KATHMANDU: Economic Digest offers a concise yet comprehensive overview of significant business happenings in Nepal, presented in easily digestible summaries.
This week, the Nepal Stock Exchange (NEPSE) closed down by 4.16%, finishing at 2,576.76 points amid public holidays, with a total turnover of Rs 23.37 billion.
In related news, gold prices rose by Rs 1,500 per tola, reaching Rs 157,100, while silver increased by Rs 35 to Rs 1,915 per tola.
The Civil Aviation Authority of Nepal (CAAN) has requested a revised flight schedule from Jazeera Airways for operations at Gautam Buddha International Airport, citing impracticality in the airline’s initial proposal.
Meanwhile, Nepal’s public debt has surged to Rs 2.528 trillion, raising concerns among economists as the government struggles with revenue generation amid an economic slowdown.
Lastly, Pokhara is set to host the country’s first International Balloon Festival from December 24, 2024, to January 1, 2025, aimed at boosting tourism.
NEPSE concludes week with 4.16 percent loss and turnover of Rs 23.37 billion
The market operated for only three days this week due to public holidays on Tuesday and Thursday.
The NEPSE Index finished at 2,576.76, a decline of 111.77 points (4.16%).
Last week, the index had closed at 2,688.53, reflecting a 1.42% decrease from the previous week.
Throughout the week, the index peaked at 2,734.58 and dipped to 2,551.40, resulting in a volatility range of 183.18 points, compared to the 158.54 points of the prior week.
The largest single-day drop was 50.74 points on Sunday, with that day’s turnover reaching Rs 10.33 billion.
Overall, the total turnover for the week amounted to Rs 23.37 billion.
Gold price increases by Rs 1,500 per tola
On the final day of the week (Friday), the price of gold in the domestic market rose by Rs 1,500 per tola.
The Federation of Nepal Gold and Silver Dealers’ Associations reported that the price of fine gold is now set at Rs 157,100 per tola, up from Rs 155,600 the previous day.
Additionally, silver prices have also risen by Rs 35 per tola, with silver now trading at Rs 1,915 per tola, compared to Rs 1,880 on Thursday.
In the international market, gold is priced at $2,593.84 per ounce, while silver is at $31.05 per ounce.
CAAN asks Jazeera Airways for updated flight schedule for Bhairahawa Airport
The Civil Aviation Authority of Nepal (CAAN) has sent back Jazeera Airways’ flight operation proposal for Gautam Buddha International Airport (GBIA), requesting a revised schedule.
Jazeera Airways initially proposed flights arriving and departing at midnight, but CAAN has asked the airline to submit a new timetable.
According to CAAN’s Information Officer Gyanendra Bhul, the airline’s suggestion of a 2:00 AM arrival and a 3:00 AM departure was deemed financially impractical for the authority.
Nepal’s public debt to GDP ratio reaches alarming level at 44.34 percent
Nepal’s public debt has soared to Rs 2.528 trillion, with the government borrowing an additional Rs 104 billion over the past two months.
Economists have raised concerns about the alarming rise in public debt, yet the government continues to take on excessive loans without addressing its unproductive expenditures.
Amid an ongoing economic slowdown, the government is finding it challenging to generate sufficient revenue to fulfill its financial obligations.
Records from the Public Debt Management Office (PDMO) indicate that the national debt was Rs 2.424 trillion as of mid-July, marking the end of the last fiscal year.
In the following two months of the current fiscal year, the debt increased by Rs 41.11 billion and Rs 62.89 billion, respectively.
Pokhara to host Nepal’s first international balloon festival
Nepal’s tourism capital, Pokhara, is set to hold the country’s inaugural International Balloon Festival from December 24, 2024, to January 1, 2025.
Organized by Balloon Nepal Pvt. Ltd., the event will take place during the Christmas and New Year celebrations.
Bishnu Bhakta Dhakal, Director of Balloon Nepal, noted that the festival will enhance Pokhara’s tourism appeal. “Rich in natural resources, Pokhara has also been gaining recognition as an adventure tourism destination in recent years.”
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