Nepal Rastra Bank Governor discourages bank directors from dual role

KATHMANDU: The central bank governor reprimanded directors of financial institutions for their dual character — for acting like an industrialist while serving in a bank’s board. “Bank directors are full of paradoxes. Those who are industrialists are not sure whether they want low or high interest rates. One day, they represent the banking community and explain their inability to lower rates while the next day they are demanding for lowered rates for industries,” said Nepal Rastra Bank (NRB) governor Dr Yubaraj Khatiwada, during the inauguration...

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Nepal Economic Growth Forecast at 4% according to UN

KATHMANDU: As the government and other agencies have been paring down the forecast for Nepal´s economic growth to 3.56 percent, the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) has Thursday said growth would be maintained at 4 percent for the current fiscal year. "A more realistic growth projection would be about 4 percent," reads a UNESCAP statement released here on Thursday. The UNESCAP, releasing its annual report on ´economic and social survey of Asia and Pacific 2013´, said political instability,...

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Registration of new firms in Nepal doubles

KATHMANDU: Political instability and acute power shortage have not dampened investors´ mood if latest data of Department of Industry (DoI) is anything to go by. Registration of new industries has doubled over the first nine months of fiscal year 2012/13, compared to figures of the same period of last year. Statistics of DoI shows 298 firms were registered during the period, up from 184 registered in the corresponding period of the last fiscal year. “New investment commitment amount has increased by 78 percent to Rs 81.32 billion...

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Nepal Inflation at 10.2 percent in March 2013

KATHMANDU: A sharp hike in prices of key food items, clothes, footwear, and housing and utilities cost pushed inflation to 10.2 percent in March as against seven percent reported in the same period last year. The inflation recorded in the period was 0.7 percentage point higher than the revised annual target of 9.5 percent. On average, prices of food items shot up by 11.3 percent, while prices of non-food items went up by 9.3 percent in March, the latest...

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Gold Price falls by Rs.3000 in Nepal

KATHMANDU: Gold price saw a further slide on Tuesday by Rs 3,000 per tola (11.664 grams). With the decrease, the yellow metal will now cost Rs 49, 500 per tola. On Monday, the price of the yellow metal had decreased by Rs 3,300 per tola in the domestic market as investors fled from bullion to other safe-havens in the international market. The yellow metal was traded at two-year low of Rs 52,500 per tola on Monday. Gold had hit Rs 52,490 per tola in...

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Happy New Year 2070!

We would like to thank all our valued customers and members for your continued support. Wishing you a very Happy New Year! ...

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NRB relaxes Know Your Customer rules

The Nepal Rastra Bank has allowed banks and financial institutions (BFIs) to determine themselves the requirements that customers have to fulfil while opening bank accounts with deposits less than Rs 500,000. Moreover, people can also open bank accounts by producing photocopies of passport, permanent account number (PAN) cards, identity cards of government, public and private offices. In case of teachers, professors and other staff of government schools, colleges and universities, they can open accounts by producing photocopies of...

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