Nepal Economic Forum

3 days ago

Weekly Economic Update (13 May 2022 to 19 May 2022)

1. Local elections 2022 held: Local elections were held on 13 May 2022 for electing people’s representatives to govern the 753 local governments for the next five years. The election was held in a single phase, with the Election Commission setting up 10,756 polling stations and 21,955 voting booths across…

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May 12

Weekly Economic Update (6 May 2022 to 12 May 2022)

1. Curbing imports hit revenues — The government’s efforts to restrict imports amid depleting foreign exchange reserves and surging balance of payment deficit have started to hit the government’s revenues. As of 7 May 2021, the Department of Customs collected a total revenue of NPR 419 billion against a target…

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May 5

Weekly Economic Update (29 April 2022– 5 May 2022)

1. Increase in tourist arrivals — Nepal received a total of 58,348 foreign tourists in April 2022. The arrival rate of international visitors grew by 159.9% in April 2022 in comparison to the same period the previous year. (Source: https://myrepublica.nagariknetwork.com/news/35-871-foreign-tourists-arrived-in-nepal-in-april/) 2. Unmet target of foreign assistance — In first nine…

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Apr 28

Weekly Economic Update (21 April 2022 to 28 April 2022)

1. A ban on imports of 10 luxury items — The government banned imports of 10-items which it considers non-essential. The ban came into effect starting Tuesday and will last until mid-July 2022. (Source: https://kathmandupost.com/money/2022/04/27/nepal-bans-imports-of-luxury-goods-amid-dwindling-forex-reserves) 2. Reducing the number of BFIs — A recent report by the Nepal Rastra Bank…

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Apr 21

Weekly Economic Update (14th April 2022–21st April 2022)

1. NRB governor reinstated The Supreme Court of Nepal has reinstated the formerly suspended NRB governor Maha Prasad Adhikari through a short-term stay order. The court also issued a show cause notice to the government to present reasons behind the suspension.[1] 2. Fuel allowance for civil servants reduced The Ministry…

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Apr 13

Weekly Economic Update (8th April 2022 to 13th April 2022)

1. Advised to Increase Formal Remittances — The Minister for Labor, Employment and Social Security, Kumar Shrestha, has recommended the state cut remittance cost and provide additional 2% interest rate to depositors that directly remit money in Nepal’s bank account. (Source: https://myrepublica.nagariknetwork.com/news/labor-ministry-makes-a-slew-recommendations-to-increase-remittance-inflow-through-formal-channel/)

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Apr 7

Weekly Economic Update (1st April 2022 to 7th April 2022)

1. Weak financial access status in Karnali — The financial access status in Karnali Province is very weak, necessitating the establishment of more financial institutions as per a study conducted by Nepal Rastra Bank. (Source: https://risingnepaldaily.com/business/weak-financial-access-in-karnali-nrb) 2. Central Bank releases treasury — Nepal Rastra Bank issued an NPR 32.10 billion…

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Mar 31

Weekly Economic Updates (25 March 2022–31 March 2022)

Load shedding in industrial corridors The Nepal Electricity Authority (NEA) has started load shedding for up to eight hours in the industrial corridors as the authority failed to buy electricity from India even at high prices.[1] 2. World Bank provides USD 150 Million to Nepal The World Bank’s Board of…

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Mar 24

Weekly Economic Update (18 March 2022 to 24 March 2022)

1. Visa extended for Nepali workers in Korea — The migrant worker that are a part of theEPS scheme in South Korea have their visa extended for one more year which would have expired this April. The extension has benefited 77,000 Nepali workers. (Source — https://myrepublica.nagariknetwork.com/news/nepali-workers-in-korea-to-get-visa-extended-for-a-year/) 2. Investors rush to…

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Mar 16

Weekly Economic Update (11 March 2022- 16 March 2022)

1. Expansion of Bilateral Trade and Investment: Minister for Foreign Affairs, Dr. Narayan Khadka held a bilateral meeting to discuss expansions of economic cooperation and promotion of tourism sector with Minister for Foreign Affairs of the Republic of Turkey, Mevlut Cavusoglu. (Source: https://risingnepaldaily.com/business/nepal-turkey-agree-to-further-expand-opportunities-of-bilateral-trade-and-investment)

2 min read