Nepal Economic Digest (March 26, 2020)

Khabarhub

March 26, 2020

4 MIN READ

Nepal Economic Digest (March 26, 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.

Banks to provide full banking services

The Bankers’ Association has decided to provide service by opening the essential branches of the banks to ensure the facilitation of the complete utilization of the earnings of members of the general public at times of natural disaster. The Association said the banks would make available adequate money through ATMs. Bank branches without ATMs would be opened for a limited time. It also said that the bank branches would share the contact phone number of two authorized persons to the customers and the customers can also contact them in case they are in need of essential banking services.

Provide fuel to emergency service providers only: Association

Nepal Petroleum Dealers National Association has asked the petrol pumps to provide petrol only to the most essential vehicles especially the emergency service providers. According to the President of Nepal Petroleum Dealers National Association, Lilendra Prasad Pradhan, the association has asked its member pumps to supply petroleum products only to the emergency service providers like ambulance and government vehicles.

Govt to supply daily essentials at convenient places

The government has accelerated its preparation to supply daily essential goods to people from convenient places. Minister for Industry, Commerce and Supply, Lekharaj Bhatta assured that the government will leave no stone unturned to ensure a smooth supply of daily essentials. He said 16 trucks of medicine and medical items stuck at Raxaul of Nepal-India border will arrive Kathmandu by Wednesday evening.

Cash withdrawal from banks increases following lockdown

The number of people withdrawing their money from the banks across Nepal has increased following the lockdown enforced by the government on Tuesday. Bankers have said that depositors have withdrawn a large amount of money from the banks in the last two days. According to Nepal Rastra Bank, the customers have withdrawn more than Rs 3 billion from the banks and financial institutes on Sunday and Monday.

NOC introduces ‘one family one cylinder’ rule to regulate the distribution

Nepal Oil Corporation (NOC) has introduced a new rule saying that a family will not get or hoard more than one cylinder of cooking gas and that the distributor has to keep the respective customer’s details including citizenship number, name, address and phone number.

The dealers have to record customer’s details including his/her name, citizenship number, address and phone number and ensure that one family will receive one cylinder of cooking a month, reads the directive.

Govt restricts setting up separate fund to collect donations for COVID-19

The government has restricted any agency, organization or company from setting up a separate fund to respond to the coronavirus disease (COVID-19). According to the finance minister Yuba Raj Khatiwada, those who have already set up separate funds should use it to collect money only from within organizations or people working under them. The collected money should be handed over to the government’s fund within seven days. The decision is made to address growing concerns about the possibility of the misuse or irregularities of donations collected by non-governmental entities.(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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