Bizonomy

Nepal's premium business news portal. #Bizonomy
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Nepal’s economy is set to grow by 5.8% in the current fiscal year 2021/22, according to the Central Bureau of Statistics.
#NepalEconomy

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Depleting #forex reserve prompts govt to ban 10 imports.
List of goods restricted for imports:
-Chips & snacks (Kurkure/Kurmure/Lays)
-Liquors
-Cigarettes/tobacco
-Diamonds
-Mobile sets(above$600)
-Color TVs(above<32inch)
-Vehicles
-Motorbikes(above 250CC )
-Toys
-Playing cards

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As part of easing the pressure on forex reserves, the Nepal Rastra Bank (NRB) has informally told banks to stop issuing letters of credit (LC) for the import of automobiles. The central bank had invited the CEOs of 27 commercial banks for a discussion on Monday. #Money #Bizonomy

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The launch of the RuPay has been hailed as a milestone in bilateral and regional financial connectivity. It is expected to facilitate Indian tourists/visitors payments in Nepal.
#Money #Bizonomy

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Nepal and India have agreed to launch RuPay, India's global card network, in Nepal. Prime Minister Sher Bahadur Deuba and his Indian counterpart Narendra Modi jointly launched RuPay in New Delhi on Saturday.
#Money #Bizonomy

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Indian joint venture Nepal SBI Bank will make RuPay card functional at all its Point of Sale (POS) machines in Nepal. Nepal SBI has over 1,400 POS terminals across the country including various tourist destinations.
#Money #Bizonomy

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STOL operator @sitaairlines is preparing to operate scheduled flights to urban airfields. The company is acquiring four ATR-72 series aircraft in FY2022/23
#aviation #Bizonomy

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International Monetary Fund's new Resident Representative for Nepal, Teresa Daban Sanchez (@DabanTeresa), paid a courtesy call on Nepal Rastra Bank Governor Maha Prasad Adhikari (@AdhikariMaha) at @NepalRastraBank on Thursday.
@IMFNews
#Nepal #Money #IMF

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Ministry of Communications and IT has shortlisted nine applicants for the post -- Arjun Babu Dhakal, Amalendu Narayan Singh, Deepak Bahadur Shahi, Nagendra Kumar Das, Pradeepraj Upadhyay, Buddhi Prasad Acharya, Sunil Poudel, Suraj Singh Thapa and Sangeeta Pahadi Aryal.

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The process of appointing the new executive head of state-owned Nepal Telecom has resumed after the Supreme Court on Wednesday quashed a writ petition against the appointment process. +
#Bizonomy #NepalTelecom

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"By strengthening the financial sector, this project will contribute to Nepal’s green, resilient, and inclusive recovery and growth path, particularly benefiting the poor and vulnerable,” Faris Hadad-Zervos, World Bank Country Director is quoted in the statement. @WorldBankNepal

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@WorldBank has approved a $150 million ‘Finance for Growth’ development policy credit to strengthen financial sector stability, diversify financial solutions, and increase access to financial services in support of Nepal’s green, resilient, and inclusive development.

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It will support enhanced supervision of the banking sector to address financial stability risks in the context of the COVID-19 impacts. It will help open up capital, insurance, and disaster risk financing markets, and foster financial product innovations, a WB statement said.

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#JustIn
#Ukraine has asked #Nepal to put a ban on Russian mountaineering expeditions in Nepal until the end of the Russian invasion into Ukraine. The Embassy of Ukraine made the request in a letter sent to the Nepali mission in New Delhi.
#Mountaineering #Bizonomy

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Vivek Automobiles of MV Dugar Group, has lost @RoyalEnfield dealership in Nepal. Alpha Automotive of Triveni Group has bagged the dealership of the iconic motorbike brand in Nepal. Alpha will start distributing Royal Enfield bikes in Nepal from June. #Wheels #Bizonomy

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Nepal Academy of Science and Technology (NAST) has made an e-Scooter prototype with funding from Lumbini Province government. The model is commercially viable and could cost around Rs 300,000 per unit, according to NAST.
#Automobile #Bizonomy

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"We are delighted to have someone with a dynamic personality like Poudel who believes in uplifting and providing opportunities to the younger generations," the company said in its LinkedIn post.

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Remittance service provider IME has appointed Khilendra Poudel as its new CEO. Poudel was previously serving in the company as Director-Operations.
#Corporate #Bizonomy @IME_Remit

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".....This is true as well for the animation, visual effects (VFX), film making, and industries that require programming and apps development. Incessant Rain Academy will address this gap."
#Investment #Bizonomy

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Film production company Incessant Rain and venture capital firm True North Associates have entered into an agreement to establish Incessant Rain Academy in Kathmandu, Nepal. +

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Issuing a joint statement, the two firms said: "The demand for technical professionals in Asia seems to surpass the supply of such human capital. The gap in supply and demand of such talent continues to persist and grow....." +