Weekly Economic Update (12 November 2021 to 18 November 2021)

1. Nepal Rastra Bank released the report on the macroeconomic and financial situation of the country stating the 4.24% rise in inflation rates, a 7.6% fall in remittances and a 7.57% decrease in the average base rate of commercial banks. [1]
2. The demand for Nepali coffee has increased in the international market with its export earnings rising by 66.37% to Rs. 96 million this year amidst the COVID-19 pandemic. Arabica and Robusta are the most popular amongst the 100 species of coffee present in Nepal. [2]
3. Gold prices have risen by Rs. 500 per tola whereas the silver prices have also gone up Rs. 10 per tola. Gold is being traded at Rs. 94,300 per tola and silver is being traded at Rs. 1,290 per tola. [3]
4. The Ministry of Finance has announced cash relief worth Rs 10,000 each for households hit by the pandemic. Out of the 500,000 households affected by the pandemic, only the ones who have not been a part of the government’s social security scheme are eligible to receive the cash grant. [4]
5. Consumer price inflation surged to 4.24 percent during one month of mid-September and mid-October amid soaring prices of foods and petroleum products.The price increase of ghee, oil, meat products and pulses were the main driving factors. [5]
6. According to the Rastra Bank’s macroeconomic update, Nepal’s total foreign trade in the first three months of the current fiscal year surged by 68.1 per cent to Rs 543.58 billion. [6]
7. Instead of rebuilding the Melamchi Drinking Water Project, the government has put forward two new options. One option is to bring water from Melamchi temporarily only in winter. The second option is to dig new boreholes in 10 places in Kathmandu Valley. [7]
8. Nepal Telecom earned a net profit of Rs 2.25 billion in the first three months of the current fiscal year, which was 49 percent more than the amount they earned in the same period last year. [8]
9. 33 firms have applied at the Department of Electricity Development (DoED) seeking the government approval to carry out a feasibility survey to install solar power projects. The firms have targeted to generate electricity totaling 408 MW. [9]
10. Airline companies have hiked the airfares by up to Rs 220 per travel after the recent increase in fuel prices. According to the AOANl, the Civil Aviation Authority Nepal has permitted the airlines companies to raise the airfares in response to an increase in fuel prices. [10]

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1. https://www.sharesansar.com/newsdetail/remittance-inflows-decreased-76-inflation-at-424-in-first-three-months-of-fy-202122-2021-11-16
2. https://myrepublica.nagariknetwork.com/news/export-growth-of-nepali-coffee-encouraging-despite-adverse-impact-of-covid-19-pandemic/
3. https://www.sharesansar.com/newsdetail/gold-gains-rs-500-per-tola-silver-trading-at-rs-1290-2021-11-1
4. https://myrepublica.nagariknetwork.com/news/govt-calls-on-pandemic-hit-poor-households-to-apply-for-cash-grant-of-rs-10-000/
5. https://thehimalayantimes.com/business/total-foreign-trade-surges-681-per-cent
6. https://myrepublica.nagariknetwork.com/news/reconstruction-of-melamchi-project-unlikely-anytime-soon-govt-looks-for-alternatives-to-supply-water-in-kathmandu-valley/
7. https://myrepublica.nagariknetwork.com/news/airfares-get-dearer-by-up-to-rs-220-per-flight-with-hike-in-fuel-prices/
8. https://myrepublica.nagariknetwork.com/news/33-firms-seek-govt-permission-to-install-solar-power-plants/
9. https://myrepublica.nagariknetwork.com/news/nt-s-first-quarterly-net-profit-soared-49-percent-to-rs-2-25-billion/
10. https://myrepublica.nagariknetwork.com/news/consumer-price-index-takes-upward-graph-in-the-third-month-of-current-fiscal-year/