Roundup of Nepali Economic and Business News for Jan 22-24By NepaliEconomy.com
Nepalese continue to pour out of the country in record numbers in search of work. Between mid-Jul'09 and mid-Jan'10 126,081, or 3 percent more than last year left, 80 percent of whom went to Saudi Arabia (35,940), Malaysia (30,067), Qatar (17,957) and UAE (17,191). Unfortunately it is not a smooth sailing for those who leave because there are instances of fraudulence by manpower companies.
Nepal Ratra Bank agrees with NepaliEconomy.com's view that Nepal does NOT suffer from liquidity crisis because banks are solvent and have ample capital; it is just that they are lending more than their deposit base can support. However, concerns over balance of payment (BoP) continues with the country running trade deficit of Rs. 217 billion and a decline in forex reserve to Rs. 249 billion (down 11%). While the government is trying to cool down wanton speculation on real estate, developers want exemption to ceilings on landholdings on individuals and companies in Kathmandu (15 ropanies), Hills (80 ropanis) and Terai (11 bigahs) imposed by Land Reform Act of 1964.
Retailers are willing to sell sugar at Rs. 80 versus current Rs. 90 if government sells them for Rs. 78. High sugar prices due to shortage is causing (a) surge in smuggling of sugar from India (b) higher confectioneries prices.
Nepal Telecom plans to expand 3G services in Kathmandu and Pokhara. Thus far, there are only 700 3G users paying Rs. 4,195 a month but NT has capacity for 175,000.
On other news, Nepal Oil Corporation (NOC) demands Rs. 29 million from employees and managers of Amlekhgunj depot, which handles two-thirds of oil imports, for embezzlement. Pashmina industry is trying to re-invigorate itself with international trademark (uh!). Another political outfit, CPN-Maoist (Matrika), has entered the lucrative land/property seizure business. Solahart celebrates its 15th year while RBB celebrates its 45th.
Nepal Ratra Bank agrees with NepaliEconomy.com's view that Nepal does NOT suffer from liquidity crisis because banks are solvent and have ample capital; it is just that they are lending more than their deposit base can support. However, concerns over balance of payment (BoP) continues with the country running trade deficit of Rs. 217 billion and a decline in forex reserve to Rs. 249 billion (down 11%). While the government is trying to cool down wanton speculation on real estate, developers want exemption to ceilings on landholdings on individuals and companies in Kathmandu (15 ropanies), Hills (80 ropanis) and Terai (11 bigahs) imposed by Land Reform Act of 1964.
Retailers are willing to sell sugar at Rs. 80 versus current Rs. 90 if government sells them for Rs. 78. High sugar prices due to shortage is causing (a) surge in smuggling of sugar from India (b) higher confectioneries prices.
Nepal Telecom plans to expand 3G services in Kathmandu and Pokhara. Thus far, there are only 700 3G users paying Rs. 4,195 a month but NT has capacity for 175,000.
On other news, Nepal Oil Corporation (NOC) demands Rs. 29 million from employees and managers of Amlekhgunj depot, which handles two-thirds of oil imports, for embezzlement. Pashmina industry is trying to re-invigorate itself with international trademark (uh!). Another political outfit, CPN-Maoist (Matrika), has entered the lucrative land/property seizure business. Solahart celebrates its 15th year while RBB celebrates its 45th.
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