Category: Finance

Kathmandu: The Millennium Challenge Corporation (MCC) Nepal Compact has officially signed a contract for an 18-kilometer cross-border electricity transmission line, a crucial element of the Electricity Transmission Project funded by the US and Nepal governments. The contract, worth USD 12.36 million, was awarded to Transrail Lighting Ltd and involves constructing the line from the 400… Continue reading Nepal and US sign major electricity transmission line contract

Kathmandu: Nepal Rastra Bank (NRB) has released today’s (Thursday) foreign currency exchange rates. The US Dollar, Australian Dollar, and Kuwaiti Dinar have seen an increase, while the Euro and British Pound have decreased. The US Dollar is priced at Rs 134.03 for buying and Rs 134.63 for selling, up from Rs 133.99 and Rs 134.59… Continue reading NRB updates foreign exchange rates: dollar and dinar up, euro and pound down

Kathmandu: Nepal Airlines Corporation (NAC) has experienced significant disruptions to its international flights due to the grounding of three aircraft. The issues have persisted for two days, affecting around 800 passengers across destinations including Kathmandu, Hong Kong, Doha, and Dubai. The grounding stems from a hydraulic problem in NAC’s narrow-body aircraft, “Sagarmatha,” leading to flight… Continue reading NAC faces major disruptions as 3 aircraft grounded

Kathmandu: Nepal and the United Kingdom have formalized two separate agreements for grant aid, valued at approximately Rs 13.08 billion, in a ceremony held on Wednesday. The agreements include a Rs 6.5 billion grant for a programme aimed at enhancing resilience, adaptation, and inclusion in Nepal. The initiative, known as the Resilience, Adaptation, and Inclusion… Continue reading Nepal and UK sign MoU for 13.08bn grant aid

Kathmandu: Since the cessation of power cuts and the restoration of a regular electricity supply, Nepal has experienced a dramatic increase in electricity consumption. According to the Nepal Electricity Authority (NEA), energy consumption has tripled over the past eight years. In the fiscal year 2015/16, the country consumed 3.72 billion units of electricity. By the… Continue reading Nepal sees surge in electricity consumption after end of power cuts

Kathmandu: In the first month of the Fiscal Year 2024/2025 (Shrawan, mid-July to mid-August), approximately 60,000 Nepalis departed the country for foreign employment, according to the Department of Foreign Employment (DoFE). Specifically, 59,550 Nepali workers secured labor permits during this period, marking a slight increase from the 55,575 who left in Shrawan of the previous… Continue reading 60,000 Nepalis seek foreign employment in first month of FY 2024/2025

Kathmandu: In a bid to bolster start-up entrepreneurship in Nepal, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has unveiled a significant investment initiative. At the inaugural session of ‘Startup Nation 2030’ held on Wednesday, FNCCI President Chandra Prasad Dhakal announced the establishment of a new investment company with a capital of Rs… Continue reading FNCCI launches major initiative to boost start-up entrepreneurship

Kathmandu: Nepal Rastra Bank (NRB) has issued a new directive requiring Nepali migrant workers to repatriate their foreign earnings within 35 days of returning to Nepal. The central bank’s notification stipulates that funds held in foreign banks must be brought back to Nepal within this timeframe. This regulation aligns with the Foreign Exchange (Regulation) Act,… Continue reading Nepal Rastra Bank mandates return of foreign earnings

Kathmandu: The Government of Nepal has unveiled an action plan to ensure the full operational capacity of two major national pride projects: Gautam Buddha International Airport (GBIA) and Pokhara Regional International Airport (PRIA). This initiative includes a series of concessions and attractive packages aimed at encouraging airlines to resume regular international flights, which have been… Continue reading Government moves to fully operationalize key national airports

Kathmandu: Nepal’s commercial airlines industry is calling on the government to overhaul aviation policies following substantial losses exceeding 10 billion rupees caused by the COVID-19 pandemic. In a memorandum submitted to Prime Minister KP Sharma Oli today, major airline owners requested that civil aviation be prioritized as a key industry, with tax exemptions to aid… Continue reading Airline companies seek policy reform to recover from pandemic losses