KATHMANDU: Economic Digest offers a concise yet comprehensive overview of significant business happenings in Nepal, presented in easily digestible summaries.
This week, the NEPSE Index saw a slight decline of 0.79%, closing at 2,678.47, following a previous week of growth.
Despite volatility, with fluctuations between 2,725.95 and 2,666.72 points, the total turnover amounted to Rs 39.24 billion.
In the commodities market, gold prices continued their upward trajectory, increasing by Rs 400 per tola, while silver prices also rose.
On the other hand, Vianet Communications settled its Rs 550 million dues for the fiscal year 2023/24, contributing to telecommunications funds.
Meanwhile, the adventure tourism sector gained attention with the inauguration of the world’s longest and tallest Megatroll in Parbat, offering a new attraction for thrill-seekers.
In tourism, Chulachuli Rural Municipality launched the Ainapokhari festival, aiming to boost domestic tourism and promote the area’s natural attractions.
NEPSE ends week with a 0.79% decline
The NEPSE Index finished the week at 2,678.47, down by 21.34 points or 0.79%.
Last week, the index had closed at 2,699.81, marking a 1.58% increase from the previous week.
During this week, the index reached a high of 2,725.95 and a low of 2,666.72, resulting in a volatility of 59.23 points. In comparison, the previous week saw a higher volatility of 102.16 points.
The largest intraday gain occurred on Tuesday, with the index rising by 6.54 points and a turnover of Rs 7.24 billion. The total turnover for the week amounted to Rs 39.24 billion.
Govt’s income and expenditure remain weak in current fiscal year
Both the government’s income and expenditure have remained weak as of January in the current fiscal year 2024/25.
According to data from the Comptroller General’s Office, the government’s income has reached only 44.83 percent of the annual target, while expenditure stands at 40.58 percent of the total budgeted amount.
The government had initially planned a budget of Rs 1.860 trillion for the fiscal year, setting a revenue collection target of Rs 1.471 trillion.
However, due to the slower pace of both income and expenditure, the government has revised its estimate, planning to spend only 90.99 percent of the original allocation, which amounts to Rs 1.692 trillion.
Gold price up by Rs 400 per tola
Following a rise of Rs 2,300 per tola yesterday (Thursday), the price of gold continued to increase today.
Meanwhile, silver prices also saw an uptick, as reported by the Federation of Nepal Gold and Silver Dealers.
The price of gold increased by 400 rupees per tola today, reaching 170,200 rupees. Yesterday, the price of gold was 169,800 rupees per tola.
Vianet settles Rs 550 million dues for FY 2023/24
Vianet Communications Limited has settled a payment of Rs 550 million for the Fiscal Year 2023/24, covering outstanding dues for royalty fees and contributions to the Rural Telecommunications Development Fund (RTDF).
The payment has been made to both the Nepal Telecommunications Authority and the Ministry of Communications and Information Technology.
World’s longest and tallest ‘Megatroll’ begins operation in Parbat
The world’s tallest and longest ‘Megatroll’ has officially come into operation at ‘The Cliff’ in Kushma.
Standing 225 meters tall and stretching 1,228 meters long, the Megatroll is fast becoming a major attraction for adventure tourism.
The Megatroll ride starts from a tower at The Cliff premises in Balewa and ends at another tower below Kushma Bazaar.
Tourism festival in Chulachuli
A ten-day-long Ainapokhari festival kicked off at Chulachuli Rural Municipality, Ilam, in its bid to receive domestic tourists and promote the touristic values of the locality.
Chairman of Chulachuli Rural Municipality, Rajendra Kerung, inaugurated the festival and pledged to work for the protection and development of the local tourism products.
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