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Around 500 people have successfully climbed the world’s highest peak. During this spring season, 500 mountaineers and guides have scaled Mt Everest, according to the Department of Tourism. Around 500 people have climbed Mt Everest as of today. A total of 478 mountaineers have obtained expedition permits to climb Mt Everest in this spring season. The 500 also includes the Sherpa guides of different expedition teams, Director General of the Department Hom Prasad Luintel. This year's spring climbing started on May 13. This is the first time in history that 478 permits were issued to climb Mt Everest in the spring season. This includes 103 women and 376 men from 47 mountaineering teams, the Department said.

The Cricket Association of Nepal (CAN) has announced a 22-member squad under the captainship of Rohit Paudel for the World Cup Qualifiers in Zimbabwe. Along with Paudel, Kushal Bhurtel, Asif Sheikh, Gyanendra Malla Kushal Malla, Arif Sheikh, Dipendra Singh Aire, Gulsan Jha, Sompal Kami, Karan KC, Sandeep Lamichhane, Bhim Sarki, Pratish GC, Lalit Rajbansi, Arjun Saud, Sandeep Jora, Dev Khanal, Kishor Mahato, Surya Tamang, Kamal Singh Airee, Shyam Mausam Dhakal and Abinash Bohara are in the team.

Lumbini Province Chief Minister Dilli Prasad Chaudhary expanded his Cabinet. Raju Khanal has been given the responsibility of the Health Ministry. Similarly, Chandrakesh Gupta of the Janamat Party has been appointed as the Minister for Social Development and Sanosh Kumar Pandey of the Democratic Socialist Party as the Minister for Internal Affairs, Law and Cooperatives Likewise, Lal Ahir of the Janata Samajbadi Party has been appointed as the Minister for Agriculture and Land Management and Dharma Bahadur Chaudhary of the Nagarik Unmukti Party as the Minister for Physical Infrastructure. They were appointed as ministers today. Meanwhile, Dhan Bahadur Maski has been appointed as the Minister for Economic Affairs.

The Nepal Stock Exchange (NEPSE) gained 8.10 points to close at 1,891.31 points on Monday. Similarly, the sensitive index surged by 0.54 points to close at 358. 88 points. A total of 3,495,752-unit shares of 272 companies were traded for Rs 1. 27 billion. Meanwhile, Aatmanirbhar Laghubitta Bittiya Sanstha Limited was the top gainer today, with its price surging by 10. 00 percent. Similarly, GreenLife Hydropower Limited was the top loser as its price fell by 10.00 percent. At the end of the day, total market capitalization stood at Rs 7. 37 trillion.

Nepal Rastra Bank (NRB) has recently established a separate division within the Payment Systems Department with an aim to introduce digital currency in the country in the future. NRB has planned to introduce the Central Bank Digital Currency (CBDC) in pilot testing within the next one and a half years. The creation of the division is based on a concept paper on CBDC which the central bank published in Aug 2022. The central bank plans to move ahead based on the suggestions received on the concept paper by developing mechanisms and infrastructure to launch digital currency in the country. The NRB study suggested creating a separate structure and team to advance the CBDC project. Guru Prasad Paudel, Head of NRB’s Payment Systems Department, said the digital currency will be introduced in pilot testing in the next one-and-a-half years. “We will manage the necessary human resources required for digital currency. Once the necessary infrastructure is ready, we will start the tests,” he said. The central bank had initiated the study on digital currency as per the Monetary Policy of FY 2021/22 which states that a feasibility study for digital currency in Nepal will be conducted in the context of ongoing worldwide studies regarding the usage and feasibility of electronic currency. With the majority of central banks around the world exploring central bank digital currency (CBDC) options, the NRB also formed a steering committee headed by Deputy Governor Bam Bahadur Mishra to make necessary recommendations regarding digital currency. A CBDC is the digital form of a country's fiat currency. Like the fiat currency, CBDC is also issued by the nation's monetary authority. It is considered a form of legal tender that can be used for the exchange of goods and services. Of late, many countries are exploring how CBDCs may affect their economies, financial networks, and stability as CBDCs have the potential to reshape the payments industry. A 2021 Bank for International Settlements (BIS) survey of central banks found that 86 percent are actively researching the potential for CBDCs, 60 percent were experimenting with the technology and 14 percent were deploying pilot projects. According to international media reports, China launched e-CNY in 2020, Hong Kong Monetary Authority (HKMA) commenced e-HKD pilot program in 2023 and the Reserve Bank of Australia commenced a retail CBDC pilot in 2023, with a report due mid-2023. In China, the People’s Bank of China (PBOC), the Chinese central bank, started the pilot project on e-CNY in four major cities, namely Shenzhen, Suzhou, Xiongan, and Chengdu. Since the start of the pilot project, the value of transactions made using e-CNY has surpassed 100 billion yuan, and PBOC has expanded the pilot to include the entirety of four provinces - Guangdong, Jiangsu, Hebei, and Sichuan. By the end of 2022, PBOC reported that there were 13.61 billion yuan of e-CNY in circulation, representing 0.15 percent of the total volume of yuan in circulation. While China is yet to announce the date for the nationwide launch of e-CNY, however, companies including Alibaba and Tencent have integrated e-CNY into their systems as a payment option. In Hong Kong, the HKMA on 18 May 2023, announced the commencement of the e-HKD pilot program, with 16 firms selected to participate. While the United States Federal Reserve has made no decisions on whether to pursue a US CBDC, however, it has been exploring the potential benefits and risks of CBDCs. The Federal Reserve in January 2022, released a discussion paper examining the pros and cons of a potential retail CBDC. The Central Bank of the Bahamas was the first central bank to introduce a full-fledged CBDC in October 2020- the Sand Dollar. The Eastern Caribbean Currency Union, consisting of Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, Saint Lucia, and St. Vincent and the Grenadines, launched its digital currency in March 2021.

Police have submitted a report on the fake Bhutanese refugee scam to the District Attorney’s Office on Monday. The District Police Range, Kathmandu submitted the report to the District Attorney’s Office this afternoon. The police, who started the investigation from March 26, submitted the report to the District Attorney’s Office nearly two months later. So far, police have arrested 16 individuals including former deputy prime minister Top Bahadur Rayamajhi and former home minister Bal Krishna Khand. Police have concluded that at least 32 people were involved in the incident. Police have recommended the District Attorney’s Office to file cases under treason, fraud and organized crime against those involved in the fake Bhutanese refugee scam.

When the United States announced duty-free access for 66 Nepali goods including readymade garment products such as headgear, shawls, scarves and travel goods, and certain types of carpets in 2016 to help Nepal in the recovery from the impacts of the 2015 earthquake, it was considered a new dawn for the ailing garment industry of the Himalayan country. However, eight years down the line, the country’s garment industry is yet to make any substantial progress in boosting exports to the US market. After then US President Barack Obama signed the US Trade Facilitation and Trade Enforcement Act that included Nepal Trade Preference Program (NTPP) in February 2016, Nepal’s 66 items officially got duty-free market access for 10 years. The number of products eligible for preferential treatment was later expanded to 77. NTPP was designed to help Nepal’s economic recovery from the earthquakes that struck the country in 2015. It also authorizes a trade capacity-building program, focused on helping Nepal implement the World Trade Organization’s Trade Facilitation Agreement. RMG producers say that Nepal’s garment industry has failed to take advantage of the preferential trade treatment by the US due to several reasons. According to the Garment Association of Nepal (GAN), the umbrella organization of Nepali readymade garment producers, Nepal’s garment exports to the US in the fiscal year 2016/17 were worth Rs 1.05bn which grew to Rs 1.83bn in FY 2021/22. According to them the sharp appreciation of the US dollar against the Nepali rupee and skyrocketing inflation also played a part in this growth. In terms of quantity, Nepal exported 2.69m units of readymade garments which came down to 1.31 million in FY 2021/22. GAN data show the country’s overall exports of garments grew to Rs 7.29 billion in FY 2021/22 from Rs 5.30bn in 2016/17. “Even though the US government granted duty-free market access to our products, we failed to receive demand from major US buyers,” said Pashupati Dev Pandey, president of GAN. “We have been able to sell limited types of products receiving the duty and quota-free facility in the US market. We have not been able to sell products like suitcases, animal hair, and travel equipment, among many other items.” Over the last eight years since Nepal was granted the duty and quota-free facility, Nepal’s garment industry also failed to enhance its competitiveness. “Almost all the items on which duty and quota-free facilities are available have an applied tariff rate of 4-9 percent by the US government,” said Pandey. “As our cost of production is higher, we have not been able to take advantage of tariff advantage.” During the sixth meeting of the US-Nepal Trade and Investment Framework Agreement (TIFA) Council last week in Kathmandu, Nepal sought its interest in expanding the list of products eligible to receive tariff-free treatment under the program. Nepal and the US also deliberated on the impact of NTPP’s upcoming expiration on December 31, 2025. “Both governments affirmed the importance of the NTPP to the bilateral relationship and acknowledged the potential of the program to enhance trade between the two countries,” reads a statement issued by the US embassy. During a meeting between Nepal’s private sector representatives and the US delegation, Nepali garment exporters sought duty-free and quota-free (DFQF) market access for products like shirts, pants, and ladies’ dresses which are also known as fast-moving garment items. “US tariff on such items stands between 14-34 percent and Nepali garment industry can take advantage of it,” said Pandey. “Because of the lack of demand, we also failed to invest in the modernization of our factories over the years.” During the sixth TIFA meeting, Nepal emphasized its need for additional support for productivity enhancement and capacity building to ensure sustainable and smooth graduation from the Least Developed Country status. The Nepal side also requested DFQF market access beyond 2026 to sustain the country's graduation from the least developed country to a middle-income nation. Minister for Industry, Commerce, and Supply Ramesh Rijal sought US assistance, especially in the continuation of LDC-specific trade preferences such as DFQF market access, flexible rules of origin, and LDC-specific technical assistance for a few more years after graduation. The 40th plenary of the 76th Session of the United Nations General Assembly (UNGA) in November 2021 unanimously adopted a resolution, endorsing Nepal’s graduation from the LDC category to a developing country with a preparatory period of five years. Following graduation, Nepal will lose the facilities that the country has been enjoying as an LDC. The US is Nepal’s sixth largest trading partner after India, China, Indonesia, the United Arab Emirates, and Argentina but the second largest export market for Nepal. Nepal exported goods worth Rs 17.99bn to the US in fiscal 2021/22 while imports from the US stood at Rs 50bn, according to the Trade and Export Promotion Centre. During the meeting, Nepali officials said that its IT-related services have significant export potential and expressed interest in expanding bilateral trade in these sectors. Both delegations expressed their interest in ensuring that workers in both countries are able to take advantage of the opportunities in the digital economy.

The gold is being traded at Rs 110, 000 per tola in the domestic market on Monday. According to the Federation of Nepal Gold and Silver Dealers’ Association, tejabi gold is being traded at Rs 109, 500 per tola. Similarly, the silver is being traded at Rs 1, 375 per tola today.