Weekly Economic Update: 24 November–30 November 2023
1. Koshi Province’s Tea Export Surges
Koshi Province witnessed a surge in agricultural exports with 4,331 metric tons of tea leaves valued at NPR 2.6 billion exported to India, alongside shipments of black cardamom, ginger, and broom grass.
2. Jumla Airport Expansion Begins
The Civil Aviation Authority of Nepal(CAAN) has kickstarted the land acquisition process for the expansion of Jumla airport, securing 183.80 ropanis. The process started after the government approval in May 2023.
https://myrepublica.nagariknetwork.com/news/land-acquisition-process-begins-to-expand-jumla-airport/
3. Carpet Industry Hits 4 Billion
Carpet exports totaled NPR 4.58 billion from mid-July to mid-November, resulting in a trade surplus of NPR 3.86 billion in Nepal’s carpet sector.
4. Nepal Secures NPR 13.3 Billion Concessional Loan
The agreement between Nepal and ADB aims to implement programs in Public Finance Management and Strengthening Service Delivery. This loan, under the same initiative, aligns with Nepal’s national plan, targeting middle-income status by 2030.
5. Axiata Announces Exit from Ncell
Axiata Group Berhad announces its exit from Ncell, citing challenging business conditions and a decrease in returns, as revealed in the 2023 quarterly report where the company reported a turnover of NPR 37.44 arba rupees, down from NPR 39.72 arba rupees in 2022.
https://myrepublica.nagariknetwork.com/news/axiata-decides-to-exit-ncell/
6. Government Restricts Saving and Credit Cooperatives
The government has disallowed the registration and expansion of saving and credit cooperatives, citing concerns over high-risk investments and a financial crisis in the sector.
7. Kathmandu-Kerung Railway Gains Momentum
Secretary-level talks in China advance discussions on the Kathmandu-Kerung inland railway project, with active on-site studies and a focus on future agreements to propel Nepal-China railway connectivity.
8. SSF Collects Approximately NPR 45 Billion
As Social Security Fund(SSF) marked five years, it garnered NPR 44.86 billion from 9,30,844 contributors, with leaders urging funds’ deployment in job-generating sectors.
https://myrepublica.nagariknetwork.com/news/ssf-collects-around-rs-45-billion-in-five-years/
9. Nepal Imports Vegetables Worth NPR 11.87 billion
During the initial four months of the current fiscal year, Nepal registered a trade deficit of NPR 11.44 billion in vegetable imports, while exports amounted to NPR 428.9 million.
10. NRB Introduces Stricter Rules for Loans
Nepal Rastra Bank (NRB) imposes new regulations on hire-purchase loans, limiting penalties and prohibiting extra charges, affecting 10 licensed companies with a minimum capital requirement of NPR 300 million.
https://myrepublica.nagariknetwork.com/news/nrb-tightens-the-screws-on-hire-purchase-companies/
