'image' => '20220210014713_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-02-10 13:46:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14743', 'article_category_id' => '1', 'title' => 'Tendency of Seeking Funds Beyond Allocated Budget Increasing ', 'sub_title' => '', 'summary' => 'February 10: The trend of seeking funds outside the budget is growing alarmingly.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">February 10: The trend of seeking funds outside the budget is growing alarmingly. Instead of spending money from the budget announced by the government on May 29, most of the concerned agencies and ministries have asked for additional budget of more than Rs 216 billion. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the first seven months of the current Fiscal Year (FY), capital expenditure for development has so far been 16 percent of allocated budget while most of the agencies have asked for funds outside the budget. This year, the Ministry of Finance has demanded an additional budget of Rs 13.18 billion, while the Ministry of Energy, Water Resources and Irrigation has the highest demand for additional budget. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The energy ministry demanded more than Rs 59 billion outside the budget. The performance of this ministry in budget expenditure does not look good. The ministry has spent only 17 percent of the development budget allocated in the current fiscal year. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Ministry of Physical Infrastructure and Transport has demanded an additional amount of Rs 28.45 billion than the allocated budget. The ministry has spent a total of 16.98 percent of the budget allocated for development expenditure in the current fiscal year. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The list of bodies demanding big budgets include the Ministry of Agriculture and Livestock Development, Ministry of Defense, Ministry of Urban Development, Ministry of Communications and Information Technology, Ministry of Health and Population, Ministry of Education, Science and Technology, National Planning Commission and Ministry of Tourism. These ministries have so far spent 15 to 22 percent of budget allocated for development works. The additional budget was demanded before the election was announced. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">These bodies are also spending very poorly in the current fiscal year's budget. This shows that the past trend of not spending money on programmes included in the budget but asking for funds is still prevalent. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to former chief secretary Bimal Koirala, there is a growing tendency for ministries to go beyond the budget and ask for large amount of fund. This tendency raises questions on the homework done by the government officials during the preparation of the budget and proves that they are failing to make accurate estimates of the projects and programmes in the budget. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After the government announced that the local elections will be held in one phase on May 13, it has been a challenge for the Ministry of Finance to manage resources. So far, the Election Commission has estimated that it will cost around Rs 12 billion to hold the local elections. The commission has already submitted an estimate to Prime Minister Sher Bahadur Deuba a week ago. According to the EC, an additional budget of Rs 4 billion has been demanded that the budget allocated for the 2074 elections.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-10', 'modified' => '2022-02-10', 'keywords' => '', 'description' => '', 'sortorder' => '14486', 'image' => '20220210011355_Budget.jpg', 'article_date' => '2022-02-10 13:13:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14742', 'article_category_id' => '1', 'title' => 'Remittance Inflow Declines by 5.5 Percent ', 'sub_title' => '', 'summary' => 'February 10: Remittance inflow to Nepal has declined in the first six months of the current fiscal year, Nepal Rastra Bank (NRB) stated in its latest report. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 10: Remittance inflow to Nepal has declined in the first six months of the current fiscal year, Nepal Rastra Bank (NRB) stated in its latest report. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Current Macroeconomic and Financial Situation Report released by the central bank on Wednesday (February 9), the inflow of remittance has declined by 5.5 per cent during the review period to Rs 468.45 billion against an increase of 11.1 percent in the same period of the previous year </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In terms of the US Dollar, remittance inflow decreased 6.2 percent to 3.93 billion in the review period against an increase of 6.7 percent in the same period of the previous year, the report stated.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, the number of Nepalis acquiring work permit for foreign employment during the review period has increased significantly to 167,513. It had declined by 89 per cent during the corresponding period of the previous fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, number of Nepali workers taking approval for foreign employment (renew entry) has increased by 298.1 per cent to 130,212 during the review period while it had decreased by 75.5 per cent during the corresponding period of previous fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the NRB, the net transfer has decreased by 4.9 per cent to Rs 523 billion during the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Such a transfer had increased 8.9 percent in the same period of the previous year, the report states.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-10', 'modified' => '2022-02-10', 'keywords' => '', 'description' => '', 'sortorder' => '14485', 'image' => '20220210115450_Remittance.jpg', 'article_date' => '2022-02-10 11:54:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14741', 'article_category_id' => '1', 'title' => 'World Bank Report Suggests Reforms to Improve Public Expenditure for Human Capital', 'sub_title' => '', 'summary' => 'February 10: Nepal has made significant progress in human capital development, though key challenges remain in the health, education, and social protection sectors, which have been exacerbated by the COVID crisis, the World Bank said referring to its latest report.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 10: Nepal has made significant progress in human capital development, though key challenges remain in the health, education, and social protection sectors, which have been exacerbated by the COVID crisis, the World Bank said referring to its latest report.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the World Bank’s report “Federalism and Public Expenditure for Human Development in Nepal: An emerging agenda” launched virtually on Wednesday (February 9), Nepal’s transition to a federal state presents an opportunity to promote greater human capital accumulation, but it requires significant investment and improved efficiency in spending.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">While federalism is helping bring policymaking and service delivery closer to the people, it can be further strengthened through a clear definition of responsibilities of each level of government and ensuring the systems and resources are in place for their implementation, states the report.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“This report provides a comprehensive review of the challenges facing Nepal’s human development sectors in the federal context,” the World Bank quoted Finance Secretary Madhu Kumar Marasini as saying. “The recommendations are aligned with our national development plans and will inform and support our ongoing efforts to ensure all levels of government have the means and tools to perform their key functions in the delivery of core services in education, health, and social protection.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Public Expenditure Review (PER) identifies key reforms to help Nepal improve human capital outcomes in the federal context. The reforms suggested by the report are: (i) addressing gaps in programming, including economic inclusion for the poor, and mainstreaming delivery processes; (ii) clarifying roles of different levels of government and ensuring standards are implemented; (iii) improving management processes and systems, including a social registry; (iv) introducing incentives to promote good management practices; and (v) addressing human resource challenges to ensure that subnational governments have the capacity to efficiently deliver quality services.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The World Bank is committed to continue supporting government reforms to improve human capital outcomes, drawing on the recommendations of this report, as well as the Public Expenditure Review Report on Fiscal Policy for Sustainable Development launched in December 2021,” said Faris Hadad-Zervos, World Bank’s Country Director for the Maldives, Nepal, and Sri Lanka. “Human capital is one of the pillars of our Country Partnership Framework, and the implementation of key reforms will be supported through our technical dialogue and financial investment in the health, education and social protection sectors, as well as through our various Development Policy Credits.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Vice Chairman of the National Planning Commission Dr Bishwo Nath Poudel said that human capital is at the heart of the green, resilient, and inclusive development (GRID) approach adopted by Nepal. “The sustainability of development, adaptation to risks, and reduction of disparities (inclusive) all require addressing the structural issues that hamper further improvements in human development outcomes. The report’s recommendations aim to contribute to further advance Nepal’s GRID agenda in this regard”.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-10', 'modified' => '2022-02-10', 'keywords' => '', 'description' => '', 'sortorder' => '14484', 'image' => '20220210112645_1616615608902615_n.jpg', 'article_date' => '2022-02-10 11:26:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14740', 'article_category_id' => '1', 'title' => 'Flight Service Resumes in Humla after 5 Days', 'sub_title' => '', 'summary' => 'February 9: Flights to and from Simkot airport have resumed since Tuesday after a five-day obstruction due to bad weather. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">February 9: Flights to and from Simkot airport have resumed since Tuesday after a five-day obstruction due to bad weather. The flights were possible after removing the snow piled up at airport. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The snow was removed from the airport with the initiative of airport employees, airlines employees, security personnel and local entrepreneurs. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With the resumption of air service, people coming to and going out of the district have felt a sigh of relief. Most of the flights to Simikot are from Nepalgunjg and Surkhet. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal Food Management and Trade Company has started food supply with the resumption of flight. Other daily essentials have also been transported through flight. Sita Air and Tara Airlines are conducting flights in the district. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the District Administration Office, Humla resumed its services from Monday. The Office had closed all services for a week after the Assistant Chief District Officer tested positive for coronavirus. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-02-09', 'modified' => '2022-02-09', 'keywords' => '', 'description' => '', 'sortorder' => '14483', 'image' => '20220209020158_DB-Simkot-AirUdana.jpg', 'article_date' => '2022-02-09 14:01:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14739', 'article_category_id' => '1', 'title' => 'IBN Approves Dabur Nepal’s Investment Proposal of Rs 9.68 Billion ', 'sub_title' => '', 'summary' => 'February 9: Dabur Nepal, a multinational company operating in Nepal, is making an additional investment of Rs 9.68 billion. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">February 9: Dabur Nepal, a multinational company operating in Nepal, is making an additional investment of Rs 9.68 billion. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Investment Board has approved the additional investment proposed by Dabur Nepal. Prior to the second wave of Covid-19, the company had sought permission from the board to increase its investment in Nepal. According to the board officials, the proposal of Dabur Nepal, which produces beverages, beauty and health products, to invest Rs 9.68 billion has been approved. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Investment Board is responsible to approve and facilitate any investment above Rs 6 billion in Nepal. Accordingly, Dabur Nepal took permission from the board. Sushil Bhatta, chief executive officer of the board, informed that after discussing the company's proposal, the board meeting on Tuesday approved the investment. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The contribution of Dabur Nepal in the country’s export trade is 5.34 percent. In Nepal, 97.5 percent share of Dabur Nepal is owned by Dabur International Limited and the remaining 2.5 percent is owned by a Nepali partner. Dabur, who came to Nepal in 2047, has been producing goods including juice in Nepal and exporting them to India. Dabur has given priority to increasing the production capacity of the commodities that have more potential for export. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The main products of Dabur are Real Juice, Dabur Chyawanprash, Dabur Red Toothpaste, Dabur Hajmola, Dabur Amla Hair Oil, Dabur Honey, Dabur Glucose D, Gulabari, Fem, Prostyle, Odonil and hand wash. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Dabur Nepal said that they have been collaborating with farmers for the production of herbal plants. Recently, Dabur Nepal’s income has been increasing in Nepal. In 2020, the company earned Rs 8.93 billion from Nepal. Due to the coronavirus, there was a slight decline in revenue this year as compared to 2019. In 2019, the company had earned a revenue of Rs 9 billion. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Abhaya Gorkhali, marketing head of Dabur Nepal, informed that some portion of the investment approved on Tuesday will be invested in new products. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He said that the investment would be spent on new products, machines and maintenance of old ones in the next two to four years and also to add existing juice production plants. In addition, he said the company plans to expand the capacity of the current juice plant by adding new lines to juice production, replacing old machines and investing in new products. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Meanwhile, the Investment Board is set to become a member of a global public-private partnership. The board has decided to become a member of the World Association of PPP Units and Professionals in Switzerland. The association had committed to provide free membership to the Board. The Investment Board is confident that it will receive technical assistance on PPP related knowledge and best practices after getting the membership. </span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2022-02-09', 'modified' => '2022-02-09', 'keywords' => '', 'description' => '', 'sortorder' => '14482', 'image' => '20220209015840_116156295_3394514717279390_6580754314870935853_n.jpg', 'article_date' => '2022-02-09 13:57:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14738', 'article_category_id' => '1', 'title' => 'Credit Flow Higher than Deposit Collection in Banking Sector of Nepal', 'sub_title' => '', 'summary' => 'February 9: The growth rate of credit flow in the banking sector of Nepal has been higher than that of deposit collection.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">February 9: The growth rate of credit flow in the banking sector of Nepal has been higher than that of deposit collection. The annual growth rate of credit flow has been increasing every year compared to the growth rate of deposit collection. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to a study conducted by the Confederation of Banks and Financial Institutions (CIBFIN), the growth rate of credit flow has been higher than that of deposit collection every year since 2070 BS except for FY 2076/77.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In FY 2069/70, deposit collection increased by 17 percent, while credit flow increased by 21 percent. Similarly, when the deposit collection increased by 21 percent in the last fiscal year (FY 2077/78), the growth rate of credit flow was 28 percent.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In FY 2076/77, the growth rate of credit flow was lower than deposit collection. While deposits increased by 17 percent that year, credit flow was only 12 percent. Loan flow had shrunk during that period due to the closure led by the Covid-19 pandemic.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Experts have said that credit flow has been higher than the accumulation of deposits every year due to the expanding economy. They opined that this was also the case because banks became more aggressive and increased lending.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Banking expert Analraj Bhattarai informed that increasing the flow of credit is good. "The way credit flows have increased confirms that the economy is expanding," he said. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Low deposits on the other hand indicate that there aren’t adequate resources to expand the economy. At the same time, various other problems have also started appearing.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Bhattarai says that if the growth rate of loan flow and deposit collection continues to grow at the same proportion, it will be a challenge for banks to manage liquidity crisis in the coming days.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He said that the deposit collection could not increase as more credit has been flowed to the consumable sector. The loan disbursed from the bank comes back as a deposit in the bank after completing a certain cycle. As a result, it helps banks balance the credit to deposit ratio.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He said that banks and financial institutions and traders should exercise restraint in disbursing loans. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"If that doesn't happen, the NRB should come up with a policy to control the flow of credit," he said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Lately, the areas of deposit collection have expanded. The per capita income of Nepalis is increasing annually. The turnover and profit of business associations have increased. The salaries of government and private sector employees are also on the rise. The inflow of remittances also seems to have increased. Bhattarai says that even in that case, the lack of improvement in deposits is a matter of debate.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">If this situation continues, it will be a challenge to meet the demand for loans in the coming days, he said. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"During the same period, banks' paid-up capital have increased, and it became easier to meet the demand for loans. But, it seems to be a real challenge to meet the demand for loans in the near future,” he said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Machhapuchhre Bank’s CEO Santosh Koirala informed that the demand for loan is rising recently. However, he said that there is a challenge to meet the growing demand due to low deposits.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-09', 'modified' => '2022-02-09', 'keywords' => '', 'description' => '', 'sortorder' => '14481', 'image' => '20220209125009_Banks - Copy.jpg', 'article_date' => '2022-02-09 12:49:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 133]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '14751', 'article_category_id' => '1', 'title' => 'Interest Rates on Loans Rising Again', 'sub_title' => '', 'summary' => 'February 11: As interest rates on deposits have risen, so have interest rates on loans.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">February 11: As interest rates on deposits have risen, so have interest rates on loans. Due to the liquidity crunch, banks are collecting deposits at high-interest rates. The rise of interest rates on deposits of commercial banks has also had a direct impact on the base rate and interest rates on loans.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Nepal Rastra Bank, the interest rate on loans extended by commercial banks has increased by 0.35 percentage points in one year. The weighted average interest rate on loans was 9.09 percent in January / February of last fiscal year (FY 2020/21). The weighted average interest rate on loans disbursed by commercial banks has reached 9.44 percent in the corresponding period of the current fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">With the opening of business in the current fiscal year, the demand for loans has started rising. As the demand for credit has increased, so have the interest rates of banks.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Former Executive Director of Nepal Rastra Bank Nara Bahadur Thapa says that the increase in interest rate helps maintain financial stability. He said that the increase in interest rates would have a direct impact on industry and trade, but would also help reduce the trade deficit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"As interest rates on deposits rise, so does the cost of funds, and so does business loans. However, the trade deficit will not be reduced if interest rates are not raised as much as required,” he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">If interest rates rise, the capital market will stop declining, Thapa said. According to him, the capital market has gone down in Nepal due to the low interest rates. Thapa said that it would be necessary to increase the interest rate of the banks to help the capital market to rise.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The weighted average interest rate on deposits of commercial banks has also increased by 1.37 percentage points in one year. The interest rate on deposits was 5 percent in December last year. The interest rate on deposits has risen to 6.37 percent in December this year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Along with the rise in interest rates, the base rate of banks has also gone up. The base rate of commercial banks has increased by 1.25 percentage points in the current fiscal year compared to the previous fiscal year.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-11', 'modified' => '2022-02-11', 'keywords' => '', 'description' => '', 'sortorder' => '14495', 'image' => '20220211031847_interest-rates-e1541025967190.jpg', 'article_date' => '2022-02-11 15:17:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14752', 'article_category_id' => '1', 'title' => 'PADT Decides to Reopen Pashupatinath Temple from Today', 'sub_title' => '', 'summary' => 'February 11: Pashupati Area Development Trust (PADT) has decided to reopen the Pashupatinath Temple from today (February 11). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">February 11: Pashupati Area Development Trust (PADT) has decided to reopen the Pashupatinath Temple from today (February 11). The temple was closed since January 19 due to the third wave of coronavirus.</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 a notice issued by the Trust on Thursday, the temple is being opened as per the order of the District Administration Office, Kathmandu, on February 7, that allows worship, meditation or prayers in places like monasteries, temples, mosques, and churches by observing public health standards. </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"">Although the temple was closed for the public, the priests had given continuity to regular worship by adopting safety standards, PADT Member </span><span style="font-family:"Arial Unicode MS","sans-serif"">Dr Ghanashyam Khatiwada</span> had announced earlier. <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prior to this, </span><span style="font-family:"Arial Unicode MS","sans-serif"">the Pashupatinath Temple was closed for devotees during March, 2020 when the first wave of COVID-19 hit the country. The temple was reopened after nine months. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">When the second wave hit during last April, the temple authorities again closed the temple owing to the risk of Delta variant of COVID-19. The temple was reopened after nearly five months as the number of COVID-19 cases began to decline in the country. </span></span></span></p> ', 'published' => true, 'created' => '2022-02-11', 'modified' => '2022-02-11', 'keywords' => '', 'description' => '', 'sortorder' => '14494', 'image' => '20220211034759_20220119043423_Nepal_Aug11_mymiFBv.jpg', 'article_date' => '2022-02-11 15:46:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14750', 'article_category_id' => '1', 'title' => 'Credit flow of Banks to Unproductive Sector Increasing ', 'sub_title' => '', 'summary' => 'February 11: Credit flow of banks and financial institutions to the unproductive sector has started increasing after the demand for credit from the manufacturing industries and for infrastructure development declined due to the impact of COVID-19. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">February 11: Credit flow of banks and financial institutions to the unproductive sector has started increasing after the demand for credit from the manufacturing industries and for infrastructure development declined due to the impact of COVID-19. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Nepal Rastra Bank (NRB), flow of consumption loans from banks and financial institutions have increased by 440 percent till mid-January of the current fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The bank had disbursed consumption loans of Rs 119.52 billion till mid-January 2020. However, the loan flow under this heading reached Rs 823 billion in 2021. This is 17.65 percent of the total investment of banks. As of mid-January this year, banks and financial institutions have disbursed a total of Rs 466.16 billion loan. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Banks and financial institutions have been providing consumer loans against gold and silver and debentures. Such loans are also issued to fixed deposit account holders. Similarly, they have been investing in credit cards and other headings as well. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">BFIs have invested Rs 78.39 billion in debenture securities, Rs 48.40 billion against collateral of gold and silver, Rs 36.83 billion issued for fixed deposit receipt holders and Rs 3.09 billion for credit cards. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Consumers do not have to disclose the purpose when taking a loan under the consumer heading. The common people have been taking consumer loans to meet their daily needs including household expenses. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Chairman of the Nepal Bankers' Association and Chief Executive Officer of the Agricultural Development Bank, Anil Kumar Upadhyaya, said that the growth of consumer credit was high due to low credit flow in industry and businesses. “The demand for loans in the manufacturing sector has declined due to the pandemic,” he said, adding, “This is why the growth rate of consumer credit has been high.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The credit flow from banks to the construction sector has also decreased since mid-January 2021. Compared to last year, the credit flow to this sector has decreased by 48.08 percent. Apart from this, credit flow to other productive sectors has also declined. Credit flow of banks in the agricultural sector increased by 13 percent in 2021. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Experts say that increasing investment in unproductive sectors such as consumer needs is risky while the credit of banks and financial institutions should flow into the productive sector and contribute to production, employment and overall economic growth. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-11', 'modified' => '2022-02-11', 'keywords' => '', 'description' => '', 'sortorder' => '14493', 'image' => '20220211014744_Banks - Copy.jpg', 'article_date' => '2022-02-11 13:47:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14749', 'article_category_id' => '1', 'title' => '1.1 Million Children Still Engaged in Child Labour in Nepal: Report', 'sub_title' => '', 'summary' => 'February 11: Nepal has made some improvements in reducing child labour over the last one decade.', 'content' => '<p><em> Photo Courtesy: ILO</em></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 11: Nepal has made some improvements in reducing child labour over the last one decade. However, 1.1 million children are still found working in brick kilns, carpet factories and entertainment business, among others, shows a recent report. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The joint report prepared by the Central Bureau of Statistics of the National Planning Commission and International Labour Organization (ILO) states that nearly 1.1 million children are involved in child labour in Nepal. Among them, 0.2 million children are subjected to worst forms of child labour. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The statistics reveal that child labour is still significant although the overall trend is declining in Nepal. As per the data, 2.6 million children were involved in child labour in the country in 1998, which dropped to 1.6 million in 2008 and 1.1 million in 2018. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the state-owned national news agency RSS, agriculture is found to be the sector with highest percent of child labour (87 percent) and Dalit children constitute the highest (19.4 percent) proportion based on caste and ethnicity. The report assesses the status of child labour in the country and is believed to help the government implement the second National Master Plan (2018 – 2028) on Child Labour, recently endorsed by the Ministry of Labour, Employment and Social Security (MoLESS). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The dis-aggregated data will also be useful for planning and designing child-focused programmes and activities at provincial and local levels by the government and other development partners in Nepal, RSS reported. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It is stated that among the total seven million children between the ages of 5 and 17 in Nepal, 1.1 million children (15.3 percent) were found to be engaged in child labour which is a significant decline in child labour in comparison to 2008 (1.6 million). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> The child labour prevalence for children between age of 5 and 13 years is 18 percent while it is 10 percent for the children between age of 14 and 17. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, female children are more likely to be engaged in child labour (17 percent) than that of male children (14 percent), the report states. Child labour is the highest in Karnali (24.6 percent) followed by Sudurpashchim (20.9 percent), Province 1 (17.6 percent), Gandaki (16.1 percent), Lumbini (15.8 percent), Madhes (11.5 percent), and the lowest in Bagmati (8.9 percent). According to the report, the prevalence of child labour is higher in rural areas (20.4 percent) than that of urban areas (12.1 percent). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The report found that among the total children engaged in child labour, about 87 child labour are engaged in the agriculture sector while 13 child labour are involved in other sectors. The highest child labour prevalence is found among Dalits (19.4 child labour), followed by Janajati (18.1 child labour), Brahmin/Chhetri (14.5 child labour), Terai caste (12.7 child labour), Muslim and other caste categories (12.8 child labour) and the lowest is among Newar (9.9 child labour). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the sectors with the highest child labour were found to be ‘self production’ (13.2 child labour) followed by elementary occupation (1.3 child labour), service and sales worker (1.2 child labour), skilled/semi-skilled agriculture occupation (1 child labour), crafts and trade workers (0.5 child labour), and plant and machine operators (0.1 child labour). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Children working as child labourers earned Rs 3116 per week. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the report, children engaged in child labour worked an average of 15 hours per week. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The study found that about 0.2 million (3.2 percent) children are found to be engaged in hazardous work which is a significant decline in comparison to 2008 (0.62 million). More males (3.7 percent) are engaged in such work in comparison to females (2.6 percent). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The highest number of children working in the hazardous sector is from Lumbini (4 percent) followed by Province 1 (3.9 percent), Province 2 (3.4 percent), Gandaki (3.1 percent), Bagmati (3.1 percent), Karnali (1.9 percent), and Sudurpashchim (1.4 percent). </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-11', 'modified' => '2022-02-11', 'keywords' => '', 'description' => '', 'sortorder' => '14492', 'image' => '20220211120028_wcms_790143.jpg', 'article_date' => '2022-02-11 11:59:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14748', 'article_category_id' => '1', 'title' => 'DDC Hikes Price of Milk by Rs 9 Per Litre', 'sub_title' => '', 'summary' => 'February 11: The Dairy Development Corporation (DDC) has increased the price of milk in accordance to the price in the local markets across different cities.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 11: The Dairy Development Corporation (DDC) has increased the price of milk in accordance to the price in the local markets across different cities.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Organizing a press conference on Thursday, the DDC informed that the price of milk has been increased by Rs 9 per litre. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The new price will come into effect from today (February 11), DDC said unveiling the decision taken by the Board of Directors on Wednesday, February 9.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the decision of the board, the price of milk has been fixed at Rs 85 per litre in the Kathmandu valley, Hetauda, Biratnagar and Janakpur.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prior to this, it used to cost Rs 76 for a litre of milk in these cities.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, the board has fixed the price of Rs 81 per litre of milk in cities such as Butwal and Bhairahawa while the price is Rs 79 per litre in Nepalgunj and Dhangadhi.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With the increase in price, farmers are expected to gain Rs 6.52 and the industrialists with benefit with Rs 2.88 per litre of milk. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The minimum base price of unprocessed milk, however, is Rs 56.4 per litre, as per the decision taken by the Council of Ministers on January 30. The base price will benefit the producers while the price fixed by the DDC will have impact on the consumers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government increased the price of milk upon the recommendation of a committee formed to adjust the price of milk. Although the price of milk used to be adjusted every year in the past, it had not been increased for the past two and half years.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Milk producers and farmers had been complaining that they were not getting the right price of their produce due to inflation. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It is estimated that around 2.4 million metric tons of milk is produced in Nepal annually.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-11', 'modified' => '2022-02-11', 'keywords' => '', 'description' => '', 'sortorder' => '14491', 'image' => '20220211081950_20220203111904_20220121121357_20200423093954_1542865405_16685959.jpg', 'article_date' => '2022-02-11 08:19:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14747', 'article_category_id' => '1', 'title' => 'NRB further Tightens Noose on Imports', 'sub_title' => '', 'summary' => 'February 10: Nepal Rastra Bank (NRB) has tightened the screws on imports due to the decline in Balance of Payments (BoP) and foreign exchange reserves.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 10: Nepal Rastra Bank (NRB) has tightened the screws on imports due to the increase in Balance of Payments (BoP) and decline in foreign exchange reserves. Issuing a circular to banks and financial institutions (BFIs) on Wednesday, the central bank increased the number of items for which the importers are required to keep a 100 percent margin for opening letter of credit (LC). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank had introduced the provision of 100 percent cash margin for opening LC in the third week of December. Back then, the items that required 100 percent cash margin included beer, wine, and other liquors as well as tobacco products, silver, gold, furniture, sugar, sweet meats, mineral water, energy drinks, nail polish, body lotion, face cream and other cosmetics, caps, shoes, leather, construction materials, marble tiles among others.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The newly added list includes products such as walnut, almond, banana, cigarette, cake, handbag, watches, seat of vehicles, painting and drawing materials that also require 100 percent cash margin for opening LC.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, goods such as motorcycles and scooters, woolen thread, readymade garments, jackets among others require 50 percent cash margin.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">BFIs will not be allowed to provide loan for the cash margin while the amount deposited by the importers will not be entitled to interest, according to the NRB directive.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The central bank had adopted a policy to discourage the import of luxury goods following the half-yearly review of monetary policy.</span></span></p> ', 'published' => true, 'created' => '2022-02-10', 'modified' => '2022-02-23', 'keywords' => '', 'description' => '', 'sortorder' => '14490', 'image' => '20220210051828_1589813124964.jpg', 'article_date' => '2022-02-10 17:17:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14746', 'article_category_id' => '1', 'title' => 'EU and IFC to Accelerate Climate-Smart Investments in South Asia', 'sub_title' => '', 'summary' => 'February 10: Six South Asian nations, including Nepal, are set to benefit from a new USD$ 21.5 million funding from the European Union (EU), which is expected help to accelerate climate-smart, inclusive infrastructure investments in their regions, the EU and IFC said in a joint statement on Thursday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 10: Six South Asian nations, including Nepal, are set to benefit from a new USD$ 21.5 million funding from the European Union (EU), which is expected help to accelerate climate-smart, inclusive infrastructure investments in their regions, the EU and IFC said in a joint statement on Thursday (February 10). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the statement, IFC – a member of the World Bank Group and one of the largest global development institutions focused on the private sector in emerging markets – will implement the project under the programme, Accelerating Climate-Smart and Inclusive Infrastructure in South Asia (ACSIIS).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">ACSIIS is a five-year programme running from 2021 to 2026. It is expected to help spur investments in energy, water, waste management, transport, logistics, and green buildings to benefit people and businesses in Bangladesh, Bhutan, India, the Maldives, Nepal, and Sri Lanka. ACSIIS would leverage USD$ 850 million of private sector investments in the region, the statement added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The impact of COVID-19 on investments in infrastructure has been widespread and severe. Investment commitments in infrastructure with private participation in 2020 dropped by an unprecedented 52 percent from 2019 levels. IFC estimates that South Asian countries can unlock more than US$3 trillion of climate-smart investment opportunities by fully meeting the national targets under the Paris Agreement by 2030,” the statement reads.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Hector Gomez Ang, the regional director of IFC for South Asia, attracting private capital for climate-smart infrastructure in a sustainable and inclusive manner will be critical for post-COVID-19 recovery in the region.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The EU’s support for the programme could not come at a better time as it is vital to act now to unblock obstacles to spurring sustainable infrastructure projects. This programme will leverage IFC's experience and expertise in supporting climate-smart infrastructure development in the region,” he added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The programme will also support the development of climate-smart investments in agriculture, manufacturing, tourism, health, and education while focusing on key themes such as cities, gender, and green finance. The latest initiative builds on IFC’s previous partnership with the EU to support the Eco-Cities Programme in India and other programmes in the region.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Through ACSIIS, IFC will support early-stage market development to address key market-wide constraints, as well as deliver project-level technical advice to structure sustainable infrastructure investments for the target countries, the statement further said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The programme will also support capacity building of private and government sectors to improve their ability to design, structure, and implement sustainable infrastructure projects. Several of these components, according to the joint statement, are part of IFC’s Upstream strategy, which aims to create markets in the most challenging environments, laying the foundation for future investment projects.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-10', 'modified' => '2022-02-10', 'keywords' => '', 'description' => '', 'sortorder' => '14489', 'image' => '20220210032341_61adcbb3132702612568c2b4_Money-original-large.jpg', 'article_date' => '2022-02-10 15:22:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14745', 'article_category_id' => '1', 'title' => 'Trade Deficit Increases to Rs 880 Billion', 'sub_title' => '', 'summary' => 'February 10: Nepal’s trade deficit increased by 46.6 percent in the first six months of the current fiscal year to Rs 880.49 billion.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">February 10: Nepal’s trade deficit increased by 46.6 percent in the first six months of the current fiscal year to Rs 880.49 billion. According to the Nepal Rastra Bank, the total trade deficit had contracted 5.8 percent in the corresponding period of the previous year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Current Macroeconomic and Financial Situation Report unveiled by the central bank on Wednesday states that the export-import ratio increased to 11.9 percent in the review period from 9.2 percent in the corresponding period of the previous year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">During the six months of FY 2021/22, merchandise exports increased 95.5 percent to Rs 118.85 billion compared to an increase of 6.1 percent in the same period of the previous year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Destination-wise, exports to India and other countries increased 121.8 percent and 30.2 respectively whereas exports to China decreased 10.2 percent. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Exports of palm oil, soybean oil, oil cakes, juice, woolen carpets, among others, increased whereas exports of cardamom, tea, herbs, zinc sheet, wire, among others, decreased in the review period, the report states.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Similarly, merchandise imports during the six months of FY 2021/22 increased 51.1 percent to Rs 999.34 billion against a decrease of 4.8 percent a year ago. Destination-wise, imports from India, China and other countries increased 37.5 percent, 51.5 percent, and 98.2 percent respectively. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the NRB report, imports of petroleum products, medicine, crude palm oil, transport equipment, vehicle and other parts, crude soybean oil, among others, increased whereas imports of MS billet, cement, pulses, molasses sugar, insecticides, among others, decreased in the review period. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Based on customs points, exports from Kanchanpur, Mechi, and Nepalgunj customs offices decreased whereas exports from all the other major customs points increased in the review period. On the import side, imports from all the major customs points increased in the review period. </span></span></span></p> <p> </p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">During the six months of FY 2021/22, merchandise imports from India by paying convertible foreign currency amounted Rs 110.91 billion. Such amount was Rs 83.01 billion in the same period of the previous year. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">As per the Broad Economic Categories (BEC), the intermediate and final consumption goods accounted for 47.8 percent and 52.2 percent of the total exports respectively, whereas the ratio of capital goods in total exports remained negligible at 0.02 percent in the review period.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">In the same period of the previous year, the ratio of intermediate, capital and final consumption goods remained 31.9 percent, 0.6 percent and 67.5 percent of total exports respectively. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">On the imports side, the share of intermediate goods remained 53.7 percent, capital goods 10.9 percent and final consumption goods 35.4 percent in the review period. Such ratios were 52.6 percent, 12.0 percent and 35.4 percent respectively in the same period of the previous year, the report stated.</span></span></span></p> ', 'published' => true, 'created' => '2022-02-10', 'modified' => '2022-02-10', 'keywords' => '', 'description' => '', 'sortorder' => '14488', 'image' => '20220210025613_Trade.jpg', 'article_date' => '2022-02-10 14:55:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14744', 'article_category_id' => '1', 'title' => 'Foreign Exchange Reserves continue to Decline Despite Measures taken by NRB', 'sub_title' => '', 'summary' => 'February 10: The decline in foreign exchange reserves has continued despite the tightening of imports.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 10: The decline in foreign exchange reserves has continued despite the tightening of imports. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal Rastra Bank (NRB) had made an arrangement of keeping a cash margin of 100 percent for opening letter of credit (LC) for importing certain goods considering the negative impact of high imports on the foreign exchange reserves of the country. However, the decline in foreign exchange reserves has not stopped despite such measures</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Current Macroeconomic and Financial Situation Report released by the Nepal Rastra Bank on Wednesday, the foreign exchange reserves declined by an additional USD 140 million in the first six months of the current fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NRB said that the current foreign exchange will only support imports for 6.6 months.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">From the first week of December, NRB had made provision for a 100 percent margin when opening an LC for the purpose of importing luxury items such as silver and vehicles. Since then, imports of such items have declined. However, the recent data of Nepal Rastra Bank has confirmed that the declining foreign exchange reserves have not come under control yet.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the last six months alone, foreign exchange reserves have declined by about 16 percent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As of mid-July last year, foreign exchange reserves stood at US$ 11.75 billion. As of mid-January 2022, it had declined by US$ 1.86 billion to US$ 9.89 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Executive Director of Nepal Rastra Bank Dr Gunakar Bhatta said there is no need to worry about the decline in foreign exchange. The foreign exchange reserves that can support 6/7 months of imports are considered good, he added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">By mid-January, consumer price inflation has eased. Inflation, which had reached a five-year high of 7.11 percent last December, has dropped to 5.65 percent in mid-January. In the last month, inflation declined by 1.46 percentage points. However, the decline in remittances has continued.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the balance of payments deficit, current account deficit, and trade deficit have increased.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NRB Executive Director Dr Bhatta said that there was still no improvement in key indicators of the economy.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He said that foreign exchange reserves and the balance of payments were deteriorating due to high imports in the first six months of the current fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Balance of Payments (BOP) remained at a deficit of Rs 241.23 billion in the review period against a surplus of Rs.124.92 billion in the same period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The current account remained at a deficit of Rs.354.07 billion in the review period compared to a deficit of Rs.51.68 billion in the same period of the previous year.</span></span></p> <p> </p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-02-10', 'modified' => '2022-02-10', 'keywords' => '', 'description' => '', 'sortorder' => '14487', 'image' => '20220210014713_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-02-10 13:46:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14743', 'article_category_id' => '1', 'title' => 'Tendency of Seeking Funds Beyond Allocated Budget Increasing ', 'sub_title' => '', 'summary' => 'February 10: The trend of seeking funds outside the budget is growing alarmingly.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">February 10: The trend of seeking funds outside the budget is growing alarmingly. Instead of spending money from the budget announced by the government on May 29, most of the concerned agencies and ministries have asked for additional budget of more than Rs 216 billion. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the first seven months of the current Fiscal Year (FY), capital expenditure for development has so far been 16 percent of allocated budget while most of the agencies have asked for funds outside the budget. This year, the Ministry of Finance has demanded an additional budget of Rs 13.18 billion, while the Ministry of Energy, Water Resources and Irrigation has the highest demand for additional budget. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The energy ministry demanded more than Rs 59 billion outside the budget. The performance of this ministry in budget expenditure does not look good. The ministry has spent only 17 percent of the development budget allocated in the current fiscal year. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Ministry of Physical Infrastructure and Transport has demanded an additional amount of Rs 28.45 billion than the allocated budget. The ministry has spent a total of 16.98 percent of the budget allocated for development expenditure in the current fiscal year. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The list of bodies demanding big budgets include the Ministry of Agriculture and Livestock Development, Ministry of Defense, Ministry of Urban Development, Ministry of Communications and Information Technology, Ministry of Health and Population, Ministry of Education, Science and Technology, National Planning Commission and Ministry of Tourism. These ministries have so far spent 15 to 22 percent of budget allocated for development works. The additional budget was demanded before the election was announced. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">These bodies are also spending very poorly in the current fiscal year's budget. This shows that the past trend of not spending money on programmes included in the budget but asking for funds is still prevalent. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to former chief secretary Bimal Koirala, there is a growing tendency for ministries to go beyond the budget and ask for large amount of fund. This tendency raises questions on the homework done by the government officials during the preparation of the budget and proves that they are failing to make accurate estimates of the projects and programmes in the budget. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After the government announced that the local elections will be held in one phase on May 13, it has been a challenge for the Ministry of Finance to manage resources. So far, the Election Commission has estimated that it will cost around Rs 12 billion to hold the local elections. The commission has already submitted an estimate to Prime Minister Sher Bahadur Deuba a week ago. According to the EC, an additional budget of Rs 4 billion has been demanded that the budget allocated for the 2074 elections.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-10', 'modified' => '2022-02-10', 'keywords' => '', 'description' => '', 'sortorder' => '14486', 'image' => '20220210011355_Budget.jpg', 'article_date' => '2022-02-10 13:13:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14742', 'article_category_id' => '1', 'title' => 'Remittance Inflow Declines by 5.5 Percent ', 'sub_title' => '', 'summary' => 'February 10: Remittance inflow to Nepal has declined in the first six months of the current fiscal year, Nepal Rastra Bank (NRB) stated in its latest report. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 10: Remittance inflow to Nepal has declined in the first six months of the current fiscal year, Nepal Rastra Bank (NRB) stated in its latest report. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Current Macroeconomic and Financial Situation Report released by the central bank on Wednesday (February 9), the inflow of remittance has declined by 5.5 per cent during the review period to Rs 468.45 billion against an increase of 11.1 percent in the same period of the previous year </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In terms of the US Dollar, remittance inflow decreased 6.2 percent to 3.93 billion in the review period against an increase of 6.7 percent in the same period of the previous year, the report stated.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, the number of Nepalis acquiring work permit for foreign employment during the review period has increased significantly to 167,513. It had declined by 89 per cent during the corresponding period of the previous fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, number of Nepali workers taking approval for foreign employment (renew entry) has increased by 298.1 per cent to 130,212 during the review period while it had decreased by 75.5 per cent during the corresponding period of previous fiscal year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the NRB, the net transfer has decreased by 4.9 per cent to Rs 523 billion during the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Such a transfer had increased 8.9 percent in the same period of the previous year, the report states.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-10', 'modified' => '2022-02-10', 'keywords' => '', 'description' => '', 'sortorder' => '14485', 'image' => '20220210115450_Remittance.jpg', 'article_date' => '2022-02-10 11:54:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14741', 'article_category_id' => '1', 'title' => 'World Bank Report Suggests Reforms to Improve Public Expenditure for Human Capital', 'sub_title' => '', 'summary' => 'February 10: Nepal has made significant progress in human capital development, though key challenges remain in the health, education, and social protection sectors, which have been exacerbated by the COVID crisis, the World Bank said referring to its latest report.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">February 10: Nepal has made significant progress in human capital development, though key challenges remain in the health, education, and social protection sectors, which have been exacerbated by the COVID crisis, the World Bank said referring to its latest report.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the World Bank’s report “Federalism and Public Expenditure for Human Development in Nepal: An emerging agenda” launched virtually on Wednesday (February 9), Nepal’s transition to a federal state presents an opportunity to promote greater human capital accumulation, but it requires significant investment and improved efficiency in spending.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">While federalism is helping bring policymaking and service delivery closer to the people, it can be further strengthened through a clear definition of responsibilities of each level of government and ensuring the systems and resources are in place for their implementation, states the report.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“This report provides a comprehensive review of the challenges facing Nepal’s human development sectors in the federal context,” the World Bank quoted Finance Secretary Madhu Kumar Marasini as saying. “The recommendations are aligned with our national development plans and will inform and support our ongoing efforts to ensure all levels of government have the means and tools to perform their key functions in the delivery of core services in education, health, and social protection.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Public Expenditure Review (PER) identifies key reforms to help Nepal improve human capital outcomes in the federal context. The reforms suggested by the report are: (i) addressing gaps in programming, including economic inclusion for the poor, and mainstreaming delivery processes; (ii) clarifying roles of different levels of government and ensuring standards are implemented; (iii) improving management processes and systems, including a social registry; (iv) introducing incentives to promote good management practices; and (v) addressing human resource challenges to ensure that subnational governments have the capacity to efficiently deliver quality services.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The World Bank is committed to continue supporting government reforms to improve human capital outcomes, drawing on the recommendations of this report, as well as the Public Expenditure Review Report on Fiscal Policy for Sustainable Development launched in December 2021,” said Faris Hadad-Zervos, World Bank’s Country Director for the Maldives, Nepal, and Sri Lanka. “Human capital is one of the pillars of our Country Partnership Framework, and the implementation of key reforms will be supported through our technical dialogue and financial investment in the health, education and social protection sectors, as well as through our various Development Policy Credits.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Vice Chairman of the National Planning Commission Dr Bishwo Nath Poudel said that human capital is at the heart of the green, resilient, and inclusive development (GRID) approach adopted by Nepal. “The sustainability of development, adaptation to risks, and reduction of disparities (inclusive) all require addressing the structural issues that hamper further improvements in human development outcomes. The report’s recommendations aim to contribute to further advance Nepal’s GRID agenda in this regard”.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-10', 'modified' => '2022-02-10', 'keywords' => '', 'description' => '', 'sortorder' => '14484', 'image' => '20220210112645_1616615608902615_n.jpg', 'article_date' => '2022-02-10 11:26:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14740', 'article_category_id' => '1', 'title' => 'Flight Service Resumes in Humla after 5 Days', 'sub_title' => '', 'summary' => 'February 9: Flights to and from Simkot airport have resumed since Tuesday after a five-day obstruction due to bad weather. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">February 9: Flights to and from Simkot airport have resumed since Tuesday after a five-day obstruction due to bad weather. The flights were possible after removing the snow piled up at airport. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The snow was removed from the airport with the initiative of airport employees, airlines employees, security personnel and local entrepreneurs. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With the resumption of air service, people coming to and going out of the district have felt a sigh of relief. Most of the flights to Simikot are from Nepalgunjg and Surkhet. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal Food Management and Trade Company has started food supply with the resumption of flight. Other daily essentials have also been transported through flight. Sita Air and Tara Airlines are conducting flights in the district. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, the District Administration Office, Humla resumed its services from Monday. The Office had closed all services for a week after the Assistant Chief District Officer tested positive for coronavirus. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-02-09', 'modified' => '2022-02-09', 'keywords' => '', 'description' => '', 'sortorder' => '14483', 'image' => '20220209020158_DB-Simkot-AirUdana.jpg', 'article_date' => '2022-02-09 14:01:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14739', 'article_category_id' => '1', 'title' => 'IBN Approves Dabur Nepal’s Investment Proposal of Rs 9.68 Billion ', 'sub_title' => '', 'summary' => 'February 9: Dabur Nepal, a multinational company operating in Nepal, is making an additional investment of Rs 9.68 billion. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">February 9: Dabur Nepal, a multinational company operating in Nepal, is making an additional investment of Rs 9.68 billion. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Investment Board has approved the additional investment proposed by Dabur Nepal. Prior to the second wave of Covid-19, the company had sought permission from the board to increase its investment in Nepal. According to the board officials, the proposal of Dabur Nepal, which produces beverages, beauty and health products, to invest Rs 9.68 billion has been approved. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Investment Board is responsible to approve and facilitate any investment above Rs 6 billion in Nepal. Accordingly, Dabur Nepal took permission from the board. Sushil Bhatta, chief executive officer of the board, informed that after discussing the company's proposal, the board meeting on Tuesday approved the investment. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The contribution of Dabur Nepal in the country’s export trade is 5.34 percent. In Nepal, 97.5 percent share of Dabur Nepal is owned by Dabur International Limited and the remaining 2.5 percent is owned by a Nepali partner. Dabur, who came to Nepal in 2047, has been producing goods including juice in Nepal and exporting them to India. Dabur has given priority to increasing the production capacity of the commodities that have more potential for export. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The main products of Dabur are Real Juice, Dabur Chyawanprash, Dabur Red Toothpaste, Dabur Hajmola, Dabur Amla Hair Oil, Dabur Honey, Dabur Glucose D, Gulabari, Fem, Prostyle, Odonil and hand wash. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Dabur Nepal said that they have been collaborating with farmers for the production of herbal plants. Recently, Dabur Nepal’s income has been increasing in Nepal. In 2020, the company earned Rs 8.93 billion from Nepal. Due to the coronavirus, there was a slight decline in revenue this year as compared to 2019. In 2019, the company had earned a revenue of Rs 9 billion. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Abhaya Gorkhali, marketing head of Dabur Nepal, informed that some portion of the investment approved on Tuesday will be invested in new products. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He said that the investment would be spent on new products, machines and maintenance of old ones in the next two to four years and also to add existing juice production plants. In addition, he said the company plans to expand the capacity of the current juice plant by adding new lines to juice production, replacing old machines and investing in new products. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Meanwhile, the Investment Board is set to become a member of a global public-private partnership. The board has decided to become a member of the World Association of PPP Units and Professionals in Switzerland. The association had committed to provide free membership to the Board. The Investment Board is confident that it will receive technical assistance on PPP related knowledge and best practices after getting the membership. </span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2022-02-09', 'modified' => '2022-02-09', 'keywords' => '', 'description' => '', 'sortorder' => '14482', 'image' => '20220209015840_116156295_3394514717279390_6580754314870935853_n.jpg', 'article_date' => '2022-02-09 13:57:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14738', 'article_category_id' => '1', 'title' => 'Credit Flow Higher than Deposit Collection in Banking Sector of Nepal', 'sub_title' => '', 'summary' => 'February 9: The growth rate of credit flow in the banking sector of Nepal has been higher than that of deposit collection.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">February 9: The growth rate of credit flow in the banking sector of Nepal has been higher than that of deposit collection. The annual growth rate of credit flow has been increasing every year compared to the growth rate of deposit collection. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to a study conducted by the Confederation of Banks and Financial Institutions (CIBFIN), the growth rate of credit flow has been higher than that of deposit collection every year since 2070 BS except for FY 2076/77.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In FY 2069/70, deposit collection increased by 17 percent, while credit flow increased by 21 percent. Similarly, when the deposit collection increased by 21 percent in the last fiscal year (FY 2077/78), the growth rate of credit flow was 28 percent.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In FY 2076/77, the growth rate of credit flow was lower than deposit collection. While deposits increased by 17 percent that year, credit flow was only 12 percent. Loan flow had shrunk during that period due to the closure led by the Covid-19 pandemic.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Experts have said that credit flow has been higher than the accumulation of deposits every year due to the expanding economy. They opined that this was also the case because banks became more aggressive and increased lending.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Banking expert Analraj Bhattarai informed that increasing the flow of credit is good. "The way credit flows have increased confirms that the economy is expanding," he said. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Low deposits on the other hand indicate that there aren’t adequate resources to expand the economy. At the same time, various other problems have also started appearing.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Bhattarai says that if the growth rate of loan flow and deposit collection continues to grow at the same proportion, it will be a challenge for banks to manage liquidity crisis in the coming days.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He said that the deposit collection could not increase as more credit has been flowed to the consumable sector. The loan disbursed from the bank comes back as a deposit in the bank after completing a certain cycle. As a result, it helps banks balance the credit to deposit ratio.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He said that banks and financial institutions and traders should exercise restraint in disbursing loans. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"If that doesn't happen, the NRB should come up with a policy to control the flow of credit," he said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Lately, the areas of deposit collection have expanded. The per capita income of Nepalis is increasing annually. The turnover and profit of business associations have increased. The salaries of government and private sector employees are also on the rise. The inflow of remittances also seems to have increased. Bhattarai says that even in that case, the lack of improvement in deposits is a matter of debate.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">If this situation continues, it will be a challenge to meet the demand for loans in the coming days, he said. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"During the same period, banks' paid-up capital have increased, and it became easier to meet the demand for loans. But, it seems to be a real challenge to meet the demand for loans in the near future,” he said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Machhapuchhre Bank’s CEO Santosh Koirala informed that the demand for loan is rising recently. However, he said that there is a challenge to meet the growing demand due to low deposits.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-02-09', 'modified' => '2022-02-09', 'keywords' => '', 'description' => '', 'sortorder' => '14481', 'image' => '20220209125009_Banks - Copy.jpg', 'article_date' => '2022-02-09 12:49:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
