KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.
COVID-19 crisis: Nominal drop in remittance inflow
Against the growth of 16.5 percent in the fiscal year 2018/19, the remittance inflow in the country saw negative growth in the fiscal year 2019/20, the central bank said.
The remittance inflow decreased by Rs 4.24 billion in the last fiscal year compared to the previous fiscal year.
The migrant workers sent Rs 875.3 billion back home from the countries of the destination while the remittance amount was Rs 879.27 billion in the previous year.
The reduction in remittance inflow in the country is predicted as an impact of coronavirus infection in the countries of destination.
According to the report of the Nepal Rastra Bank released today, remittance income in the country reduced by 3.3 percent in the US Dollar last year while it had increased by 7.8 percent in the previous fiscal year.
Similarly, the number of migrant workers receiving final labor approval decreased by 20.5 percent while the number of such migrants had gone up by 32.6 percent in the previous fiscal year.
Trade, business organizations call for smooth operation of industries
Two local trade and business organizations have asked for allowing smooth operation of industries and businesses to prevent reduction in production and to make the economy functional.
In a joint press statement, Presidents of Morang Trade Association and the Morang Industries Organization have asked all three tiers of the government, the local administration and security bodies for cooperation in creating an environment conducive for industries and businesses to operate smoothly.
President of the Association Prakash Mundada and President of the Organization Bhim Ghimire said the industries have been helping make the supply system smooth and efficient by giving continuity to the production process even in the present adverse situation tossed up by the coronavirus pandemic.
They have also reiterated through the joint press release that the industries will strictly follow the health code of conduct issued by the government and the World Health Organization (WHO).
Hotels in Pokhara to be converted into paid isolation
The Pokhara Metropolitan City in Kaski district is preparing to use private hotels here as a paid isolation facility with the rise in the COVID-19 cases lately which could lead to a shortage of isolation and quarantine facilities.
Metropolis mayor Man Bahadur GC shared that those infected ones without showing symptoms and not in a condition to get admitted to the hospital could opt to stay in such pay-isolation.
The local authority was holding talks with the concerned hoteliers for the same, informed mayor GC.
Currently, the agriculture training centre in Pokhara has been converted into a 40-room isolation facility and the Metropolis has been running pay-quarantine for the suspected ones.
A total of 24 hotels have been turned into pay-quarantine facility as of now. In the to-be-built pay-isolation facility, one ought to pay Rs 1,000 to Rs 2,000 per day depending on the services the hotels provide as well as the standards of the hotels.
The Metropolis has also arranged quarantine facility for those with bleak financial background and those not having favorable environment to be quarantined in their respective houses.
Govt picks Upendra Koirala as Rastriya Banijya Bank’s chair
The government has decided to pick Upendra Kumar Koirala as the chairman of Rastriya Banijya Bank.
A cabinet meeting took the decision to appoint Koirala as the chairman of the only state-owned bank.
The post of the chairman was vacant after the government appointed Nirmal Hari Adhikari as a member the board.
According to sources of the bank, an executive committee to be held on Wednesday will formally appoint Koirala as the chairman as per the provision. It should be noted that Koirala is the father-in-law of the son of Deputy Prime Minister and Minister for Defense Ishwar Pokharel.
He was the general manager of Nepal Food Corporation in 2051 BS during the government led by CPN-UML prior to taking charge as the campus chief of Mahendra Morang Campus.
Govt preparing to restart domestic flights to hilly districts
The government is gearing up to resume domestic flights to and from hilly districts in the country.
Stating that festivals that are widely celebrated in the country are fast approaching, Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai on Tuesday said that the ministry was positively considering the proposal to resume flights to hilly districts with necessary health safety protocols.
“Many people travel back to their hometowns during this period. So we are now trying to make sure that they can travel back home safely as they did in the past,” he added.
Minister Bhattarai’s remarks comes with the wake of criticisms from domestic airlines operators that the government’s decision to shut down the service for a long time had made the entire aviation industry in the country to incur a huge loss.
Sources said the government is mulling to resume domestic flights to and from hilly districts as there are minimum risks of the spread of COVID-19.
(Compiled and prepared by 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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