KATHMANDU: Economic Digest offers a concise yet comprehensive overview of significant business happenings in Nepal, presented in easily digestible summaries.
NRB introduces 13-point policy to expand financial access
Nepal Rastra Bank (NRB) has introduced a 13-point policy aimed at broadening financial access for the populace.
The initiatives include enhancing financial literacy and awareness, fostering start-ups in digital technology, and promoting micro, small, and medium enterprises.
This proactive approach demonstrates a commitment to inclusive economic growth and development.
Additionally, the central bank is focusing on gender-based and environmentally friendly banking, sustainable economic development, regulatory oversight of financial behavior, development of financial infrastructure, partnerships and collaborations, data collection, analysis and evaluation, and conducting periodic surveys and assessments.
According to NRB’s research, 67.3 percent of Nepal’s population has accounts in A, B, and C class financial institutions.
NEPSE takes a dive
The Nepal Stock Exchange (NEPSE), last week, saw a significant drop of 61.96 points, largely attributed to negative responses from investors following the government’s annual budget announcement.
Moreover, heightened selling pressure ensued as investors aimed to capitalize on the prior week’s substantial stock price upswings, triggered by Nepal Rastra Bank’s unveiling of the third quarterly review of the monetary policy 2023/24.
The market, which opened at 2,131.49 points on Sunday, closed at 2,069.53 points by Thursday, witnessing fluctuations between highs of 2,152.85 points and lows of 2,065.68 points, indicating volatility of 87.2 points.
Across the week, fluctuations were evident, with a significant decline of 22.14 points on Sunday, a minor uptick of 3.93 points on Monday, closure on Tuesday due to ‘The Republic Day’ holiday, followed by declines of 4.57 points on Wednesday and 19.89 points on Thursday.
Today’s foreign currency exchange rates
Most of the foreign currencies, including the US Dollar, Euro, Pound, Dinar, and Australian Dollar, have not depreciated today (June 2).
These stable rates reflect the current trends in the foreign exchange market as reported by the Nepal Rastra Bank.
According to Nepal Rastra Bank, the buying rate of 1 US Dollar is 133 rupees 25 paisa, and the selling rate is 133 rupees 85 paisa. Similarly, the buying rate of 1 Euro has been fixed at 144 rupees 62 paisa, and the selling rate is 145 rupees 27 paisa.
The buying rate of 1 British Pound is 169 rupees 52 paisa, and the selling rate is 170 rupees 28 paisa. The buying rate of 1 Australian Dollar has been fixed at 88 rupees 66 paisa, and the selling rate is 89 rupees 06 paisa.
The buying rate of 1 Kuwaiti Dinar is 434 rupees 04 paisa, and the selling rate is 435 rupees 99 paisa. Similarly, the buying rate of 1 Bahraini Dinar is 353 rupees 42 paisa, and the selling rate is 355 rupees 02 paisa.
(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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