Nepal Economic Digest (July 05, 2020)


July 5, 2020


Nepal Economic Digest (July 05, 2020)

KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.

Minister Bhattarai for resuming tourism business adopting safety measures

Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai has urged the entrepreneurs to resume hotel, transport and airlines by following the health protocol.

Minister Bhattarai said that the government was making efforts to resume these sectors adopting adequate safety measures.

He asked the entrepreneurs to come with alternate safety protocols. Nepal Tourism Board Executive Director Dr. Dhananjay Regmi committed to implementing such proposals brought with safety measures. Trekking Agencies Association of Nepal, Nepal Mountain Climbers’ Association, Nepal Association of Tour and Travel Agencies, Hotel Association of Nepal, and Nepal Tourist Transport Entrepreneurs Association among other organizations jointly submitted a memorandum to Minister Bhattarai to resume the business.

NRB urges BFI to ensure their digital partners are licensed

Nepal Rastra Bank (NRB) issued a public notice urging the banks and financial institutions (BFI) to abstain from transactions with the companies or organizations which have not taken NRB’s permission to do so.

“Nepal Rastra bank has received the information that some banks and financial institutions have included the companies and agencies which have not taken NRB’s permission for digital transactions as digital payment partners,” the notice issued by NRB reads.

Stating that NRB has noticed that some banks and financial institutions have been handling the transactions with digital companies irrespective of whether they have taken formal permission or not, the central bank has urged all such institutions to ensure that they are licensed for such transactions.

However, the notice issued by the bank has not restricted the digital payment partner provision itself, rather it has tried to regulate such transactions only.

Gautam Buddha Int’l Airport construction deadline extended till Dec

The under-construction Gautam Buddha International Airport in Bhairahawa will not be operational before next March.

The deadline for the construction of the much-talked-about airport has been extended till December 2020. Earlier, the target was to complete the construction by March 31, 2020, and bring the airport into operation within three months.

Accordingly, the airport was to come into operation by mid-July. The project started in 2015 and was expected to be completed in December 2017.

As the construction could not be completed within that deadline, it was targeted to be completed on March 31, 2020, as per the revised schedule.

Since the construction was not completed even at that time, the deadline has been extended yet again.

However, Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai said that works could not be completed due to the lockdown enforced to stem the spread of coronavirus.

Locusts damage crops in 10 districts of Nepal

Coordinator of the Locust Prevention and Management Task Force Sahadev Humagain has said that there was no possibility of a new swarm of locusts in Nepal unless there is a dramatic change in wind speed.

Humagain, who was present at the meeting of the Agriculture, Cooperatives and Natural Resources Committee of the House of Representatives on Friday, said there was a slim possibility of new swarms of locusts in Nepal.

He said that the locusts have reached most of the districts of the country but have caused damage in only 10 districts so far, adding that the locusts have damaged 500 hectares of crops in Dang, 283 hectares in Pyuthan, 100 hectares in Arghakhanchi and 105 hectares in Makwanpur.

(Compiled and prepared by Swastik Aryal and Nitish Lal Shrestha)

Nepal Economic Digest is a daily morning email digest, basically relatable summations of the most important business news, happenings from Nepal into easy-to-understand summaries.

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