Nepal Economic Digest (Feb. 06, 2020) « Khabarhub
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Nepal Economic Digest (Feb. 06, 2020)

06 February 2020  

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

Tourism entrepreneurs look for alternative markets

After the coronavirus outbreak in Wuhan city of China, the government of China put a ban on group travelers. The number of Chinese tourists in Nepal has dropped sharply after the ban came into effect. Nepal had earlier targeted to welcome 500,000 tourists from China during the Visit Nepal 2020.

Speaking at a press meet in Kathmandu, Shreejana Rana, President of Hotel Association of Nepal (HAN), said tourism stakeholders are preparing to intensify promotional activities in alternative markets to make up for the loss in tourist numbers due to drop in Chinese arrivals.

Business permits Wechat payments

WeChat, renowned in China for electric payments, has allowed business in Nepal. NOw that customers will be able to do business through Nepal Machhapuchhre Bank. The Nepal Rastra Bank has allowed NMB to acquire (sell) the bizarre business in Nepal.

According to the bank sources, it will take some time to start its formal business as the Nepal Rastra Bank has to undergo several internal processes. The same can be granted to other commercial banks, the central bank has said. The Rastra Bank has also set up a business permit to Alipay. Himalayan Bank has applied to the Rastra Bank to acquire Alipay’s business.

CG Telecom loses limited mobility license

The limited mobility license awarded to CG Communications has been discarded by Nepal Telecommunications Authority (NTA) after the latter failed to renew its license within the prescribed time frame.

Sandip Adhikari, Deputy Director at the NTA, said that the authority took action after the private telecom company failed to renew the license even in the due date of three months. “Due to its failure to meet the norms of the government rule, the company has been barred from operating its limited mobility service in specified districts,” Adhikari said.

Fear of epidemics in economy

The price of dry garlic has sky-rocketed in recent times. A kilogram of dry garlic now costs Rs 555. It was sold at Rs 245 per ko past month. According to the Kalimati Fruit and Vegetable Market Development Committee, garlic prices have more than doubled since most vegetable prices have fallen in the last month.

Meanwhile, the price of face masks has also increased significantly. A packet of face mask which was sold at Rs.  five hundred per packet last month costs Rs 800 per packet now. The reason: coronavirus spread in China.

Likewise, tourist traffic has been directly affected by the general public’s epidemic of the coronavirus. Experts say the outbreak in the northern neighborhood can affect the overall economy of the country.

The epidemic, which is estimated to affect the global economy itself, is primarily an analysis of many that are destroying the tourism industry.

Hotel occupancy rates plummet as the coronavirus outbreak takes its toll

The outbreak of coronavirus has adversely affected the hotel business in the country. There has been a significant decrease in the number of Chinese tourists in Nepal after the outbreak. This has worried the hotel and resort operators about their occupancy rate.

President of Hotel Association Nepal, Shreejana Rana said the tourism sector has been affected worldwide because of the coronavirus.

Aviation sector will take a giant leap in five years: Minister Bhattarai

The government has decided to invest Rs 3.5 billion in the development and extension of the aviation sector in the next five years.

Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai said at a program in the Civil Aviation Authority of Nepal (CAAN) that the government will take a giant leap in the sector of aviation in the next five years.

A huge amount of money has been invested in the airport. Minister Bhattarai further said that Nijgadh International Airport will come into operation in the coming five years terming it as a ‘game-changer project.

Illegal operation of crusher industries goes unabated

The District Monitoring Committee has drawn the conclusion that most of the crusher industries are being illegally operated in Jhapa. The district monitoring and coordination committee headed by Jhapa District Coordination Committee Chief Somnath Portal had made onsite monitoring of 27 crusher and sand processing industries being operational in the district.

The committee has directed the industry owners to immediately stop its operation in Buddhashanti for not carrying out an environmental impact assessment. It also instructed to auction the pebbles and sands worth amounting to tens of billions rupees which the smugglers have illegally piled up in Mechinagar-1, Tiring within 15 days.

(Compiled and prepared by Swastik Aryal, Akash Shrestha, Nitish Lal Shrestha, Diana Zulkifli)

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. The Institute for Strategic and Socio-Economic Research (ISSR), Nepal’s independent think tank, and Khabarhub — Nepal popular news portal — have joined hands to disseminate news from Nepal in the form of Economic Digest.

Publish Date : 06 February 2020 11:49 AM

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