KATHMANDU: Economic Digest offers a concise yet comprehensive overview of significant business happenings in Nepal, presented in easily digestible summaries.
The recent market update from the Nepal Gold and Silver Dealers’ Association revealed a significant drop in gold prices, with a decline of Rs 2,000 per tola in the domestic market.
The fluctuations highlight the volatility of precious metal markets, influenced by global trends, demand-supply dynamics, and local economic conditions.
In other news, the release of Nepal Rastra Bank’s monetary policy has been postponed due to recent government developments, including concerns raised by Dr Yubaraj Khatiwada, newly appointed Economic
Adviser to Prime Minister KP Sharma Oli. Additionally, Mahesh Baral has been appointed as the new chairman of the Securities Board of Nepal (SEBON), succeeding Narendra Kumar Rana.
Meanwhile, Nepal, India, and Bangladesh are nearing finalization of a tripartite agreement for cross-border electricity trade, expected to enhance regional energy cooperation significantly.
Additionally, Khotang district has reported a record litchi harvest this year, marking a rise in production and commercial success for local farmers, supported by initiatives to distribute free litchi saplings for further cultivation.
Gold prices plummet by Rs 2,000 per tola, silver also sees decline
On Friday’s market update from the Nepal Gold and Silver Dealers’ Association, the price of gold exhibited a notable decline of Rs 2,000 per tola in the domestic market.
Fine gold was traded at Rs 147,500 per tola, while standard gold was priced at Rs 146,800 per tola, down from Rs 149,500 and Rs 148,800 per tola respectively, the previous day.
This decline reflects shifting market dynamics possibly influenced by changes in global gold prices, demand-supply imbalances, or local economic conditions.
Concurrently, the price of silver also saw a decrease, dropping by Rs 10 per tola to Rs 1,830 per tola.
This movement in precious metal prices underscores the volatility and sensitivity of the market, impacting both investors and consumers alike.
The fluctuation, albeit a decrease, may prompt varying reactions among stakeholders, from adjustments in investment portfolios to shifts in consumer buying behaviors.
NRB delays Monetary Policy release
The release of the monetary policy by Nepal Rastra Bank (NRB) has been postponed. Originally scheduled for today, the unveiling will be delayed due to recent government updates, including Dr Yubaraj Khatiwada’s appointment as the Economic Adviser to Prime Minister KP Sharma Oli.
Dr Khatiwada has raised concerns about the policy, prompting further discussions. As a result, the policy, which Governor Maha Prasad Adhikari had planned to announce following a briefing with Finance Minister Bishnu Paudel, will not be published on Friday as scheduled.
Mahesh Baral appointed chairman of SEBON
Mahesh Baral, a joint secretary in the Nepali government, has been appointed as the new chairman of the Securities Board of Nepal (SEBON) by Finance Minister Bishnu Paudel.
Baral replaces Narendra Kumar Rana, who was appointed by the former finance minister.
The appointment follows the tradition of appointing a joint secretary from the Ministry of Finance as interim chairman until a formal appointment is made. Baral, who also serves as Chief Customs Administrator at Tribhuvan International Airport Customs Office, assumed office after taking the oath of secrecy administered by Minister Paudel.
Tripartite agreement for cross-border electricity trade among Nepal, India, and Bangladesh nears finalization
Nepal, India, and Bangladesh are set to finalize a long-awaited agreement for cross-border electricity trade.
The agreement, expected to be signed during upcoming meetings at the end of July, will enable Bangladesh to import 40 megawatts of electricity annually from Nepal via Indian transmission lines.
This initiative, aimed at enhancing regional energy cooperation, marks a significant step towards fulfilling Bangladesh’s ambition to purchase up to 9,000 megawatts of clean energy from Nepal by 2040.
Khotang sees record litchi harvest
Khotang district has seen a remarkable rise in litchi production this year, reaching 168 metric tonnes compared to last year’s 153 metric tonnes.
The District Agriculture Knowledge Centre confirmed this increase, highlighting the commercial success for local farmers. Litchi cultivation spanned 31 hectares, with Rawabesi Rural Municipality leading production at 74 metric tonnes, the highest among the district’s 10 local levels.
Other areas like Diktel Rupakot Majhuwagadhi and Halesi Tuwachung also contributed significantly. The litchis are sold in local markets and cities like Kathmandu.
To further promote farming, local governments have distributed free litchi saplings to encourage more participation in this profitable venture.
(Compiled and prepared by Srija Khanal)
Economic Digest is a daily morning economic digest, basically relatable summations of the most important business news, and happenings from Nepal into easy-to-understand summaries.
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