Weekly Economic Update (17 December 2021–24 December 2021)

1. Despite depleting foreign currency reserves, a total of USD 1.36 billion was spent to buy Indian currency (INR) to fund imports from India during the first four months of the current fiscal year. This was about 12 percent more than the amount spent for the same purpose last year. [1]
2. Birgunj Customs Office collected customs revenue worth NPR 88.69 billion in the first five months of the current fiscal year, which was 52.50 percent more than the amount collected during the same period of the last fiscal year. [2]
3. In a bid to increase domestic consumption of electricity, Nepal Electricity Authority (NEA) has consented to provide 10 industrial units with 150.5 MW of electricity. [3]
4. Nepal has received foreign investment commitment of NPR 30 billion in the first five months of the current fiscal year that began on July16. According to the Department of Industries, commitments have been made for investment of around NPR 30 billion in 122 industries in the past five months (July 16 to December 7) of the current fiscal year. [4]
5. The price of gold increased by NPR 700 per tola to NPR 93,300 on Thursday. The yellow metal was traded at NPR 92,600 per tola in the domestic market on Wednesday. [5]
6. Nepal’s trade balance in the first five months plunged to a negative NPR 735.48 billion, despite the country achieving a notable gain in its export earnings. the revenue generation from merchandise exports increased from NPR 50.05 billion to NPR 102.92 billion. However, the import expenses surged 59.55 percent, from NPR 525.49 billion to NPR 838.40 billion. [6]
7. Nepal Rastra Bank (NRB) has cut short the report submission timeline for the operators of online payment service in a bid to increase vigilance of transaction settlements amid ongoing liquidity crunch in the country’s banking system. [7]
8. Sunrise Bank has introduced Co-branded Visa Debit Card to the members of co-operatives aiming to add a new dimension on digital payment area [8]
9. A preliminary meeting of the task force to reach a conclusion on the United States support project, Millennium Challenge Corporation (MCC) was held on Wednesday. The task force comprises leader Khanal, CPN (Maoist Center) leader NarayanKaji Shrestha and Minister Gyanendra Karki. [9]
10. Power supply to the under-construction Gautam Buddha International Cricket Stadium has been cut after it failed to pay electricity tariff dues. The tariff dues have reached NPR 887,000. [10]

________

1. https://myrepublica.nagariknetwork.com/news/nepal-sells-usd-1-36-billion-to-foot-import-bills-from-india-during-mid-july-and-mid-november/
2. https://myrepublica.nagariknetwork.com/news/revenue-collection-at-birgunj-customs-office-surpasses-target-by-rs-5-billion/
3. https://myrepublica.nagariknetwork.com/news/nea-agrees-to-provide-additional-360-mw-of-electricity-to-manufacturing-industries/
4. https://thehimalayantimes.com/business/nepal-receives-investment-pledges-for-30-billion-in-five-months
5. https://myrepublica.nagariknetwork.com/news/gold-price-sees-slight-increase-in-nepal/
6. https://myrepublica.nagariknetwork.com/news/nepalis-spent-rs-313-billion-more-on-imported-goods-in-first-five-months-of-this-fy/
7. https://myrepublica.nagariknetwork.com/news/nrb-asks-online-payment-service-operators-to-submit-report-of-their-monthly-transactions-within-a-week/
8. https://myrepublica.nagariknetwork.com/news/sunrise-bank-introduces-co-branded-visa-debit-card/
9. https://myrepublica.nagariknetwork.com/news/preliminary-discussion-begins-on-mcc-at-task-force-meeting/
10. https://myrepublica.nagariknetwork.com/news/nea-cuts-power-supply-to-int-l-cricket-stadium/