Nepal News

Nepal News

Rupee hits another low of 109.03 against USD 0

Nepali rupeeSource: Republica

Nepali rupee slumped to a record low of 109.03 against US dollar this week after the Indian currency, with which rupee is pegged, weakened against the greenback. Rupee, however, gained 19 paisa against US dollar this week.

Price of gold, on the other hand, went down by Rs 770 per 10 grams this week. More…

NRB to conduct Rs 5b reverse repo to absorb excess liquidity 0

Nepal_Rastra_BankSource: eKantipur

Nepal Rastra Bank (NRB) will be conducting a reverse repo worth Rs 5 billion on Wednesday to mop up excess liquidity in the market. This is the first reverse repo in three years.

By conducting a reverse repo, the central bank absorbs excess cash from the banking system by selling treasury bills to banks and financial institutions (BFI). More…

IBN set to okay Nigerian company’s proposal for $800m cement factory 0

Cement company in NepalSource: eKantipur

The Investment Board of Nepal (IBN) is all set to approve the investment proposal of the Dangote Group to establish a cement factory in Nepal. It will be the first proposal to be approved by the IBN since its establishment two and a half years ago.

Eight months ago, the Dangote Group, one of Nigeria’s most diversified business conglomerates, had approached the IBN with an investment proposal of US$ 800 million to set up a cement plant in Nepal. More…

Rupee touches 108.90 against US dollar 0

Nepali rupeeSource: Republica

Nepal Rastra Bank (NRB), the central bank, has fixed the exchange rate of Nepali rupee at 108.90 against US dollar for Friday.

In response to the value of Indian currency, which hit record low of 68.75 against the greenback on Wednesday, the central bank fixed the exchange rate on the basis of rate settled by commercial banks. More…

Food prices likely to rise 0

Nepal CuisineSource: The Himalayan Times

Disruptions in supply due to damaged highways and heightened demand for vegetables in the wake of the bird flu outbreak in the capital has made the outlook of food price a bit harsh in the coming days‚ according to a report.

“Food prices are likely to increase or remain high until the next harvest and the recent outbreak of bird flu around Kathmandu Valley will likely contribute to a rise in the prices of items substituting for chicken‚ as well as vegetables‚” More…

Gold hits record high of Rs 63,300 0

gold-bullion-007Source: Republica

Gold price hit its all-time high of Rs 63,300 per tola (11.664 grams) in domestic market on Wednesday.

According to Federation of Nepal Gold and Silver Dealers´ Association (FNEGOSIDA), the price of yellow metal increased by Rs 3,400 per tola today. More…

Hydro laws need to be harmonized, says energy ministry official 0

Hydropower in NepalSource: Republica

A high-ranking government official has said that Nepal´s laws and provisions pertaining to the hydropower sector are riddled with contradictions and are insufficient.

Joint secretary at the Ministry of Energy, Keshab Dhoj Adhikari made the observation presenting a paper titled ´Current Project Development Agreement and legal issues´ at the Power Summit 2013, which concluded in the capital on Tuesday. More…

Nepal's per capita electricity consumption lowest in Asia 0

Indo-Nepal power exchange committeeSource: Republica

At a time when the Nepal Electricity Authority (NEA) is hesitating to sign power purchase agreement (PPA) with developers, experts have urged the state-owned energy distributor to increase hydropower generation for substituting cooking fuel and other petroleum imports as well increasing per capita electricity consumption. More…

Rupee hits 105.31 against dollar 0

Nepali rupeeSource: Republica

Nepali rupee hit an all time low of 105.31 against US dollar according to the exchange rate fixed by the Nepal Rastra Bank for Wednesday. This happened after the Indian rupee, to which Nepali rupee is pegged, fell to a new low losing against the greenback. In earlier low, Nepali rupee was valued at 103.7 per dollar on August 20. More…

Sebon working on new act to regulate commodity market 0

CommoditiesSource: eKantipur

The Securities Board of Nepal (Sebon) is making preparations to regulate the commodity market through a new act after finding no way to do so by means of a regulation.

The stock market regulator, which has been asked by the government to regulate the commodity market too, has formed a taskforce headed by its board member Dilli Raj Ghimire to draft an act. Ghimire is also a joint secretary at the Law Ministry. More…