Nepal Economic Digest (April 16, 2020) « Khabarhub
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Nepal Economic Digest (April 16, 2020)

16 April 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.

NCC urges governor to take measures to reduce economic impact from COVID-19

Nepal Chamber of Commerce (NCC) has urged Nepal Rastra Bank (NRB), the country’s central bank, to take immediate measures to reduce the adverse impact of the COVID-19 pandemic on the national economy.

NCC urged for forming a high-powered mechanism to restore the economy back to its previous state after assessing the impact of the pandemic and making provisions for the banks and financial institutions to issue loans to all types of businesses and traders for long period.

The NCC said that this refinancing should be 10 per cent in addition to the current loan. It has also called for a three per cent spread rate of banks, making the CRR flexible and increasing the flow of investment capital.

300 million Re 5 note to be printed in China

Nepal Rastra Bank (NRB) is printing 300 million pieces of Re 5 note in China.

The China Banknote Printing and Minting Corporation based in Beijing has won the bid to design, print and export the note. The government had called for the tender on January 14.

The China Banknote has won the bid owing to the lowest price. NRB has signed with the company to design, print and deliver the Rs 5 note for USD 43,97,500.

Locals obstruct Nepal-China border at Tatopani

The locals of Nepal-China border check point at Tatopani have obstructed the entry of goods brought from China. Citing that the government was bringing other materials under the hide of most essential materials, the locals of Nepal’s northern border checkpoint Tatopani have obstructed the border on Wednesday.

Earlier, the administrative officials and the representatives of the customs of Nepal and China had agreed to provided pass to let 20 pass to the staffs of the vehicles used for most essential food stuffs and health materials.

Sushil Ghimire appointed NAC chairman

The government has appointed Sushil Ghimire as an Executive Chairman of Nepal Airlines Corporation (NAC).

\A cabinet meeting decided to appoint former secretary Ghimire as the NAC Chairman. The Ministry of Culture, Tourism and Civil Aviation (MOCTC) has recommended his name in the cabinet.

Import to be eased through Tatopani transit

Authorities of Nepal and China have agreed to ease the import and export of health supplies and daily essentials from the Tatopani transit.

The decision was taken during a routine meeting held between the administrative and border officials today. Sharing the decision of the meeting,

Chief District Officer of Sindhupalchowk Umesh Dhakal said necessary health measures would be adopted for the container truck drivers, assistants and laborers going to bring goods from across the border.

Dairy products worth Rs 5b lying unsold amid lockdown

The Nepal Dairy Association (NDA), dairy producers, say they have faced losses worth Rs 2 billion on milk alone.

“Altogether, producers across the country have nearly Rs 5 billion worth of dairy products in stock,” Pralhad Dahal, the general secretary of the NDA, said.

Dairy producers have requested the government to include dairy products like ghee and paneer in relief package to be distributed to needy people.

According to NDA, about 500,000 farmers are associated in the sector, while more than 30,000 people are directly involved in dairy industries.

(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.

Publish Date : 16 April 2020 08:27 AM

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