The Rasuwa Customs Office cleared 50 BYD Dolphin cars, 50 AC/DC chargers, and 50 SIM cards on May 23, 2025, under declaration number 6709. The office processed all items through the red‑line channel, which is used for high‑risk or suspicious imports. Customs officials in Kathmandu said BYD electric cars have begun to face red‑line checks after signs of irregularities in recent shipments. The shift follows concerns about how the vehicles and related parts are being imported. Saimex Inc., the official BYD distributor for Nepal, has been under scrutiny for its import practices. The company has long faced criticism for…
Author: Nepal Monitor
Kathmandu — Australia’s federal government has banned children under 16 from using social media. A recent survey shows strong public support for the move. Roy Morgan Research, working with Monash University, surveyed 1,598 people. About 79% supported the ban, which took effect on Wednesday. Support varied by age group: 72% of people aged 18–24 supported the ban 80% of those aged 50–64 supported it 87% of people over 65 backed the decision Professor Mark Andrejevic of Monash University said the ban targets large foreign platforms that track young users and profit from advertising. The government claims these apps expose children…
Kathmandu — Nepal Rastra Bank has released today’s official foreign exchange rates. The central bank set the buying rate for one US dollar at NPR 143.15 and the selling rate at NPR 143.75. Rates for other major currencies include: Euro: Buy at NPR 168.90, sell at NPR 169.61 British Pound: Buy at NPR 193.37, sell at NPR 194.18 Swiss Franc: Buy at NPR 181.79, sell at NPR 182.55 Australian Dollar: Buy at NPR 95.84, sell at NPR 96.24 Canadian Dollar: Buy at NPR 104.45, sell at NPR 104.89 Singapore Dollar: Buy at NPR 111.40, sell at NPR 111.87 Japanese Yen…
A government task force in Nepal has urged the country’s central bank to review how it handles cryptocurrency and other new financial technology. The group said Nepal should not view crypto only through the lens of a ban, but should also study its possible uses. The task force was formed after Dr. Bishwo Poudel became governor of Nepal Rastra Bank. It is led by former central bank director Dr. Rewat Bahadur Karki. Former banker Bhuvan Dahal and central bank director Guru Prasad Paudel also serve on the team. The group said Nepal should continue research on crypto instead of relying…
GORKHA — Two new hydropower projects, Budhigandaki ‘A’ and Budhigandaki ‘B’, are set to be built in Gorkha. Budhigandaki ‘A’ will generate 103.4 megawatts, while Budhigandaki ‘B’ will produce 226 megawatts, according to project engineer Durgesh Magar. Both projects are being promoted by Naulo Nepal Hydro Electric Company Pvt. Ltd. The company plans to invest NPR 31.32 billion in Budhigandaki ‘A’ and NPR 56.99 billion in Budhigandaki ‘B’. Budhigandaki ‘A’ will include a dam at Lusyang in Dharche-3. Water will be diverted through a 4-kilometer tunnel to a powerhouse at Machakhola. Both projects will use run-of-the-river technology. Budhigandaki ‘A’ will…
The International Monetary Fund (IMF) has raised concerns that Nepali banks are using loose loan‑classification practices, keeping weak provisions for risk, expanding evergreen lending, and operating with weak credit‑risk management systems. In Kathmandu, a new review shows rising credit risk in large project loans issued by commercial banks. Many projects have not made the physical progress expected for the size of the loans they received. A Bangladeshi consulting firm, Hawlader Yunus & Company, is testing the loan quality of 10 major commercial banks. Its early findings show slow construction progress compared with the volume of credit disbursed. Officials at Nepal…
Kathmandu — Reliance Spinning Mills Limited has opened its Initial Public Offering (IPO) to the general public starting today, following earlier allotments to Nepali citizens working abroad and institutional investors. The company priced its IPO using the book building method, the same approach used previously by Sarbottam Cement. Reliance first offered shares to Nepali migrant workers, then allocated shares to qualified institutional investors through competitive bidding. The cutoff price was set at NPR 912 per share. After applying a 10% discount, the final price for public investors is NPR 820.80 per share. Out of the total offering, 57,798 shares are…
Kathmandu — Nepal’s growing dependence on external loans for development has raised new concerns as major lenders increase interest rates and tighten concessional terms. For years, Nepal enjoyed low‑cost loans because its economic growth and job creation remained weak. The International Monetary Fund recently said Nepal’s external debt remained in a “comfortable” range. That status gave the government room to borrow more for infrastructure and speed up development. That window is now narrowing. A key reason Nepal’s external debt carried low risk was the combination of cheap interest rates and long repayment periods. Those terms are changing. The World Bank…
China’s customs administration informed Nepal’s Ministry of Agriculture and Livestock Development that exported buffalo meat must come from animals born and raised in Nepal and be under 30 months of age. This strict condition has halted preparations by Nepali meat businesses, which had relied on importing live buffalo from India for slaughter and processing before export. Official data shows Nepal’s buffalo population is declining. Annual production is about 116,000 metric tons, barely enough to meet domestic demand. Export would require importing up to 70 percent of buffalo from India, but China’s rules now prohibit that practice. Nepal must instead rely…
On Wednesday, Paudel met with chief executive officers from all 20 commercial banks, along with leaders from development banks and finance companies. He noted that more than 11 trillion rupees remain stuck in the system without flowing into loans. He called on bankers to take an active role in increasing credit supply. Paudel stressed that agriculture should be the priority sector. He said that raising agricultural lending above 50 percent would help keep the economy active and support long-term stability. Bankers confirmed that the central bank also wants to see more loans directed toward infrastructure and private sector projects. Bankers…