Weekly Economic Update (18 May — 25 May 2023)
1. Electric vehicles of NPR 8.5 million imported
Almost 3,000 electric vehicles have been imported during the first 10 months of the current fiscal year 2078/79, worth NPR 8.5 billion. The government increased the customs duty of 15% to 30% for electric vehicles with a capacity of 100 kg to 200 KW in 10 months of the current fiscal year.
(Source: https://myrepublica.nagariknetwork.com/news/electric-vehicle-imports-valued-at-rs-8-5-billion/ )
2. 597 towers being constructed for Arun-III
The 900-megawatt Arun-III hydropower project under construction in Sankhuwasabha is going to build 597 towers for the transmission line in seven districts. The project is expected to generate 9 megawatts of electricity and provide free electricity at the rate of 30 units to affected families.
3. NRB sells 69.77% of its share in NEPSE to RBB
The Nepal Rastra Bank (NRB) has sold 69.77% of its shares in the Nepal Stock Exchange (NEPSE) to Rastriya Banijya Bank (RBB). The share price was maintained at NPR 676.52 per share and traded through the over-the-counter system of the NEPSE.
(Source: https://myrepublica.nagariknetwork.com/news/nrb-sells-69-77-percent-of-its-shares-in-nepse-to-rbb/ )
4. DoMG grants licenses to 420 miners
The Department of Mines and Geology (DoMG) has granted 420 licenses for prospecting in the current fiscal year 2022/23. This is for the exploration of potential mines such as iron, copper, gold, limestone, granite, ruby, and dolomite. The DoGM has collected Rs 356 million in revenue by granting permission and a license for mining.
5. Panchkhal Drinking Water Project making progress
The Panchkhal Urban Water Supply and Sanitation Project, which aimed to provide water supply to 7,000 households is making progress. The project, originally planned to be completed by mid-January 2023, has been extended by a year due to the COVID-19 pandemic. The government had committed to finishing the project in the current fiscal year 2078/79.
6. GBIA collected only 10% of the targeted revenue
The Gautam Buddha International Airport (GBIA) Customs Office had set a target of collecting NPR 809.2 million in customs revenue for the current fiscal year 2022/23. However, only NPR 8.5 million has been collected so far, achieving only 10% of the target by mid-April (Chaitra).
7. Kathmandu Valley registered over 5,000 banking frauds
In the first 10 months of the current fiscal year 2022/23, a total of 5,312 cases related to banking fraud and financial crime have been registered in the Kathmandu Valley. Out of the total 9,256 cases registered, more than half of them fall under banking fraud and financial crimes.
8. Cardamom export reach NPR 6.36 billion in 9 months
Nepal has emerged as the world’s largest exporter of cardamom, shipping a record-high value of NPR 6.36 billion in the first nine months of the current fiscal year. Exports have increased by 65% year-on-year, reaching 7,871 tonnes, primarily due to higher production.
9. IFC approves loan of USD 55 million to SBL
Siddhartha Bank Limited (SBL) has secured a loan of USD 55 million from the International Finance Corporation (IFC), marking the largest loan amount provided by the IFC to a Nepali bank to date. This loan, categorized as external commercial borrowing, is the first foreign currency syndicated loan facility in Nepal’s financial sector.
(Source:https://myrepublica.nagariknetwork.com/news/ifc-approves-loan-of-us-55-million-to-siddhartha-bank/ )
10. Foreign Trade decreases by NPR 311 billion
Foreign trade in the country has decreased by about NPR 311 billion compared to the last fiscal year due to a decline in imports and exports. In the last nine months, the country witnessed a rise in remittance inflows by 24.2% in the review period against a decrease of 0.2 percent in the same period of the previous year.
(Source: https://myrepublica.nagariknetwork.com/news/foreign-trade-decreases-by-rs-311-billion/ )
