Category: Finance

Kathmandu: Nepal will increase Mount Everest climbing permit fees starting September, marking the first hike in nearly ten years. During the peak climbing season (April-May), permits will cost $15,000, up 36% from the current $11,000. Off-season permits will also see similar increases, rising to $7,500 for September-November and $3,750 for December-February. Mountaineering and trekking contribute… Continue reading Nepal to raise permit fees for Mt Everest expedition

Kathmandu: The government borrowed Rs 240.08 billion in the first five months of the current fiscal year, grappling with mounting recurrent expenditures and sluggish revenue collection. Data from the Public Debt Management Office (PDMO) reveals that between mid-July and mid-December, the government raised Rs 181.05 billion through domestic borrowing and Rs 59.03 billion via external… Continue reading Nepal govt borrows Rs 240 bn amid revenue shortfall and soaring expenditure

Kathmandu: After years of persistent lobbying, star hotels and tourism resorts in Nepal have been officially recognized as industries under a recent amendment to the Industrial Enterprises Act 2076. The government has reclassified these establishments into the national priority and productive industries category through an ordinance passed by the Cabinet, pending final approval from the… Continue reading Star hotels in Nepal recognized as industries

Kathmandu: The year 2024 witnessed a significant rise in emigration, with 1.674 million Nepalis traveling abroad, reflecting an increase of over 70,000 compared to 2023, according to the Department of Immigration. Economic opportunities and family reunification were the primary motivations for emigration. Among the total, 856,422 individuals left for employment, with men comprising the vast… Continue reading Nepalis continue to leave in record numbers, driven by work and family reunification

Kathmandu: The Nepal Rastra Bank (NRB) has announced today’s foreign exchange rates, with the US dollar reaching a record high, further strengthening the value of other foreign currencies. According to the NRB, the buying and selling rates for the US dollar are Rs 138.23 and Rs 138.83, respectively, while the euro stands at Rs 140.86… Continue reading US Dollar reaches record high in Nepali Market

Kathmandu: The Kaski District Court has granted bail to seven individuals, including Rabi Lamichhane, President of the Rastriya Swatantra Party, in connection with an alleged misappropriation of funds from Suryadarshan Cooperatives in Pokhara. The court’s decision, issued on Thursday by a bench led by Judge Nitij Rai, followed a 10-day hearing. Lamichhane, who is also… Continue reading Kaski District Court grants bail to Rabi Lamichhane and 6 others in embezzlement case

Kathmandu: The Millennium Challenge Corporation (MCC) Board of Directors has approved an additional $50 million in funding for the Nepal Compact, reinforcing the partnership between the U.S. development agency and Nepal in advancing the country’s infrastructure and economic growth. MCC Vice President of Compact Operations, Cameron Alford, announced the decision in a press statement on… Continue reading MCC approves $50 million additional funding to boost infrastructure and economic growth

Kathmandu: The cooperative sector in Nepal is set to undergo significant reforms as a new ordinance, issued by President Ram Chandra Paudel on Sunday, enforces stricter regulations aimed at enhancing governance and transparency. One of the key provisions of the ordinance requires individuals depositing over Rs 1 million in cooperatives to disclose the source of… Continue reading New ordinance introduces stricter rules for cooperative sector

Kathmandu: The value of the US dollar has increased, according to the new exchange rates set by Nepal Rastra Bank (NRB) for Wednesday. In addition to the US dollar, other foreign currencies, including the European euro, Canadian dollar, Chinese yuan, Saudi Arabian riyal, Qatari riyal, Thai baht, UAE dirham, Malaysian ringgit, Danish krone, Kuwaiti dinar,… Continue reading US Dollar value rise in Nepali market

Kathmandu: AAR Corp, a US-based company, has been fined $55 million (approximately Rs 7.42 billion) by the US government after being found guilty of bribing Nepali officials during the procurement of two widebody aircraft for Nepal Airlines Corporation (NAC). The company allegedly paid $2.5 million in bribes to secure a deal for the purchase of… Continue reading US-based AAR Corp fined $55 mn for bribery in NAC aircraft deal