Articles | New Business Age | Leading English Monthly Business Magazine of Nepal

Weekly Round-Up (23 - 29 September 2013)

Nov 30, -0001 0 3 minutes 30 seconds to read

…

Weekly Roundup (9 - 15 September 2013)

Nov 30, -0001 0 3 minutes 16 seconds to read

…

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		The Nepal Rastra Bank issued a reverse repo last Wednesday for the fourth time worth Rs 10 billion, within a period of three weeks. Banking and financial institutions (BFIs) have bid for securities worth Rs 21.85 billion for the fourth round of reverse repo held by the Nepal Rastra Bank (NRB) last Wednesday. According to the NRB, it has received sealed quotations from 21 BFIs amounting to Rs 21.85 billion for the reverse repo issued by NRB worth Rs 10 billion. The over-subscription indicates that BFIs are sitting on a chunk of cash posing a high risk of liquidity-induced inflation rise during the festive seasons. The tightening credit demand, rise in the flow of remittance and lack of investment opportunities are the reasons behind excess liquidity, analysts believe.</li>
</ul>
<div>
	&nbsp;</div>
<ul>
	<li>
		The 34th World Tourism Day was celebrated in Nepal with a theme of &ldquo;Tourism and Water: Protecting our Common Future&rdquo; holding various programmes from September 21 to September 29. Two new tourist destinations were made public in a programme last Friday organised by Nepal Tourism Board (NTB).The new destinations are the 330 KM long Great Buddhist Trail stretching from Kathmandu to Banganga River, and Chitlang village of Makwanpur district as &acute;Village Tourism Destination 2013/14&rsquo;. &nbsp;During the programme, Tourism Secretary Sushil Ghimire informed that Gautam Buddha Airport at Bhairahawa will be developed as Nepal&rsquo;s second international airport by June 2017.</li>
</ul>
<p>
	&nbsp;</p>
<ul>
	<li>
		While the Nepali economy is battling with huge trade deficits, Britian is likely to help Nepal in lowering such trade gaps. According to the British Ambassador to Nepal, Andrew James Sparks, he wants to help Nepal reduce its trade deficit, and will request his government to help Nepal in this regard. He has also made a commitment to help find a market for Nepali goods in Britain. Despite a two-century long relationship between the two countries, there has not been a single trade agreement between them. Speaking at a programme organised by Nepal Economic Forum in the capital last Tuesday, envoy Sparks informed that they will help create a market for Nepali goods with a &lsquo;Made in Nepal&rsquo; brand.</li>
</ul>
<p>
	&nbsp;</p>
<ul>
	<li>
		Asian Development Bank, a major financial aid agency, is now shifting its investment to large scale projects from small level ones, stating it has faced many problems in small scale projects. As Nepal&rsquo;s capital expenditure is only 3 per cent of its Gross Domestic Product (GDP), the ADB, which is formulating a 5-year Country Partnership Strategy (CPS), will also support increasing capital expenditure in Nepal.&nbsp;</li>
</ul>
<div>
	&nbsp;</div>
<ul>
	<li>
		Nepal has received full membership of the International Organisation for Standardisation (ISO). The recent meeting of the 36th General Assembly held in St Petersburg of Russia decided to grant the membership to Nepal which will come in effect from January 2014. &nbsp;Finance Minister Shankar Prasad Koirala made public the ISO membership certificate at a programme organized at the Nepal Bureau of Standards and Metrology last Thursday. The membership is both a challenge and an opportunity for Nepal, according to economic analysts. Nepal will have to pay Rs 2.6 million annually to the ISO. Since this is a powerful trade tool, the status can boost the exports of Nepali goods as it can give out a positive message in the international market about the quality of Nepali goods.</li>
</ul>
<div>
	&nbsp;</div>
<ul>
	<li>
		As the Commission for the Investigation of Abuse of Authority (CIAA) has arrested top four officials of the Nepal Oil Corporation (NOC) for doling out bonuses to its staff, the government has decided to provide a loan worth Rs 2 billion to the state-owned entity. Currently, the NOC owes the government and different financial institutions a whopping Rs 28.50 billion. The government has alone lent more than Rs 12.50 billion to the cash-strapped institution. The NOC had also hiked the price of petro products earlier in the week to adjust its price with international prices. While the NOC, state owned oil monopoly, is ridden with the economic crisis, economic analysts have said that the only solution lies in the idea of an auto-price mechanism.</li>
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	<li>
		The 12-point Birgunj Declaration that emerged from the Nepal Leadership Summit 2070 organised by New Business Age Pvt Ltd and Birgunj Chamber of Commerce and Industries on September 4 in Birgunj continues to draw the attention of the government, political parties and the business fraternity. Terming the declaration as a benchmark for setting government policies, Finance Minister Shankar Koirala said the consensus reached during the programme among former prime ministers to make the economy a common agenda would help the government create an investment- friendly environment in the country if implemented.</li>
</ul>
<div>
	&nbsp;</div>
<ul>
	<li>
		Despite CPN-Maoist&rsquo;s positive signal to join the poll process bringing a sigh of relief to the business community that has been reeling under political uncertainty, the bandh enforced by the party last Thursday caused significant loss in the economic sector. Factories were once again shut down, vehicles remained off the roads, businesses closed down and shops were shuttered.</li>
</ul>
<div>
	&nbsp;</div>
<ul>
	<li>
		The debt-ridden Nepal Oil Corporation&rsquo;s decision to hike the price of petroleum products riled the student unions, airlines operators and the general public. The NOC decided to increase the price of petrol by Rs 5, kerosene by Rs 3 and aviation fuel by Rs 7 per litre. The NOC said it was compelled to hike the price following the price rise in the international market. The state-owned entity hiked the price for the second time after the formation of the Khil Raj Regmi-led government. The rise in price of petroleum products has once again initiated debates on automatic price fixation and the state&rsquo;s monopoly in the trading of petroleum products.</li>
</ul>
<div>
	&nbsp;</div>
<ul>
	<li>
		The over-subscription for the reverse repo held by the Nepal Rastra Bank (NRB) indicates that the banking system is sitting on a huge cash deposits. Estimates put this at Rs 60 billion, and it is feared that it pose a high risk of liquidity-induced inflation during the forthcoming festive seasons. According to the NRB, it has received the bid from BFIs worth Rs 42 billion last week for the reverse repo issued by NRB worth Rs 10 billion. The NRB had issued the reverse repo in the previous week worth Rs 5 billion for the first time in three years and received a bid worth Rs 30 billion at that time. Lax credit demand, a rising flow of remittance and low investment from investors stalled in a wait-and-watch mood are the reasons behind the excess liquidity in the banking system.</li>
</ul>
<div>
	&nbsp;</div>
<ul>
	<li>
		Data shows that the domestic currency that has witnessed rapid devaluation in comparison to the US dollar in the last few weeks became slightly stronger last week. The Nepali Rupee was traded at Rs 101.71 per US dollar last Saturday, while it was traded at Rs 104.20 per US dollar on the same day of the previous week. As the Nepali currency against the US dollar rose slightly, the price of gold became relatively cheaper last week. &nbsp;The price of the precious yellow metal went down by Rs 3000 in a week trading at Rs 47,840 per 10 grams last Friday. The price on the same day of the previous week was Rs 50840 per 10 grams. Meanwhile, the government hiked the import duty of gold last Friday by 44 per cent. Duty price of the bullion has now reached Rs 5000 per 10 gram.</li>
</ul>
<div>
	&nbsp;</div>
<ul>
	<li>
		Data from the Department of Food Technology and Quality Control (DFTQC) revealed that adulteration in edible products has reached an average of 20 per cent, thanks to the government&rsquo;s apathy towards monitoring the market. Releasing the data, the Director General of the DFTQC rued the lack of strong laws to take stern action against adulterers. According to the department, adulteration ranging from 3 to 31 per cent of total content was found mostly in the bottled water, milk, oil and other consumable goods.</li>
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		The Nepal Rastra Bank issued a reverse repo last Wednesday for the fourth time worth Rs 10 billion, within a period of three weeks. Banking and financial institutions (BFIs) have bid for securities worth Rs 21.85 billion for the fourth round of reverse repo held by the Nepal Rastra Bank (NRB) last Wednesday. According to the NRB, it has received sealed quotations from 21 BFIs amounting to Rs 21.85 billion for the reverse repo issued by NRB worth Rs 10 billion. The over-subscription indicates that BFIs are sitting on a chunk of cash posing a high risk of liquidity-induced inflation rise during the festive seasons. The tightening credit demand, rise in the flow of remittance and lack of investment opportunities are the reasons behind excess liquidity, analysts believe.</li>
</ul>
<div>
	&nbsp;</div>
<ul>
	<li>
		The 34th World Tourism Day was celebrated in Nepal with a theme of &ldquo;Tourism and Water: Protecting our Common Future&rdquo; holding various programmes from September 21 to September 29. Two new tourist destinations were made public in a programme last Friday organised by Nepal Tourism Board (NTB).The new destinations are the 330 KM long Great Buddhist Trail stretching from Kathmandu to Banganga River, and Chitlang village of Makwanpur district as &acute;Village Tourism Destination 2013/14&rsquo;. &nbsp;During the programme, Tourism Secretary Sushil Ghimire informed that Gautam Buddha Airport at Bhairahawa will be developed as Nepal&rsquo;s second international airport by June 2017.</li>
</ul>
<p>
	&nbsp;</p>
<ul>
	<li>
		While the Nepali economy is battling with huge trade deficits, Britian is likely to help Nepal in lowering such trade gaps. According to the British Ambassador to Nepal, Andrew James Sparks, he wants to help Nepal reduce its trade deficit, and will request his government to help Nepal in this regard. He has also made a commitment to help find a market for Nepali goods in Britain. Despite a two-century long relationship between the two countries, there has not been a single trade agreement between them. Speaking at a programme organised by Nepal Economic Forum in the capital last Tuesday, envoy Sparks informed that they will help create a market for Nepali goods with a &lsquo;Made in Nepal&rsquo; brand.</li>
</ul>
<p>
	&nbsp;</p>
<ul>
	<li>
		Asian Development Bank, a major financial aid agency, is now shifting its investment to large scale projects from small level ones, stating it has faced many problems in small scale projects. As Nepal&rsquo;s capital expenditure is only 3 per cent of its Gross Domestic Product (GDP), the ADB, which is formulating a 5-year Country Partnership Strategy (CPS), will also support increasing capital expenditure in Nepal.&nbsp;</li>
</ul>
<div>
	&nbsp;</div>
<ul>
	<li>
		Nepal has received full membership of the International Organisation for Standardisation (ISO). The recent meeting of the 36th General Assembly held in St Petersburg of Russia decided to grant the membership to Nepal which will come in effect from January 2014. &nbsp;Finance Minister Shankar Prasad Koirala made public the ISO membership certificate at a programme organized at the Nepal Bureau of Standards and Metrology last Thursday. The membership is both a challenge and an opportunity for Nepal, according to economic analysts. Nepal will have to pay Rs 2.6 million annually to the ISO. Since this is a powerful trade tool, the status can boost the exports of Nepali goods as it can give out a positive message in the international market about the quality of Nepali goods.</li>
</ul>
<div>
	&nbsp;</div>
<ul>
	<li>
		As the Commission for the Investigation of Abuse of Authority (CIAA) has arrested top four officials of the Nepal Oil Corporation (NOC) for doling out bonuses to its staff, the government has decided to provide a loan worth Rs 2 billion to the state-owned entity. Currently, the NOC owes the government and different financial institutions a whopping Rs 28.50 billion. The government has alone lent more than Rs 12.50 billion to the cash-strapped institution. The NOC had also hiked the price of petro products earlier in the week to adjust its price with international prices. While the NOC, state owned oil monopoly, is ridden with the economic crisis, economic analysts have said that the only solution lies in the idea of an auto-price mechanism.</li>
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	<li>
		The 12-point Birgunj Declaration that emerged from the Nepal Leadership Summit 2070 organised by New Business Age Pvt Ltd and Birgunj Chamber of Commerce and Industries on September 4 in Birgunj continues to draw the attention of the government, political parties and the business fraternity. Terming the declaration as a benchmark for setting government policies, Finance Minister Shankar Koirala said the consensus reached during the programme among former prime ministers to make the economy a common agenda would help the government create an investment- friendly environment in the country if implemented.</li>
</ul>
<div>
	&nbsp;</div>
<ul>
	<li>
		Despite CPN-Maoist&rsquo;s positive signal to join the poll process bringing a sigh of relief to the business community that has been reeling under political uncertainty, the bandh enforced by the party last Thursday caused significant loss in the economic sector. Factories were once again shut down, vehicles remained off the roads, businesses closed down and shops were shuttered.</li>
</ul>
<div>
	&nbsp;</div>
<ul>
	<li>
		The debt-ridden Nepal Oil Corporation&rsquo;s decision to hike the price of petroleum products riled the student unions, airlines operators and the general public. The NOC decided to increase the price of petrol by Rs 5, kerosene by Rs 3 and aviation fuel by Rs 7 per litre. The NOC said it was compelled to hike the price following the price rise in the international market. The state-owned entity hiked the price for the second time after the formation of the Khil Raj Regmi-led government. The rise in price of petroleum products has once again initiated debates on automatic price fixation and the state&rsquo;s monopoly in the trading of petroleum products.</li>
</ul>
<div>
	&nbsp;</div>
<ul>
	<li>
		The over-subscription for the reverse repo held by the Nepal Rastra Bank (NRB) indicates that the banking system is sitting on a huge cash deposits. Estimates put this at Rs 60 billion, and it is feared that it pose a high risk of liquidity-induced inflation during the forthcoming festive seasons. According to the NRB, it has received the bid from BFIs worth Rs 42 billion last week for the reverse repo issued by NRB worth Rs 10 billion. The NRB had issued the reverse repo in the previous week worth Rs 5 billion for the first time in three years and received a bid worth Rs 30 billion at that time. Lax credit demand, a rising flow of remittance and low investment from investors stalled in a wait-and-watch mood are the reasons behind the excess liquidity in the banking system.</li>
</ul>
<div>
	&nbsp;</div>
<ul>
	<li>
		Data shows that the domestic currency that has witnessed rapid devaluation in comparison to the US dollar in the last few weeks became slightly stronger last week. The Nepali Rupee was traded at Rs 101.71 per US dollar last Saturday, while it was traded at Rs 104.20 per US dollar on the same day of the previous week. As the Nepali currency against the US dollar rose slightly, the price of gold became relatively cheaper last week. &nbsp;The price of the precious yellow metal went down by Rs 3000 in a week trading at Rs 47,840 per 10 grams last Friday. The price on the same day of the previous week was Rs 50840 per 10 grams. Meanwhile, the government hiked the import duty of gold last Friday by 44 per cent. Duty price of the bullion has now reached Rs 5000 per 10 gram.</li>
</ul>
<div>
	&nbsp;</div>
<ul>
	<li>
		Data from the Department of Food Technology and Quality Control (DFTQC) revealed that adulteration in edible products has reached an average of 20 per cent, thanks to the government&rsquo;s apathy towards monitoring the market. Releasing the data, the Director General of the DFTQC rued the lack of strong laws to take stern action against adulterers. According to the department, adulteration ranging from 3 to 31 per cent of total content was found mostly in the bottled water, milk, oil and other consumable goods.</li>
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		The Nepal Rastra Bank issued a reverse repo last Wednesday for the fourth time worth Rs 10 billion, within a period of three weeks. Banking and financial institutions (BFIs) have bid for securities worth Rs 21.85 billion for the fourth round of reverse repo held by the Nepal Rastra Bank (NRB) last Wednesday. According to the NRB, it has received sealed quotations from 21 BFIs amounting to Rs 21.85 billion for the reverse repo issued by NRB worth Rs 10 billion. The over-subscription indicates that BFIs are sitting on a chunk of cash posing a high risk of liquidity-induced inflation rise during the festive seasons. The tightening credit demand, rise in the flow of remittance and lack of investment opportunities are the reasons behind excess liquidity, analysts believe.</li>
</ul>
<div>
	&nbsp;</div>
<ul>
	<li>
		The 34th World Tourism Day was celebrated in Nepal with a theme of &ldquo;Tourism and Water: Protecting our Common Future&rdquo; holding various programmes from September 21 to September 29. Two new tourist destinations were made public in a programme last Friday organised by Nepal Tourism Board (NTB).The new destinations are the 330 KM long Great Buddhist Trail stretching from Kathmandu to Banganga River, and Chitlang village of Makwanpur district as &acute;Village Tourism Destination 2013/14&rsquo;. &nbsp;During the programme, Tourism Secretary Sushil Ghimire informed that Gautam Buddha Airport at Bhairahawa will be developed as Nepal&rsquo;s second international airport by June 2017.</li>
</ul>
<p>
	&nbsp;</p>
<ul>
	<li>
		While the Nepali economy is battling with huge trade deficits, Britian is likely to help Nepal in lowering such trade gaps. According to the British Ambassador to Nepal, Andrew James Sparks, he wants to help Nepal reduce its trade deficit, and will request his government to help Nepal in this regard. He has also made a commitment to help find a market for Nepali goods in Britain. Despite a two-century long relationship between the two countries, there has not been a single trade agreement between them. Speaking at a programme organised by Nepal Economic Forum in the capital last Tuesday, envoy Sparks informed that they will help create a market for Nepali goods with a &lsquo;Made in Nepal&rsquo; brand.</li>
</ul>
<p>
	&nbsp;</p>
<ul>
	<li>
		Asian Development Bank, a major financial aid agency, is now shifting its investment to large scale projects from small level ones, stating it has faced many problems in small scale projects. As Nepal&rsquo;s capital expenditure is only 3 per cent of its Gross Domestic Product (GDP), the ADB, which is formulating a 5-year Country Partnership Strategy (CPS), will also support increasing capital expenditure in Nepal.&nbsp;</li>
</ul>
<div>
	&nbsp;</div>
<ul>
	<li>
		Nepal has received full membership of the International Organisation for Standardisation (ISO). The recent meeting of the 36th General Assembly held in St Petersburg of Russia decided to grant the membership to Nepal which will come in effect from January 2014. &nbsp;Finance Minister Shankar Prasad Koirala made public the ISO membership certificate at a programme organized at the Nepal Bureau of Standards and Metrology last Thursday. The membership is both a challenge and an opportunity for Nepal, according to economic analysts. Nepal will have to pay Rs 2.6 million annually to the ISO. Since this is a powerful trade tool, the status can boost the exports of Nepali goods as it can give out a positive message in the international market about the quality of Nepali goods.</li>
</ul>
<div>
	&nbsp;</div>
<ul>
	<li>
		As the Commission for the Investigation of Abuse of Authority (CIAA) has arrested top four officials of the Nepal Oil Corporation (NOC) for doling out bonuses to its staff, the government has decided to provide a loan worth Rs 2 billion to the state-owned entity. Currently, the NOC owes the government and different financial institutions a whopping Rs 28.50 billion. The government has alone lent more than Rs 12.50 billion to the cash-strapped institution. The NOC had also hiked the price of petro products earlier in the week to adjust its price with international prices. While the NOC, state owned oil monopoly, is ridden with the economic crisis, economic analysts have said that the only solution lies in the idea of an auto-price mechanism.</li>
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			'description' => 'The Nepal Rastra Bank issued a reverse repo last Wednesday for the fourth time worth Rs 10 billion, within a period of three weeks. Banking and financial institutions (BFIs) have bid for securities worth Rs 21.85 billion for the fourth round of reverse repo held by the Nepal Rastra Bank (NRB) last Wednesday.',
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			'article_category_id' => '196',
			'title' => 'Weekly Roundup (9 - 15 September 2013)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<ul>
	<li>
		The 12-point Birgunj Declaration that emerged from the Nepal Leadership Summit 2070 organised by New Business Age Pvt Ltd and Birgunj Chamber of Commerce and Industries on September 4 in Birgunj continues to draw the attention of the government, political parties and the business fraternity. Terming the declaration as a benchmark for setting government policies, Finance Minister Shankar Koirala said the consensus reached during the programme among former prime ministers to make the economy a common agenda would help the government create an investment- friendly environment in the country if implemented.</li>
</ul>
<div>
	&nbsp;</div>
<ul>
	<li>
		Despite CPN-Maoist&rsquo;s positive signal to join the poll process bringing a sigh of relief to the business community that has been reeling under political uncertainty, the bandh enforced by the party last Thursday caused significant loss in the economic sector. Factories were once again shut down, vehicles remained off the roads, businesses closed down and shops were shuttered.</li>
</ul>
<div>
	&nbsp;</div>
<ul>
	<li>
		The debt-ridden Nepal Oil Corporation&rsquo;s decision to hike the price of petroleum products riled the student unions, airlines operators and the general public. The NOC decided to increase the price of petrol by Rs 5, kerosene by Rs 3 and aviation fuel by Rs 7 per litre. The NOC said it was compelled to hike the price following the price rise in the international market. The state-owned entity hiked the price for the second time after the formation of the Khil Raj Regmi-led government. The rise in price of petroleum products has once again initiated debates on automatic price fixation and the state&rsquo;s monopoly in the trading of petroleum products.</li>
</ul>
<div>
	&nbsp;</div>
<ul>
	<li>
		The over-subscription for the reverse repo held by the Nepal Rastra Bank (NRB) indicates that the banking system is sitting on a huge cash deposits. Estimates put this at Rs 60 billion, and it is feared that it pose a high risk of liquidity-induced inflation during the forthcoming festive seasons. According to the NRB, it has received the bid from BFIs worth Rs 42 billion last week for the reverse repo issued by NRB worth Rs 10 billion. The NRB had issued the reverse repo in the previous week worth Rs 5 billion for the first time in three years and received a bid worth Rs 30 billion at that time. Lax credit demand, a rising flow of remittance and low investment from investors stalled in a wait-and-watch mood are the reasons behind the excess liquidity in the banking system.</li>
</ul>
<div>
	&nbsp;</div>
<ul>
	<li>
		Data shows that the domestic currency that has witnessed rapid devaluation in comparison to the US dollar in the last few weeks became slightly stronger last week. The Nepali Rupee was traded at Rs 101.71 per US dollar last Saturday, while it was traded at Rs 104.20 per US dollar on the same day of the previous week. As the Nepali currency against the US dollar rose slightly, the price of gold became relatively cheaper last week. &nbsp;The price of the precious yellow metal went down by Rs 3000 in a week trading at Rs 47,840 per 10 grams last Friday. The price on the same day of the previous week was Rs 50840 per 10 grams. Meanwhile, the government hiked the import duty of gold last Friday by 44 per cent. Duty price of the bullion has now reached Rs 5000 per 10 gram.</li>
</ul>
<div>
	&nbsp;</div>
<ul>
	<li>
		Data from the Department of Food Technology and Quality Control (DFTQC) revealed that adulteration in edible products has reached an average of 20 per cent, thanks to the government&rsquo;s apathy towards monitoring the market. Releasing the data, the Director General of the DFTQC rued the lack of strong laws to take stern action against adulterers. According to the department, adulteration ranging from 3 to 31 per cent of total content was found mostly in the bottled water, milk, oil and other consumable goods.</li>
</ul>',
			'published' => true,
			'created' => '2013-09-16',
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			'description' => 'The 12-point Birgunj Declaration that emerged from the Nepal Leadership Summit 2070 organised by New Business Age Pvt Ltd and Birgunj Chamber of Commerce and Industries on September 4 in Birgunj continues to draw the attention of the government, political parties and the business fraternity.',
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View::element() - CORE/Cake/View/View.php, line 418
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View::_evaluate() - CORE/Cake/View/View.php, line 971
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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
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Code Context

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$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp'
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		'Article' => array(
			'id' => '1883',
			'article_category_id' => '196',
			'title' => 'Weekly Round-Up (23 - 29 September 2013)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<ul>
	<li>
		The Nepal Rastra Bank issued a reverse repo last Wednesday for the fourth time worth Rs 10 billion, within a period of three weeks. Banking and financial institutions (BFIs) have bid for securities worth Rs 21.85 billion for the fourth round of reverse repo held by the Nepal Rastra Bank (NRB) last Wednesday. According to the NRB, it has received sealed quotations from 21 BFIs amounting to Rs 21.85 billion for the reverse repo issued by NRB worth Rs 10 billion. The over-subscription indicates that BFIs are sitting on a chunk of cash posing a high risk of liquidity-induced inflation rise during the festive seasons. The tightening credit demand, rise in the flow of remittance and lack of investment opportunities are the reasons behind excess liquidity, analysts believe.</li>
</ul>
<div>
	&nbsp;</div>
<ul>
	<li>
		The 34th World Tourism Day was celebrated in Nepal with a theme of &ldquo;Tourism and Water: Protecting our Common Future&rdquo; holding various programmes from September 21 to September 29. Two new tourist destinations were made public in a programme last Friday organised by Nepal Tourism Board (NTB).The new destinations are the 330 KM long Great Buddhist Trail stretching from Kathmandu to Banganga River, and Chitlang village of Makwanpur district as &acute;Village Tourism Destination 2013/14&rsquo;. &nbsp;During the programme, Tourism Secretary Sushil Ghimire informed that Gautam Buddha Airport at Bhairahawa will be developed as Nepal&rsquo;s second international airport by June 2017.</li>
</ul>
<p>
	&nbsp;</p>
<ul>
	<li>
		While the Nepali economy is battling with huge trade deficits, Britian is likely to help Nepal in lowering such trade gaps. According to the British Ambassador to Nepal, Andrew James Sparks, he wants to help Nepal reduce its trade deficit, and will request his government to help Nepal in this regard. He has also made a commitment to help find a market for Nepali goods in Britain. Despite a two-century long relationship between the two countries, there has not been a single trade agreement between them. Speaking at a programme organised by Nepal Economic Forum in the capital last Tuesday, envoy Sparks informed that they will help create a market for Nepali goods with a &lsquo;Made in Nepal&rsquo; brand.</li>
</ul>
<p>
	&nbsp;</p>
<ul>
	<li>
		Asian Development Bank, a major financial aid agency, is now shifting its investment to large scale projects from small level ones, stating it has faced many problems in small scale projects. As Nepal&rsquo;s capital expenditure is only 3 per cent of its Gross Domestic Product (GDP), the ADB, which is formulating a 5-year Country Partnership Strategy (CPS), will also support increasing capital expenditure in Nepal.&nbsp;</li>
</ul>
<div>
	&nbsp;</div>
<ul>
	<li>
		Nepal has received full membership of the International Organisation for Standardisation (ISO). The recent meeting of the 36th General Assembly held in St Petersburg of Russia decided to grant the membership to Nepal which will come in effect from January 2014. &nbsp;Finance Minister Shankar Prasad Koirala made public the ISO membership certificate at a programme organized at the Nepal Bureau of Standards and Metrology last Thursday. The membership is both a challenge and an opportunity for Nepal, according to economic analysts. Nepal will have to pay Rs 2.6 million annually to the ISO. Since this is a powerful trade tool, the status can boost the exports of Nepali goods as it can give out a positive message in the international market about the quality of Nepali goods.</li>
</ul>
<div>
	&nbsp;</div>
<ul>
	<li>
		As the Commission for the Investigation of Abuse of Authority (CIAA) has arrested top four officials of the Nepal Oil Corporation (NOC) for doling out bonuses to its staff, the government has decided to provide a loan worth Rs 2 billion to the state-owned entity. Currently, the NOC owes the government and different financial institutions a whopping Rs 28.50 billion. The government has alone lent more than Rs 12.50 billion to the cash-strapped institution. The NOC had also hiked the price of petro products earlier in the week to adjust its price with international prices. While the NOC, state owned oil monopoly, is ridden with the economic crisis, economic analysts have said that the only solution lies in the idea of an auto-price mechanism.</li>
</ul>',
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			'description' => 'The Nepal Rastra Bank issued a reverse repo last Wednesday for the fourth time worth Rs 10 billion, within a period of three weeks. Banking and financial institutions (BFIs) have bid for securities worth Rs 21.85 billion for the fourth round of reverse repo held by the Nepal Rastra Bank (NRB) last Wednesday.',
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			'article_category_id' => '196',
			'title' => 'Weekly Roundup (9 - 15 September 2013)',
			'sub_title' => '',
			'summary' => null,
			'content' => '<ul>
	<li>
		The 12-point Birgunj Declaration that emerged from the Nepal Leadership Summit 2070 organised by New Business Age Pvt Ltd and Birgunj Chamber of Commerce and Industries on September 4 in Birgunj continues to draw the attention of the government, political parties and the business fraternity. Terming the declaration as a benchmark for setting government policies, Finance Minister Shankar Koirala said the consensus reached during the programme among former prime ministers to make the economy a common agenda would help the government create an investment- friendly environment in the country if implemented.</li>
</ul>
<div>
	&nbsp;</div>
<ul>
	<li>
		Despite CPN-Maoist&rsquo;s positive signal to join the poll process bringing a sigh of relief to the business community that has been reeling under political uncertainty, the bandh enforced by the party last Thursday caused significant loss in the economic sector. Factories were once again shut down, vehicles remained off the roads, businesses closed down and shops were shuttered.</li>
</ul>
<div>
	&nbsp;</div>
<ul>
	<li>
		The debt-ridden Nepal Oil Corporation&rsquo;s decision to hike the price of petroleum products riled the student unions, airlines operators and the general public. The NOC decided to increase the price of petrol by Rs 5, kerosene by Rs 3 and aviation fuel by Rs 7 per litre. The NOC said it was compelled to hike the price following the price rise in the international market. The state-owned entity hiked the price for the second time after the formation of the Khil Raj Regmi-led government. The rise in price of petroleum products has once again initiated debates on automatic price fixation and the state&rsquo;s monopoly in the trading of petroleum products.</li>
</ul>
<div>
	&nbsp;</div>
<ul>
	<li>
		The over-subscription for the reverse repo held by the Nepal Rastra Bank (NRB) indicates that the banking system is sitting on a huge cash deposits. Estimates put this at Rs 60 billion, and it is feared that it pose a high risk of liquidity-induced inflation during the forthcoming festive seasons. According to the NRB, it has received the bid from BFIs worth Rs 42 billion last week for the reverse repo issued by NRB worth Rs 10 billion. The NRB had issued the reverse repo in the previous week worth Rs 5 billion for the first time in three years and received a bid worth Rs 30 billion at that time. Lax credit demand, a rising flow of remittance and low investment from investors stalled in a wait-and-watch mood are the reasons behind the excess liquidity in the banking system.</li>
</ul>
<div>
	&nbsp;</div>
<ul>
	<li>
		Data shows that the domestic currency that has witnessed rapid devaluation in comparison to the US dollar in the last few weeks became slightly stronger last week. The Nepali Rupee was traded at Rs 101.71 per US dollar last Saturday, while it was traded at Rs 104.20 per US dollar on the same day of the previous week. As the Nepali currency against the US dollar rose slightly, the price of gold became relatively cheaper last week. &nbsp;The price of the precious yellow metal went down by Rs 3000 in a week trading at Rs 47,840 per 10 grams last Friday. The price on the same day of the previous week was Rs 50840 per 10 grams. Meanwhile, the government hiked the import duty of gold last Friday by 44 per cent. Duty price of the bullion has now reached Rs 5000 per 10 gram.</li>
</ul>
<div>
	&nbsp;</div>
<ul>
	<li>
		Data from the Department of Food Technology and Quality Control (DFTQC) revealed that adulteration in edible products has reached an average of 20 per cent, thanks to the government&rsquo;s apathy towards monitoring the market. Releasing the data, the Director General of the DFTQC rued the lack of strong laws to take stern action against adulterers. According to the department, adulteration ranging from 3 to 31 per cent of total content was found mostly in the bottled water, milk, oil and other consumable goods.</li>
</ul>',
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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

Currency

Unit

Buy

Sell

U.S. Dollar

121.23

121.83

European Euro

131.65

132.31

UK Pound Sterling

142.47

143.18

Swiss Franc

124.29

124.90

Australian Dollar

71.69

72.05

Canadian Dollar

83.90

84.32

Japanese Yen

10.94

11.00

Chinese Yuan

17.17

17.26

Saudi Arabian Riyal

32.27

32.43

UAE Dirham

33.01

33.17

Malaysian Ringgit

27.36

27.50

South Korean Won

100

9.77

9.82

Fine Gold	1 tola	77000.00
Tejabi Gold	1 tola	76700.00
Silver	1 tola	720.00

Petrol	1 Liter	106.00
Diesel	1 Liter	95.00
Kerosene	1 Liter	95.00
LP Gas	1 Cylinder	1375.00

Weekly Round-Up

No Laughing Matter

The Sweet Rewards of Power

NEPSE

Latest

Trending

FOREX

Bullion

Petroleum