Thursday, October 10th, 2024

Economic Digest: Nepal’s Business News in a Snap


11 August 2024  

Time taken to read : 5 Minute


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KATHMANDU: Economic Digest offers a concise yet comprehensive overview of significant business happenings in Nepal, presented in easily digestible summaries.

Last week, the NEPSE index climbed by 10.76 points, closing at 2,766.38 amid significant market volatility.

Despite the fluctuations, including a notable 145.05-point drop on Tuesday, the market’s overall trend remained positive, with investors realizing capital gains of Rs 19 billion.

This follows a period of substantial gains in previous weeks, driven by recent regulatory adjustments from the Nepal Rastra Bank.

In related developments, the Phulbari-Banglabandh checkpoint has resumed normal operations, improving trade between Nepal, India, and Bhutan.

This has facilitated smoother imports from Bangladesh, with recent figures showing exports worth Rs 463.18 million and imports of Rs 3.83 billion in the fiscal year 2023/24.

Additionally, China has expressed its readiness to support Nepal in establishing a fertilizer plant, with the project anticipated to commence once the Investment Board Nepal approves the proposal.

NEPSE index climbs 10.76 points as investors gain Rs 19 billion

The Nepal Stock Exchange (NEPSE) index last week rose by 10.76 points, closing at 2,766.38 despite a week marked by significant volatility.

Following substantial increases in the previous weeks, the market experienced a minor correction.

The week saw the index fluctuate between 2,630.86 and 2,815.94 points, with a notable drop of 145.05 points on Tuesday.

Overall, investors realized capital gains amounting to Rs 19 billion, as the market remained in a bullish trend due to the Nepal Rastra Bank’s recent regulatory adjustments.

Phulbari-Banglabandh checkpoint resumes

The Phulbari-Banglabandh check point, a trilateral trade route of Nepal, India and Bhutan, has resumed as usual.

With the operation of the checkpoint, import from Bangladesh has smoothened.

Chief of Nepal Transit and Warehousing Company Limited Office, Kakarvitta, Subas Pandey, said containers stationed at Kakarvitta have headed towards Bangladesh and consignment at the borer of Bangladesh have left for Nepal.

He mentioned, “With the formation of the interim government in Bangladesh, import and export with Bangladesh has become easier since August 7.”

Goods worth Rs 463.18 million were exported to Bangladesh while the goods worth Rs 3.83 billion imported to Nepal in the fiscal year 2023/24, according to the office.

Parliamentary committee interrogates Tulsi Multipurpose Cooperative Chairman in fraud case

The Parliamentary Investigation Committee, formed to investigate the cooperatives fraud case, has interrogated Kedarnath Sharma, Chairman of Tulsi Multipurpose Cooperative.

Sharma, currently incarcerated at Nakhu Jail, was summoned by the committee on Saturday to provide his statement, according to committee chairman and lawmaker Surya Bahadur Thapa Chhetri.

The committee has initiated the process of recording statements from operational members and other individuals implicated in the case.

China to assist Nepal in establishing fertilizer plant

China has showed readiness to provide assistance to Nepal in establishing a fertilizer plant.

According to Chinese Ambassador to Nepal, Chen Song, the Chinese government was ready to complete all the work related to the establishment of a fertilizer plant within the next year.

Chinese Ambassador Song reiterated that the works related to fertilizer plant would be launched as soon as the Investment Board Nepal approves the proposal related to it.

Foreign currency exchange rates

Nepal Rastra Bank (NRB) has maintained steady foreign currency exchange rates for today, with no significant changes from yesterday.

The US dollar remains stable with a buying rate of 134 rupees 04 paisa and a selling rate of 134 rupees 64 paisa.

Similarly, the Euro is valued at 146 rupees 34 paisa for buying and 146 rupees 99 paisa for selling.

The British pound is listed at 170 rupees 84 paisa for buying and 171 rupees 61 paisa for selling, while the Australian dollar holds at 88 rupees 11 paisa for buying and 88 rupees 51 paisa for selling.

The Kuwaiti dinar’s rates are 437 rupees 80 paisa for buying and 449 rupees 76 paisa for selling.

The Bahraini dinar is priced at 355 rupees 61 paisa for buying and 357 rupees 20 paisa for selling.

(Prepared by Srija Khanal)

Publish Date : 11 August 2024 08:03 AM

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