KATHMANDU: Economic Digest offers a concise yet comprehensive overview of significant business happenings in Nepal, presented in easily digestible summaries.
On Friday, the price of gold in Nepal hit a record high of 153,300 rupees per tola, marking a significant increase from the previous day’s 152,000 rupees.
This surge occurred on the festival of Haritalika Teej. Silver prices also rose to 1,795 rupees per tola.
Meanwhile, the Nepal Stock Exchange (NEPSE) saw a decline of 0.81% over the week, with a total turnover of Rs 59.77 billion.
In other news, the Nepal Telecommunication Authority lifted its ban on TikTok, the government is set to accept a $115 million loan from the Asian Development Bank for irrigation projects, and it has approved land acquisitions for various transmission line projects.
Additionally, the Cabinet decided to provide Rs 600 million loan to the Dairy Development Corporation and approved a major upcoming regional meeting in Nepal.
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Gold price sets new record on Friday
The price of gold in Nepal reached an unprecedented high on the day of Haritalika Teej, a major festival for Nepali Hindu women.
Gold traded at its highest price ever on Friday, according to the Federation of Nepal Gold and Silver Traders.
The price surged by 1,300 rupees to 153,300 rupees per tola, up from 152,000 rupees the previous day. Meanwhile, the price of silver also saw an increase on Friday. Silver was traded at 1,795 rupees per tola today, up from 1,765 rupees the previous day.
NEPSE concludes week with 0.81% loss and turnover of Rs 59.77 billion
The NEPSE Index ended the week at 2,727.36, marking a decrease of 22.21 points, or 0.81%.
In comparison, the index was at 2,749.57 the previous week, reflecting a drop of 7.56% from the week before.
Throughout this week, the index fluctuated between a high of 2,860.43 and a low of 2,678.91, experiencing a total volatility of 181.52 points, compared to 262.47 points the previous week.
The largest intraday decline occurred on Wednesday, with a drop of 90.70 points and a turnover of Rs 12.92 billion. Overall, the week’s total turnover reached Rs 59.77 billion.
‘Investment-friendly climate created with formation of new government’
Minister for Energy, Water Resources and Irrigation Deepak Khadka has said that a climate for investment has been created I the country with the formation of new government.
Minister Khadka also called on the national and international investors to invest in Nepal without any hesitation as the present government is a stable government.
He expressed the belief that the trade expo such as this one which brings together many companies at one place will help reinvigorate the economic activities, adding the expo related to electric appliances will help increase the domestic consumption of hydroelectricity.
Nepal Telecommunication Authority lifts ban on TikTok
The Nepal Telecommunication Authority (NTA) has officially directed all internet and mobile service providers to lift the ban on TikTok.
This decision follows a letter from the Ministry of Communication and Information Technology requesting the ban’s removal.
In response, the Authority instructed service providers to refrain from obstructing TikTok’s operation.
With the ban now lifted, TikTok, which had been inaccessible for an extended period, is once again operational.
Govt to accept 115 million US dollar soft loan from ADB
The government is to accept concessional loan assistance of approximately Rs 15.29 billion (115 million US dollars) to be received from the Asian Development Bank (ADB) for the Irrigation Modernization Enhancement Project.
A decision has been made to form a talk team led by the Joint Secretary of the Ministry of Finance to hold negotiations on behalf the government in this regard.
Additionally, the government has appointed Dinesh Kumar Ghimire, Secretary at the Ministry of Finance, to the post of Chairman of the Employees Provident Fund (EPF).
Govt provides approval for land acquisition
The government has decided to give approval for acquiring nearly eight bighas land required for constructing the tower pad for the 132- kV Lahan-Sukhipur Transmission Line Project and for the 132-kV Rupani-Bodebarsain Transmission Line Project.
Similarly, approval has been given for acquiring nearly two bighas land for the construction of the tower pad of the 132- kV Nepalgunj-Nanpara Transmission Line Project.
DDC gets Rs 600 million loan
The Cabinet has decided to provide a loan of Rs 600 million to the Dairy Development Corporation (DDC) to pay dues to the farmers.
Likewise, the Cabinet meeting has given approval for a proposal to organize the BIMSTEC Ministerial level and Agriculture-related High Officials’ Third Meeting in Nepal on March 27 and 28, 2025.
(Prepared by Srija Khanal)
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