KATHMANDU: Economic Digest offers a concise yet comprehensive overview of significant business happenings in Nepal, presented in easily digestible summaries.
On Sunday, the NEPSE Index rose by 11.58 points (0.44%) to close at 2,588.35, rebounding from a slight drop the previous day.
The trading session saw the index fluctuate between a high of 2,643.51 and a low of 2,570.27, with 325 stocks traded across nearly 73,000 transactions, totaling Rs. 5.09 billion.
Meanwhile, gold prices reached a historic high of Rs 158,800 per tola, marking a Rs 1,700 increase from the previous rate, while silver also saw a rise to Rs 1,920 per tola.
Additionally, the Nepal Rastra Bank announced plans to absorb Rs 30 billion from the banking sector for liquidity management.
Finance Minister Bishnu Paudel met with IMF Deputy Director Rupa Duttagupta, who noted improvements in Nepal’s economy.
Meanwhile, the Madhya Bhotekoshi Hydropower Project is set to start generating electricity within a month, with transmission line installation nearing completion.
NEPSE index rises by 11.58 points to reach 2,588.35
The NEPSE Index on Sunday increased by 11.58 points (0.44%), closing at 2,588.35, marking a rebound from last day’s light drop of 4 points.
Throughout the trading session, the index experienced fluctuations, starting at 2,601.29 points, peaking at 2,643.51, and dipping to a low of 2,570.27 before settling.
During today’s trading, 325 stocks were exchanged across 72,957 transactions, totaling a volume of 12,485,731 shares and resulting in a turnover of Rs. 5.09 billion.
Gold price reaches historic highs on Sunday
The price of gold has continued to surge since September, reaching new heights once again in the third week of this month.
According to the Nepal Gold and Silver Traders Federation, gold was traded at an all-time high.
The price soared to Rs 158,800 per tola, surpassing the previous record of Rs 157,300 per tola.
The Federation reported that the price increased by Rs 1,700 from Friday’s rate of Rs 157,100.
In addition, silver prices have also risen, with silver trading at Rs 1,920 per tola today.
NRB to raise Rs 30 billion from BFIs
The Nepal Rastra Bank (NRB) plans to absorb an additional Rs 30 billion from the banking sector for liquidity management, while Rs 229 billion previously raised remains unprocessed.
The NRB will collect this Rs 30 billion over a 14-day period using a bidding mechanism, with banks and financial institutions expected to submit their proposals by 3 PM on Sunday.
Meanwhile, the Rs 229 billion obtained earlier through similar bidding methods is still pending maturity.
Finance Minister Paudel and IMF Deputy Director hold meeting
Finance Minister Bishnu Paudel and Rupa Duttagupta, the International Monetary Fund (IMF)’s Deputy Director for Asia Pacific Region, held a courtesy meeting at the Ministry of Finance today.
On the occasion, the IMF Deputy Director said that she has found Nepal’s economy was improving.
She expressed that she is encouraged by reforms in the investment facilitation laws, execution of the revenue mobilization strategy and the implementation of various suggestions related to the economy, Finance Minister Paudel’s Secretariat stated.
Madhya Bhotekoshi Hydropower Project set to generate power within a month
The 102-megawatt Madhya Bhotekoshi Hydropower Project is on track to begin generating electricity within a month.
Developed by a subsidiary of the Nepal Electricity Authority (NEA), the project is nearing completion.
The installation of the 220 kV single circuit transmission line is expected to be finished within two weeks.
The issue regarding the four-kilometer transmission line from the project’s switchyard at Bahrabise Municipality-5 to the NEA’s substation in ward 3 of the same municipality has been resolved, and work is underway to secure the wiring.
(Prepared by Srija Khanal)
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