KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.
Current account loss exceeds Rs 1 billion: NRB
The country’s current account and balance of payment saw a surplus of Rs 120.9 billion by 13 May 2020. It was revealed in the 10-month detail of the fiscal year made public by the Nepal Rastra Bank.
The balance of payment was only Rs 68.2 billion during the corresponding period last year. According to the central bank, the balance of payment has witnessed a surplus of Rs 1.1 billion during the review period.
It may be noted that the balance of payment during the first 10 months last year was in deficit by Rs 600.2 million.
The central bank has also shared that the current account loss stood at Rs 105.7 billion in the current fiscal year. The loss amount during the corresponding time last year was Rs 221.7 billion.
Inflation down to 5.83 pc: NRB
Inflation has stood at 5.83 percent in the first ten months of the current fiscal year due to the lockdown. Inflation was 6.74 percent in the first nine months of the current fiscal year.
Food and beverage inflation stood at 8.66 percent, according to a report of Nepal Rastra Bank (NRB).
In the first ten months of the current fiscal year, imports declined by 13.0 percent while exports increased by 4.5 percent. Compared to the same period last year, remittance inflows have decreased by 6.1 percent.
Similarly, the BOP is in a surplus of Rs. 120.90 billion. Total foreign exchange reserves stood at USD 10.25 billion, the central bank stated. The reserves will be able to support 10.8 months of imports of goods and services.
Six including govt officials held with Rs 850,000 bribe
The Commission for the Investigation of Abuse of Authority (CIAA) arrested six individuals including an officer of Land Revenue Office, Dillibazar with a bribe of Rs 850.000.
They were held with the bribe during a string operation on the second day after the government resumed offices.
Acting on a tip-off, a team of anti-graft body held them from a Star Party Palace based in Tokha municipality-9 with the bribe taken from the service seekers for assurances that they would help plot the land.
The arrested include Officer Raghubansa Kandel, Non-gazetted Officers Uddhav Sapkota, Narayan Prasad Pokharel, Nawaraj Ghimire, Gopal Khadka and Non-gazetted officer (second class) Deepak Khanal.
Sudurpashchim Pradesh contributes 7.21% GDP
It has been projected that Sudurpaschim Pradesh will contribute 7.21 percent to the Gross Domestic Product (GDP) of the country.
The Ministry of Economic Affairs and Planning of Sudurpashchim Pradesh said the contribution of the province to the national GDP will be Rs 271.74 billion in the current fiscal year 2019/20.
It is estimated that the per capita income in the province will be Rs 92,807 or the US $799, according to the ministry.
Similarly, the ministry has estimated that the inflation rate will be at 7.47 percent. Likewise, 33.9 percent of the people are under the poverty line while the employment rate is at 11.5 percent in the province.
138 thousand metric tons of rice in stock
The government and private sector traders have 150 thousand metric tons of rice grain in stock, the Ministry of Industry, Commerce and Supplies has stated.
As per the data provided by the Ministry, the Food Management and Trade Company Limited has 15 thousand 59 metric tons and the private sector suppliers have 123 thousand 245 metric tons of rice grain in stock.
The Ministry stated that of the stock with the Company, 2,953 metric tons is in stock in the 23 remote districts of the country. Similarly, the private sector industries have 60 thousand metric tons of rice grains in reserve.
Assistant spokesperson of the Ministry, Urmila KC said along with the rice grain the Company has 651 quintals buckwheat, 500 quintals beans, 543 metric tonnes wheat, 13 metric tonnes lentils and various beans in stock.
Govt releases budget for quarantines, holding centers
The Ministry of Federal Affairs and General Administration has released a budget to the local levels for the management of quarantines and holding centers.
The budget is meant for control, prevention and treatment of the coronavirus at the local levels with effective management of quarantines and holding centers.
Ministry Spokesperson Basanta Adhikari said the ministry released Rs 132 million for the quarantines at 176 local levels and Rs 27 million for 20 holding centers to be set up at 20 local levels where the people enter the country via land routes.
The amount was allocated as per the information sent to the COVID Management Information System. The budget would be utilized for the food and accommodation to those staying in quarantines.
(Compiled and prepared by Swastik Aryal and Nitish Lal Shrestha)
Nepal Economic Digest is a daily morning email digest, basically relatable summations of the most important business news, happenings from Nepal into easy-to-understand summaries.
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