Nepal Economic Digest (Sept 27, 2020)

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September 27, 2020

5 MIN READ

Nepal Economic Digest (Sept 27, 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.

Consumer Price Inflation decelerates to 3.49pc

The year-on-year consumer price inflation stood at 3.49 per cent in mid-August 2020 compared to 6.95 per cent a year ago reveals the central bank’s Macroeconomic Update report.

Food and beverage inflation stood at 5.38 per cent whereas non-food and service inflation stood at 2.04 per cent in the review month.

The price of pulses and legumes, meat and fish and tobacco products rose significantly in the review month compared to mid-July 2019.

The price of vegetables increased 28.21 per cent in mid-August 2020 compared to a month ago, the report shows. In the review month, Kathmandu valley, Tarai, hills and mountains witnessed 3.31 per cent, 4.02 per cent, 2.72 per cent and 4.07 per cent inflation, respectively.

These regions had witnessed 8.63 per cent, 6.46 per cent, six per cent and 5.57 per cent inflation, respectively, a year ago.

Govt mulling package to revive domestic tourism: Minister Bhattarai

Minister for Tourism, Culture and Civil Aviation Yogesh Bhattarai has said that the government was mulling over introducing a special package to revive COVID-19 pandemic ridden tourism industry.

Speaking in a program organized in Kathmandu, Minister Bhattarai revealed that the government is mulling over introducing a special package to promote the tourism industry.

He shared his plan to arrange for the nation-wide tour of the people organized sector like the financial sector, education sector, bureaucrats, among many others immediately after coronavirus cases subside.

Citing that all countries around the world have been preparing to observe coming two years as the years for domestic tourism, he requested the policy sector to collaborate in the government’s campaign and observe coming two years as a domestic tourism year.

He shared that the Ministry has put forward the concept of a two-day weekend for the revival of domestic tourism.

Regulator commits for strict market monitoring during festivals

The market anomalies including black marketeering and selling of low standard food are widespread mainly during Dashain and Tihar every year.

This time the problem seems to be more serious with the rising cases of COVID-19. While the government authorities make promises to control it every year, the consumers fail to realize it to any notable degree as they face hikes in market prices and consumption of low-quality products.

This year too, the Department of Commerce, Supplies and Consumer Protection, the main regulatory body to check the market anomalies, has announced to conduct aggressive market inspection during the festive season.

According to the department, it is mobilizing 10 teams as a special task force to carry out market inspection in the Kathmandu Valley, up from four teams in normal times.

Rabindra Acharya, spokesperson for the department, said the inspection teams will be mobilized to check the selling of apparel, fuel, food grains, meat products, vegetables and fruits.

“Each team will be trained and assigned a separate monitoring area to ensure effective inspection of largely traded goods during Dashain,” he said.

Nepal witnesses growth in remittance inflow despite Covid-19

After a marginal 0.5 percent drop in the last fiscal year that ended mid-July, remittance inflows to Nepal increased by a 23 percent, convincingly refuting forecasts that the income of Nepal migrant workers would crash due to the coronavirus pandemic affecting the global economy.

According to the Nepal Rastra Bank macroeconomic report released on Friday, in the first month [mid-July to mid-August] of the current fiscal year 2020-21, Nepal received Rs 92.71 billion in remittance earnings.

Nepali migrant workers sent home Rs 875.03 billion in the last fiscal year.

Nepal received an all-time high remittance of Rs 100.16 billion during the last month of the fiscal year (mid-June to mid-July) that boosted the overall remittance earning.

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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