‘Help maintain good governance at BFIs’
Nepal Rastra Bank Governor Yuba Raj Khatiwada said on Sunday the malpractice of balance sheet manipulation at banks and financial institutes (BFIs) could take down the banking sector along with the entire economy.
Central bank eases withdrawals from foreign currency accounts
AUG 06 - Nepali citizens working in international organisations and maintaining foreign currency accounts in Nepali banks can withdraw up to $10,000 at a time and up to
IB set to intervene in Everest Insurance
Everest Insurance Company will now have to answer to the insurance regulator — Insurance Board (IB) — for shutting down its business for the last two weeks.
WB provides Rs 2.9 billion credit assistance
The International Development Association (IDA) of the World Bank (WB) has agreed to provide Rs 2.90 billion credit assistance to the Government of Nepal.
Central bank enforces new CRR‚ SLR provisions
Banks and financial institutions in the country now have more funds to invest or extend as credit, as the changes in Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) introduced through the latest Monetary Policy came into effect from today.
New provision on institutional deposits
With the Nepal Rastra Bank (NRB) directing commercial banks to maintain institutional deposits at less than 60 percent of their total deposits, newer banks will be in a difficult position to implement the NRB directive.
China scraps taxes on small firms to boost economy
China will lessen the tax burden on small businesses, the government has announced, as part of a package of measures aimed at boosting slowing economy.
Small firms with monthly sales of less than 20,000 yuan ($3,260) will be exempt from paying turnover tax and value-added tax (VAT) from August 1, the central government said in a statement released late on Wednesday. VAT is levied on the difference between a commodity's retail price and its cost.
"Small businesses are playing an important role in promoting economic development and market prosperity as well as expanding employment," the statement said in explaining the move.
It was among a series of measures to support the economy unveiled by Chinese premier Li Keqiang at a cabinet meeting on Wednesday.
The tax exemptions will benefit more than six million small companies, the statement added. China's economy expanded by 7.5 per cent year-on-year in the April-June period, slowing from 7.7 per cent in the previous three months, raising worries the world's second largest economy could be headed for a sharp downturn.
Among other steps, the government will set up a fund for railway development, offer tax rebates and keep the yuan's exchange rate at a 'reasonable' level to boost international trade, it said.
Exporters complain a stronger yuan is hurting their overseas sales by making their products more expensive.
Lu Ting, an economist with Bank of America Merrill Lynch, called the new policies a 'small stimulus'.
"Premier Li's team has been surely working around the clock to arrest the slowdown," Lu wrote in a research note on Thursday. "These three measures will have limited direct impact on boosting aggregate demand in the short term, but they can surely help boost confidence," he said.
Source:THT
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Corporate News
India makes exemption for Nepal, allows some refined palmolein imports
February 12, 2020- India, which restricted imports of refined palm oil and palmolein in January, has exempted Nepal and has started issuing licences to import some refined palmolein from the Himalayan nation, two government officials told Reuters.
Read more ...HIDCL, Power China to build 762MW Tamor reservoir project
Kathmandu, September 16- The Hydroelectricity Investment and Development Company Ltd (HIDCL) and state-owned Power China Corporation have jointly submitted a project development proposal at the Investment Board Nepal (IBN) to build the 762-megawatt Tamor reservoir project, which will cover Panchthar, Taplejung, Terhathum and Sankhuwasabha districts.
Read more ...Security audit of BFIs compulsory
Kathmandu, September 10- Nepal Rastra Bank (NRB) has made it mandatory for banks and financial institutions (BFIs) to conduct an audit of their information and technology (IT) system.
Read more ...Age limit set for CEOs, directors at BFIs
KATHMANDU: Nepal Rastra Bank has set an age bar for board of directors and chief executive officers of banks and financial institutions (BFIS).
Read more ...| Symbol | % Change | Last Price | Turnover |
|---|---|---|---|
| TPC | 10.1449 | 532.0 | 1,200,368.0 |
| NBB | 10.1227 | 359.0 | 78,348,179.0 |
| MKJC | 10.0209 | 527.0 | 10,408,576.0 |
| NIBLPF | 10.0000 | 11.0 | 251,978.0 |
| NTC | 9.9914 | 1,277.0 | 164,339,250.0 |
Market Summary
| Total Turnover Rs | 5,521,650,870 |
| Total Traded Shares | 10,093,221 |
| Total Transactions | 69,200 |
| Total Scripts Traded | 227 |
National News
- World Bank approves $200m support to strengthen Nepal’s financial sector
- Nepal Investment Bank Ltd receives full amount of bank guarantee
- WB report says capacity building key to implementation of federalism
- Trade deficit at Rs 1.21 trillion in first 11 months
- World Bank forecasts 5.9% growth for Nepal in FY2018/19
- India will continue its support in Nepal’s development activities: Adityanath
- World Bank approves energy credit to Nepal
International News
- Indian envoy urges Nepal to reap benefits from India’s economic rise
- India to impose retaliatory tariffs on 28 U.S. goods from Sunday
- WTO chief stresses urgency of easing trade tensions to improve global economy
- Economic reforms in India will help Nepal, says NITI vice chair
- Trade war impact: 25% hike on China's imports to US can make Indian products competitive, says CII
- Trump says deal for young immigrants is ‘NO MORE’
Corporate Announcement
Dividend - Surya Life Insurance
November 12, Kathmandu- The meeting of Board of Directors of Surya Life Insurance held in November 10, 2020 has approved and recommended to distribute 5% bonus and 5.526% cash dividend to the shareholders for the Fiscal Year 2075/76.
Read more ...Dividend - Everest Bank
November 05-2020: The Board of Directors of Everest bank has proposed 10.53% dividend consisting of 5% bonus and 5.53% cash for the fiscal year 2076-77.
Read more ...Dividend - Bank of Kathmandu Limited
The Board Of directors of Bank of Kathmandu Limited (BOKL) has proposed 3% cash and 13% stock dividend to its shareholders from the profit of Fiscal Year 2076/77.
Read more ...Dividend - Nepal Lube Oil Limited
September 29, Kathmandu- The board of Directors of Nepal Lube Oil Limited(NLO) Has proposed 10% cash dividend to its shareholders from the profit fiscal year 2076/77.
Read more ...Dividend- Unilever Nepal
Kathmandu, September 27 - The meeting of Board of Directors of Unilever Nepal Limited of 25the September has proposed cash dividend of Rs100 per share to its shareholders from the profit of FY 2076/77.
Read more ...Dividend of Machchapuchchre Bank
September 17, 2020- Board of Directors of Machhapuchchre Bank has proposed 7.03% stock dividend and 3.37% cash dividend
Read more ...