KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.
Lockdown sees increase in cashless transaction in Nepal
Electronic transaction is found have been increasing as a result of the lockdown imposed by the government to stem the spread of the Coronavirus.
As of the second week of the lockdown, e-transaction worth Rs. 35.6 billion has been recorded, according to Nepal Clearing House Limited.The transaction was worth Rs. 18.6 billion in the first week of the lockdown.
Global growth will turn sharply negative in 2020: IMF
While the trajectory of coronavirus pandemic remains uncertain, the International Monetary Fund (IMF) expects an economic crisis worse than the great recession of 2008.
The economic outlook for more than 160 countries has turned from positive into negative growth, said Managing Director Kristalina Georgieva.
A partial economic recovery in 2021 will largely depend on whether or not the pandemic is under control so containment measures can be lifted.
Illegal aggregate mining thriving during lockdown
Illegal mining and smuggling of sand, stone and pebble has been found thriving on the bank of the Banganga river here taking advantage of the lockdown.
The Banganga Municipality’s recently confiscating a large quantity of aggregates proves that the illegal mining is taking place unabated during the lockdown. Approximately 400 tractor trailer-full of aggregates was confiscated.
FNCCI seeks support from government to revive business sector
The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has demanded the government to arrange refinancing with only 2% interest rate to companies and firms working in tourism, import, production based and agriculture sector for the payment of a year’s worth salary and wages to employees.
They have stated that the loan repayment period should be for two years and should have the provision of payment in installments.
“Also the loan interest rate should apply to all small, medium and big companies and firms for the payment of salary to the workers for six months since mid-March,” the suggestion read, adding, “For them, the repayment period should be six months and have the provision of payment in installments.”
They have demanded the banks to increase the lending amount of working capital loan and over draft loan by 10%.
More than 50% of sanitizers produced by NAL unsold
Nepal Ausadhi Limited (NAL) has been facing difficulty in distribution of sanitizer which it started producing from March 15.
The NAL has the capacity to produce 20,000 bottles of sanitizer per day. It has been producing around 15,000 bottles per day.
But it has been able to send only around 7,000 bottles per day to the market due to the lockdown enforced by the government. NAL has priced the sanitizers at Rs 150 per bottle for wholesalers and Rs 175 for retailers.
Full cooking gas cylinders to be available from today
The state-owned Nepal Oil Corporation (NOC) has decided to sell full Liquefied Petroleum Gas (LPG) cylinders from Sunday.
A meeting of the Board of Directors of the NOC took the decision to open the sale of a full cylinder weighing 14.2-kg.
NOC spokesperson Binitmani Upadhyay stated that the LPG companies were allowed to fill LPG cylinders to the full from Thursday.
(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. 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.
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