Russia-Ukraine conflict likely to have cascading effects in Nepal

The ongoing Russian invasion of Ukraine is most likely to have multiplier effects on Nepal, which is predominantly an importing economy. Possibly, the most significant and direct impact of the invasion will be on gas and oil prices in which Nepal is completely dependent on other countries, resulting in rising inflation. The price of petroleum products has been rising in the international markets and its impact has already been felt in the Nepali markets as well. The country’s biggest import is...

India agrees to supply fertilisers in G2G model

Nepal and India have signed a Memorandum of Understanding (MoU) to supply chemical fertilisers to Nepal. According to the agreement signed on Monday, Nepal will purchase chemical fertilisers with India in the government to government (G2G) model for the next five years. A Memorandum of Understanding (MoU) was signed between the Government of Nepal and the Government of India to provide fertiliser to the former in G2G model for the next five years, according to the Ministry of Agriculture and Livestock...

Mint Division gears up to mint coins commercially

The Mint Division under the Nepal Rastra Bank (NRB) has now been capable to mint Asharfis (gold and silver coins), souvenir coins and commemorative coins commercially. Minting of gold coins (asharfi) and commemorative coins had been hampered for almost two and a half years in lack of office space of the division. Its previous office located at Sundhara was demolished for the reconstruction of the Dharahara tower.

Nepal, India agree to expedite hydropower development, trade

Nepal and India have agreed to make hydropower development, cross-border transmission lines and power exchange more effective. The ninth meeting of the Joint Steering Committee (JSC) of Energy Secretaries of the two countries in Kathmandu on Thursday discussed and agreed on the issues of under-construction and proposed cross-border transmission lines, Arun III hydropower, and inter-country electricity import and export. The meeting was chaired by Devendra Karki, Secretary at the Ministry of Energy,...

Trade deficit widens to Rs. 1,015 billion in seven months

The country’s trade deficit has reached Rs. 1,015.80 billion in the first seven months of the current fiscal year 2021/22. This year's trade deficit is higher by 38.45 per cent than the deficit of the corresponding period last fiscal year, according to the Department of Customs. Trade deficit during the same period last year was Rs. 733.72 billion.

Why is Nepal’s export business sluggish?

Efforts made to promote export to address the widening trade deficit have not yet yielded the desired results. Still, the ratio of export to import is 1:8.41. The share of export in the total foreign trade is at only 10.63 per cent while that of import is at a whopping 89.37 per cent.

Fuel import bill doubles to Rs. 132bn in six months

The import of petroleum products has increased significantly in the first six months of the current fiscal year. The import of petroleum products has risen by 101 per cent during the review period as compared to the same period last fiscal year. Petroleum products worth Rs. 132.19 billion have been imported in the first six months of the current fiscal year against of Rs. 65.67 billion during the same period last fiscal year 2021/22, according to the statistics of the Department of Customs.

Business leaders in favour of MCC approval

While the political leadership debates whether or not to pass the US grant project, Millennium Challenge Corporation (MCC), through parliament, the business community is in favour of implementing the project by approving it without delay. The business leaders said that the MCC project had been excessively politicised and its implementation delayed by political parties and leaders who have vested interests in it. Private sector umbrella organisations -- Nepal Chamber of Commerce (NCC), Federation...

Petroleum prices hit all-time high

The price of petrol, diesel and kerosene reached an all-time high in the country. The Nepal Oil Corporation (NOC) has fixed the price of petrol at Rs. 142 per litre and diesel and kerosene at Rs. 125 per litre each with effect from Tuesday midnight. The NOC has increased the price of petrol, diesel and kerosene by Rs. 3 per litre each.

Potatoes worth Rs. 6 billon imported in six months

Believe it or not, consumers of an agrarian country like Nepal, enjoyed imported potatoes worth nearly Rs. six billion in the first six months of the current fiscal year. The latest statistics of the Department of Customs showed that potato worth Rs. 5.96 billion was imported in the first six months of the current fiscal year. Of the total, potatoes worth Rs. 5.85 billion were imported from India and that worth Rs.100 million from Bangladesh.