Weekly Economic Update (26th November 2021 — 2nd December 2021)

1. Digital payment’s turnover has reached NPR 1.22 trillion in the first quarter of the current fiscal year, which has doubled compared to the same period of the last fiscal year. [1]
2. A massive surge in the import of gold by travelers returning from abroad despite multiple notices has been issued by government authorities. [2]
3. Nepal Clearing House Limited (NCHL) has decreased service charges for the user of Connect IPS. For transactions up to NPR 500, users will pay NPR 2 and transactions between NPR 500-NPR 5000 users will pay NPR 4 and above NPR 5000 users pay NPR 8 per transaction. [3]
4. NRB has sought to invest NPR 1.10 billion in fixed deposits of the bank and financial institutions as there is a crunch of loanable funds in the banking system. In the last week of November, commercial bank deposit collection stood at NPR 4.129 trillion and loan provided at NPR 4.005 trillion. [4]
5. Driving License applicants are compelled to wait around for two years for their turn due to the backlog faced by the Department of Transport Management as more than 650,000 people have applied for new driving licenses. [5]
6. Ministry of Education, Science and Technology initiated updating details about public and community libraries throughout the country. The project is in collaboration with READ Nepal and New Era. [6]
7. Government has decided to provide Nepali migrant workers up to NPR 1.5 million in legal aid for those having legal issues in their host countries. [7]
8. The central bank has introduced a provision whereby commercial banks can issue collateral for loans in foreign currency for commercial agriculture, manufacturing industries, tourism and projects. [8]
9. The cash grant guidelines for farmers whose paddy crops were inundated during the unseasonal October rainfall have been approved. According to the Ministry of Agriculture and Livestock Development will take an additional one month to complete the cash distribution process. [9]
10. Ministry for Labour, Employment, and Social Security will be blacklisting foreign companies that do not provide salaries and perks to Nepali migrant workers according to the agreement. [10]

[1] https://kathmandupost.com/money/2021/11/29/digital-payments-double-to-rs1-22-trillion-in-first-quarter

[2] https://myrepublica.nagariknetwork.com/news/gold-import-by-individual-travelers-and-migrant-workers-on-the-rise/

[3] https://myrepublica.nagariknetwork.com/news/nchl-reduces-service-charge-of-connect-ips-use/

[4] https://myrepublica.nagariknetwork.com/news/nrb-investing-rs-1-10-billion-in-the-fixed-deposits-of-bfis/

[5] https://myrepublica.nagariknetwork.com/news/applicants-of-driving-license-exams-forced-to-wait-for-two-years-for-their-turn/

[6] https://thehimalayantimes.com/nepal/education-ministry-initiates-updating-information-on-public-and-community-libraries

[7] https://myrepublica.nagariknetwork.com/news/govt-to-provide-up-to-rs-1-5-million-each-to-workers-abroad-in-legal-aid/

[8] https://thehimalayantimes.com/business/nrb-seeks-to-discourage-imports

[9] https://kathmandupost.com/money/2021/11/28/guideline-for-cash-grant-for-flood-hit-farmers-approved

[10] https://myrepublica.nagariknetwork.com/news/govt-to-blacklist-foreign-employers-that-do-not-guarantee-pay-and-perks-as-per-agreement/