Nepal Economic Digest (May 26, 2020) « Khabarhub
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Nepal Economic Digest (May 26, 2020)


26 May 2020  

Time taken to read : 4 Minute


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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.

Jorpati-Sundarijal road project comes to halt with detection of COVID case

The Jorpati-Sundarijal road widening works have come to a halt with the detection of a COVID-19 case at Gokarneshwor municipality-4.

Though the project was resumed after a month of the coronavirus lockdown enforced since March 24, it was again ceased after a 58-year-old local was tested positive for the virus.

It is said security measures were taken to resume the construction works. Now, the Gokarneshwor-4 has been sealed off until the contact tracing of those coming into touch with the infected is done and their tests are conducted, according to ward chair Shree Kumar Shrestha.

The case was detected on May 19, leading to the suspension of widening drive at most parts. However, works to build a wall at some portions of ward no 1 continue to take place.

NRB bans bank notes with images of ex-king

Nepal Rastra Bank (NRB) has put a ban on the use of the Nepali Currencies with the images of the former king. Issuing a press note, the central bank ordered all the banks and financial institutes not to issue the Nepali currencies that have images of the former king.

NRB in the circulation has stated that such notes should be held back and brought into operation only after thorough sterilization.

“The Nepali currencies with images of former king should be held back and brought into use after thorough sterilization,” reads the press note.

NRB has also urged banks and financial institutes not to issue ramshackle notes and send them back to the central bank.

Petroleum Dealers Association plans to retrench staff citing fall in business

The Petroleum Dealers’ National Association has urged its member pumps to cut off all expenses except the most essentials citing a significant fall in the consumption of petroleum products due to lockdown.

The Association’s meeting held through a videoconference decided to run pumps by the least number of staff, halt the distribution of products in credit, keep the supplies continued by reserving the stock and reduce capital expenditure, said Association Chair Lilendra Prasad Pradhan.

He predicted the possibility of 50 percent staff cuts if the lockdown is continued.

”Though our all dealers are open, the demand is very low; staff are facing issues even to visit pumps; now many are at homes and getting facilities but if the crisis goes on, it will be needed to take a harsh step,” he said.

Domestic flights resume in India

Two months after no flight operations in India, domestic passenger flights resumed today with a reduced number. Passengers queued up outside airports to catch early morning flights back home.

Civil Aviation Minister Hardeep Singh Puri on Monday morning tweeted saying: “Today, we restart domestic flights.” He added that India’s civil aviation is on the forefront.

However, many passengers waiting for their flights in Mumbai, Delhi, Hyderabad and other airports said their flights were cancelled without prior notice.

It should be noted that some 80 flights flying in and out of the Delhi Indira Gandhi International Airport were cancelled on Monday — the resumption of the first day of flight operations.

(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.

Publish Date : 26 May 2020 08:44 AM

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