Dec 16, 2021
2 min read
Weekly Economic Update (10th December 2021 to 16th December 2021)
- Nepal Rastra Bank (NRB), keeping in mind the expenses for quarantine, has permitted migrant workers going to South Korea to carry an additional USD 1500. [1]
- Amid the current liquidity crunch in the country, the government has delayed the process of raising internal loans through Treasury Bills, Development Bonds, Citizens Saving Bonds, National Saving Bonds, and Foreign Employment Saving Bonds. [2]
- The Department of Industry (DoI) has reported that the Foreign Direct Investment (FDI) inflows have increased by around NPR 10 billion compared to last year. Investments of NPR 29.85 billion have already been sanctioned for 120 projects in the current fiscal year. [3]
- A total of NPR 8.99 billion has been provided to pandemic-hit businesses as refinance loans in the first four months of the current fiscal year. 55% of this has been provided to tourism-related businesses which has been one of the highly-affected sectors. [4]
- The Federation of Nepalese Chamber of Commerce and Industry (FNCCI) and Daraz have signed a memorandum of understanding (MoU) to make products of small and medium enterprises (SMEs) easily accessible to the domestic and international market. [5]
- The Nepal Electricity Authority (NEA) has announced an investment of NPR 25 billion to upgrade power systems in the Karnali and Sudurpaschim provinces. The loan agreement signed with Asian Development Bank will contribute towards the construction of transmission lines in Kohalpur, Surkhet and Kalikot. [6]
- The one month period from mid-October to mid-November has seen a 5.32% rise in the consumer price inflation. This has been triggered by the surging price of ghee and oil, transport services and meat products. [7]
- The Ministry of Tourism in coordination with the Civil Aviation Authority has directed international airlines to ensure compulsory coverage insurance to air passengers. This would include USD 5000 for hospital charges and a 14-day hotel quarantine. [8]
- Nepal Rastra Bank in its macroeconomic and financial situation report for the first four months of 2021/2022 has reported a 7.5% decline in remittances in the month of November and a NPR 150.38 billion deficit in balance of payments (BOP). [9]
- Jacqueline Mukangira, Rwanda’s Non-Resident Ambassador to Nepal, during her meeting with Minister of Culture Tourism and Civil Aviation Prem Bahadur Ale has proposed a bilateral aviation agreement between both countries. She has also urged the need for mutual cooperation in culture to promote the tourism business. [10]
— — — — — — — -
[5] https://fncci.org/news/detail.php?i=3157
[6] https://english.ratopati.com/story/2267
