Weekly Economic Update (29 April 2022– 5 May 2022)
1. Increase in tourist arrivals — Nepal received a total of 58,348 foreign tourists in April 2022. The arrival rate of international visitors grew by 159.9% in April 2022 in comparison to the same period the previous year. (Source: https://myrepublica.nagariknetwork.com/news/35-871-foreign-tourists-arrived-in-nepal-in-april/)
2. Unmet target of foreign assistance — In first nine months of current fiscal year, Nepal received foreign assistance worth NPR 126 billion, which is only one third of the amount the government targeted for the current fiscal year. (Source: https://myrepublica.nagariknetwork.com/news/nepal-received-just-around-one-third-of-annual-target-of-foreign-assistance-in-the-first-nine-month-of-current-fy/)
3. Cash withdrawal through credit card tightens- Nepal Rastra Bank has restricted the withdrawal of cash through credit cards issued by banks and the cards can be only used for electronic payment systems. Cash withdrawal up to 10% of the credit card limit in an emergency is allowed. (Source: https://myrepublica.nagariknetwork.com/news/nrb-tightens-cash-withdrawal-through-credit-cards/)
4. Rise in energy demand in Kathmandu Valley — Nepal Rastra Bank has restricted the withdrawal of cash through credit cards issued by banks and the cards can be only used for electronic payment systems. Cash withdrawal up to 10% of the credit card limit in an emergency is allowed. (Source:https://myrepublica.nagariknetwork.com/news/kathmandu-valley-s-energy-demand-projected-to-reach-3-100-mw-by-2050/)
5. Growth rate projected at 5.84% — Central Bureau of Statistics has forecasted the country’s economic growth at 5.84%, which is 1.16% lower than the government projected growth rate of 7%. (Source:https://thehimalayantimes.com/nepal/nepals-gdp-projected-to-grow-at-584pc)
6. World Bank to Provide Loan — An agreement has been signed between the Government of Nepal and World Bank to provide loan amounting USD 150 million for creating stability and to strengthen the financial sector of Nepal. (Source: https://www.newbusinessage.com/Articles/view/15217)
7. Electricity supply to be regular — Nepal Electricity Authority has stated the power supply will be regular after the second week of May as the amount of water in the river will increase with snow melting in the upper region. (Source: https://www.newbusinessage.com/Articles/view/15214)
8. Traffic fines paid through QR code — ‘QR Scan Pay Fine and Withheld Document’ service has been launched in a collaboration between Kumari Bank and Metropolitan Traffic Police Division, which would allow payment of fines for traffic rule violation and fee digitally. (Source:https://myrepublica.nagariknetwork.com/news/kumari-bank-launches-qr-payment-for-traffic-fees-and-fines/)
9. Central Bank investigating suspicious transaction — 1,556 suspicious financial transactions have been reported by the Nepal Rastra Bank’s Financial Information Unit till mid-March of current fiscal year.(Source: https://thehimalayantimes.com/business/over-1000-suspicious-transaction-reports-under-investigation-nrb)
10. Nepal to receive a grant from US — A grant worth of USD 659 million (NPR 79.71 billion) will be provided by the United States to support Nepal’s transition toward middle-income country. (Source: https://merolagani.com/NewsDetail.aspx?newsID=80607)
