Economy & Development

Money and Banking By introducing a ‘Financial Literacy Framework Directive’ on 17 January 2022, Nepal Rastra Bank (NRB) has made it mandatory for banks and financial institutions (BFIs) to invest at least one percent of their annual profits in financial literary programs to promote e-literacy across the nation. Similarly, NRB has also directed BFIs to prepare and submit … [Read more...] about News Digest: Economy & Development (January 13 – 19, 2022)

Money and Banking Commenting on the current economic situation in the Public Accounts Committee of the parliament on 09 January 2022, Governor of the central bank (NRB) affirmed that attaining the economic growth target of 7 percent and maintaining an inflation rate of 6.5 percent will be a challenging task in the current fiscal year (FY) 2021/22, due to the looming third … [Read more...] about News Digest: Economy & Development (January 06 – 12, 2022)

Money and Banking Nepal Rastra Bank (NRB) issued a directive on 31 December 2021 reducing the ceiling of opening letter of credit (LC) account while importing goods worth more than Nrs. 48 million (USD 401,969) from India. Similarly, NRB also imposed restriction on availability of Indian currency (INR); with any individual or firm receiving only up to Nrs. 481,052 (USD … [Read more...] about News Digest: Economy & Development (December 30, 2021 – January 05, 2022)

Money and banking The United Kingdom government’s development finance institution, CDC Group announced a Nrs. 3.03 billion (USD 25 million) loan to Global IME Bank Ltd., to enhance the bank’s ability to provide credit to businesses across key economic sectors across the country. The capital facility is anticipated to assist the bank in providing credit facilities to … [Read more...] about News Digest Economy & Development (December 16 – 22, 2021)