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Christmas, the greatest festival of Christians, is being celebrated with zest and zeal, throughout the country on Sunday. It is celebrated to mark the birth of Jesus Christ, on December 25. The festival has been recognized as a national festival since 2007. The government has announced a national holiday today to celebrate the festival. On the occasion, Christians visit churches and exchange gifts with family and friends.

Police have arrested a Sudanese national with a huge cache of gold from the Tribhuvan International Airport. Muhammad Ahmed, who came to Kathmandu on a Fly Dubai flight on Friday, was arrested with around 19 kg gold during the security check. He brought the semi liquid gold by tying it around his waist. The TIA-based Customs Office said that Ahmed was arrested with 18-19 kg gold today.

French serial killer Charles Sobhraj, who was freed from a prison in Nepal on Friday, has been deported to his home country. The Home Ministry deported Sobhraj to France by banning him from entering Nepal for 10 years. The Department of Immigration sent him to the Tribhuvan International Airport amid tight security. The Home Ministry deported Sobhraj after the Nepal-based French Embassy made travel documents for him. He will fly to Doha and then to Paris, France on a Qatar Airways flight. Sobhraj, who had been doing time in the Kathmandu-based prison for the past 19 years for the murder of an American woman, Connie Jo Boronzich, 29, and his Canadian girlfriend Laurent Carrière, 26, in 1975, was freed on the ground of age following a directive of the Supreme Court. Responding to a habeas corpus writ, a division bench of Justices Sapana Pradhan Malla and Til Prasad Shrestha on Wednesday issued a verdict directing the government to free Sobhraj (78) at the earliest, saying that he has already completed 95 percent of his jail term. The government was also ordered to make arrangements to send him to his home country within 15 days. Following his release, he was sent to the Department of Immigration. Now, the Department will start the process to deport him to his country. But, Sobhraj has expressed his desire to stay in Nepal for some time. He was arrested on September 19, 2003. Sobhraj had previously spent 20 years in prison in India.

Nepali Congress President and Prime Minister Sher Bahadur held a meeting with the party leaders close to him on Friday to discuss power sharing. Deuba met the leaders to make a concrete decision after CPN (Maoist Center) Chairman Pushpa Kamal Dahal refused to give up his claim for the post of prime minister and to make future strategy. Prime Minister Deuba held a meeting with Vice-President Purna Bahadur Khadka, Prakash Man Singh, Bal Krishna Khand, Gyanendra Bahadur Karki, Umakanta Chaudhary and Dila Sangraula. The 15 day-time given by President Bidya Devi Bhandari to form a new government is expiring on Sunday. The leaders suggested Deuba to not leave the post of prime minister under any circumstances. “We have given a suggestion that a new government should be formed under the leadership of the Nepali Congress as the largest party of the Parliament. He will not budge from his stance,” a leader, who took part in the meeting, said. Earlier, this morning CPN (Maoist Center) Chairman Pushpa Kamal Dahal had told leader Singh, who had reached Dahal’s residence in Khumaltar to discuss power sharing, that he wanted the post of prime minister at any cost. Dahal also warned that he would leave the coalition if he did get the coveted post.    

A French serial killer Charles Sobhraj has been freed from a prison in Nepal on Friday. Sobhraj, who had been doing time in the Kathmandu-based prison for the past 19 years for the murder of an American woman, Connie Jo Boronzich, 29, and his Canadian girlfriend Laurent Carrière, 26, in 1975, was freed on the ground of age following a directive of the Supreme Court. Responding to a habeas corpus writ, a division bench of Justices Sapana Pradhan Malla and Til Prasad Shrestha on Wednesday issued a verdict directing the government to free Sobhraj (78) at the earliest, saying that he has already completed 95 percent of his jail term. The government was also ordered to make arrangements to send him to his home country within 15 days. Following his release, he has been sent to the Department of Immigration today. Now, the Department will start the process to deport him to his country. But, Sobhraj has expressed his desire to stay in Nepal for some time. He was arrested on September 19, 2003. Sobhraj had previously spent 20 years in prison in India.

Hours after holding a meeting with CPN (Maoist Center) Chairman Pushpa Kamal Dahal, Nepali Congress leader Prakash Man Singh reached Baluwatar on Friday afternoon to meet Prime Minister Sher Bahadur Deuba. During the meeting, leader Singh told Deuba that Dahal will not budge from his stance of becoming the prime minister easily. According to a Baluwatar source, Prime Minister Deuba said that he would hold a serious discussion with the leaders of the ruling coalition on the issue soon. It has been understood that Dahal wants to become the prime minister with the support of the ruling coalition as much as possible or else he is preparing to lead the government with the help of the CPN-UML and some fringe parties. Dahal has been holding consultations with Prime Minister Deuba and UML Chairman KP Sharma Oli parallelly to become the prime minister. Earlier on Thursday, Prime Minister Deuba, Dahal and CPN (Unified Socialist) Chairman Madhav Nepal discussed possible power sharing. President Bidya Devi Bhandari has called upon the political parties to form a new government by December 25.

CPN (Maoist Center) Chairman Pushpa Kamal Dahal and acting Chinese ambassador to Nepal Wang Xin held a meeting at the former’s residence in Khumaltar on Friday. The meeting with a high-ranking official of the Chinese Embassy has been taken meaningfully at a time when Dahal has been expressing his reluctance to leave the post of prime minister. The acting Chinese ambassador expressed his concern over the role of the Maoist Center in the possible power sharing and government formation. In response, Dahal said that he has been working to form a new government under his leadership and he has been holding consultations with the senior leaders of the Nepali Congress for the same. Earlier this week, Wang Xin held a meeting with Rastriya Prajatantra Party Chairman Rajendra Lingden. On the occasion, he discussed a possible scenario of power sharing with Lingden. New Chinese ambassador to Nepal Cheng Song will arrive in Nepal on December 27.

While the proliferation of banks and financial institutions (BFIs) has increased access to finance in Nepal, average Nepalis are still behind when it comes to financial literacy, according to a new Nepal Rastra Bank (NRB) survey. The NRB’s report titled ‘Baseline Survey on Financial Literacy in Nepal’ shows Nepal’s financial literacy score is 57.9 percent which is slightly lower than the average score of the OECD survey. This is the first survey carried out by the central bank to find out the financial literacy status in the country. “This is the first time that the central bank has carried out a survey of this kind in the country. The findings show the level of financial literacy in Nepal is low compared to other countries including India,” said Prakash Kumar Shrestha, Executive Director of NRB, adding, “The survey shows the status of financial literacy in the country and where the interventions required to improve financial literacy are.” The report shows provincial disparity exists in financial literacy scores. Bagmati Province and Gandaki Province have higher financial literacy scores compared to other provinces. Financial literacy among the male population is higher compared to the female population and it is relatively higher in the population residing in metropolitan cities compared to other local-level. According to the report, Bagmati Province stands at the top with a score of 64.5 percent, while Madhesh Province is at the bottom with a score of 52.0 percent. Province 1, Madhes, Lumbini, and Sudurpaschim provinces have financial literacy scores less than the national average. Interestingly, the financial literacy score of Karnali Province is slightly higher than the national average. “It is due to a comparatively higher score in financial behavior and financial attitude of the respondents,” says the report. In terms of gender, men have a better score than women. The report shows financial literacy scores for men and women at 61.8 percent and 54.8 percent, respectively. The gender gap in financial literacy score exists in all provinces, with much a wider gap in Madhesh and Sudurpaschim provinces. Financial literacy differs with age, education, income level, and occupational differences. Young people have a high financial literacy score compared to people of higher age groups. Those with formal education, are employed in the formal sector, and have a higher skill and income level have better financial literacy scores. The adult population employed in the agriculture and construction sectors has a very low level of financial literacy scores. The financial literacy score of the top income group is 68.4 percent compared to just 50.7 percent in the lowest income group. Similarly, salaries/wage employees and self-employed have higher financial literacy scores of 64.2 percent and 63.6 percent respectively, compared to that of housewives (51.2 percent) and unemployed (47.2 percent). "People involved in the formal sector have a higher financial literacy score compared to those involved in the informal sector," reads the report. The higher score in the younger generation and increasing adult literacy rate, according to the report, shows a better prospect for financial literacy and increasing demand for financial services in the days to come. The central bank study finds a financial knowledge score of 47.3 percent at the national level. Of the seven basic concepts within financial knowledge, the survey has found that the concept of division and interest is relatively well understood by the respondents. However, assessing the impact of inflation and interest on purchasing power, simple and compound interest calculation, the relation between risk and return, and the impact of diversification on risk are relatively less-known subjects among Nepalis, according to the report. Given the relatively low score, the report suggests there is a big scope to improve financial literacy by targeting specific places, gender, and groups. “The female population and Madhesh Province need special intervention for increasing financial knowledge, though other Provinces also need similar types of intervention,” says the report. Since the usage of payment, saving, insurance, and credit is still lower in rural areas and especially in the female population, unemployed people, housewives, and unskilled people, the report says efforts on broadening financial literacy and availability of products should be made targeting these groups. The survey finds that 73.78 percent of adult populations use payment products such as mobile banking, internet banking, credit card/debit card, saving and current account, and digital wallets. Bagmati (85.62 percent) and Gandaki Province (84.88 percent) have the highest proportion of the adult population using payment products. The young generation has a higher usage of payment products than elderly people. About 79.84 percent people aged 18 to 30 years use payment products compared to 68.82 percent of people of 60 years and above. Anil Kumar Upadhyay, CEO of the Agriculture Development Bank said that the survey has given a detailed picture of the gap in financial literacy. “Since it has carried out a detailed gap analysis, it will help us to focus our efforts in the coming days,” said Upadhyay. Financial literacy in Nepal  

• Nepal’s financial literacy score is 57.9 percent.
• Bagmati Province and Gandaki Province have higher financial literacy scores compared to other provinces.
• Madhes Province scores the lowest in financial literacy score.
• The financial literacy score of men is higher than women by 7.5 percentage points.
• About 73.78 percent of adults use the payment product, 86.64 percent use saving, investment, and retirement products, 46.34 percent use credit products and 30.2 percent use insurance products.
• About 66.97 percent of adult populations are aware of at least 5 financial products.
• About 71.83 percent of the population rely on family and friends for saving or borrowing to meet their financial needs.
• Bagmati Province has the highest usage of payment products.
• Karnali Province has the lowest usage of bank loans.