Weekly Economic Update (11 February 2021–17 February 2021)
2 min readFeb 17, 2022
- Insurers profit more than last year — Insurance companies earned NPR 90.01 billion in premiums in the first half of the current fiscal year, which is 14.41% more than the same period last year. (Source: https://myrepublica.nagariknetwork.com/news/insurers-earned-14-41-percent-more-from-premium-collection-during-first-of-current-fy/)
- E-commerce site Vesyusa launches — On Monday, Vesvusa, an e-commerce site where consumers can buy high-quality beauty, fashion, and lifestyle products from a variety of local and international brands, officially launched its website. (Source: https://myrepublica.nagariknetwork.com/news/vesvusa-launches-its-official-website/)
- Civil Bank and F1soft sign MoU — On Wednesday, Civil Bank signed a Memorandum of Understanding with F1soft International to enable the OMNI channel platform, allowing clients to self-customize their preferred payment option while on the go. (Source: https://myrepublica.nagariknetwork.com/news/civil-bank-signs-mou-with-f1soft-international/)
- Mega Bank launches branchless banking — Mega Bank Nepal Limited has provided branchless banking services in five places across four districts that were previously without access to financial services offering account opening, cash withdrawal, loans, and recharging of Nepal Telecom, Ncell. (Source: https://myrepublica.nagariknetwork.com/news/mega-bank-launches-branchless-banking-in-five-locations-without-access-to-banking-facilities/)
- Petroleum imports double — The import of petroleum products during the first six months of the current fiscal year is more by 1,007,690 liters, a 144% increase than the corresponding period last year worth NPR 33.48 billion. (Source: https://myrepublica.nagariknetwork.com/news/import-of-petroleum-products-doubles-this-year/)
- Tizig Pharma launches anti-cancer drugs — For the first time in the Nepali market, Tizig Pharma Pvt Ltd, a foreign investment-based Nepali medicine company, has launched domestically producing anti-cancer drugs. (Source: https://myrepublica.nagariknetwork.com/news/tppl-starts-manufacturing-drugs-used-in-treatment-of-cancer-in-nepal/)
- NRB fixes cap on digital loans — The Nepal Rastra Bank has allowed banks and financial institutions to make loans to their customers via digital platforms up to NPR 500,000. Borrowers can apply for these loans through mobile apps or the BFIs’ web portals. (Source: https://myrepublica.nagariknetwork.com/news/nrb-fixes-ceiling-at-rs-500-000-on-loans-to-be-issued-by-bfis-by-using-digital-platforms/)
- Bankers’ Association hikes deposit interest rate — The Nepal Bankers’ Association resolved during a meeting on Friday to hike the deposit interest rate by one percentage point. The umbrella organization has maintained an 11.03% cap on fixed deposits for individuals under the revised rate. (Source: https://myrepublica.nagariknetwork.com/news/banks-decide-to-increase-interest-rate-on-deposits-by-one-point-percent-citing-tight-liquidity/)
- Genese Solution receive second funding — Genese Solution Pvt Ltd, a UK-based multinational IT firm, and Nepal’s pioneer Cloud Consultancy have received a total investment of USD 1 million from Business Oxygen Private Limited, with a second round of funding. (Source: https://myrepublica.nagariknetwork.com/news/genese-solution-raises-second-round-of-investment-to-1-million/)
- NEPSE plunges 19.84 points — The Nepal Stock Exchange plummeted 19.84 points on Wednesday as a result of the government’s inability to table the US-funded Millennium Challenge Corporation compact agreement for ratification in parliament. (Source: https://myrepublica.nagariknetwork.com/news/nepse-plunges-19-84-points-on-wednesday/)
