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Nepal is asking citizens living abroad to deposit funds in domestic banks as part of efforts to ensure the financial system has enough liquidity and to preserve foreign exchange reserves, finance minister Janardan Sharma said on Saturday, Reuters reported.

Speaking to Reuters, he denied Nepal was facing an economic crisis despite the impact of soaring commodity prices as the tourist industry, a key source of revenues, struggles to recover after the COVID-19 pandemic.

Nepal, wedged between China and India, this month imposed curbs on luxury goods imports to rein in capital outflows. Foreign exchange reserves fell over 18% to $9.6 billion as of mid-March from mid-July - enough for around six months imports.

By depositing their savings in Nepal, overseas Nepalis would continue to "maintain their link as well as benefit from 6 to 7% interest" offered by Nepali banks, Sharma said, according to Reuters.

Sharma said the economy did not face a crisis and Nepal's situation could not be compared with Sri Lanka. That South Asian country is facing its worst economic crisis in decades and anti-government protests.

In Nepal, remittances by overseas workers, which constitute nearly a quarter of the economy and are crucial for external payments, fell 3.0% to $5.3 billion between mid-July to mid-March, compared with a 5% increase in the same period a year earlier.

Earnings from tourism, which fell sharply after the start of the pandemic in 2020, are slowly picking up, but remain well below pre-COVID levels, Reuters reported.

Sharma said if 100,000 Nepali nationals living abroad deposited $10,000 each in Nepali banks it could go a long way to help Nepal overcome the current liquidity constrains.

Nepal has also decided to accept $659 million in aid from the United States and about $150 million in soft loan from the World Bank, Sharma said.

"The money to be received from the United States over five years is a (non-refundable) grant," he said, according to Reuters.

Nepal reported 12 new Covid-19 cases on Sunday.

According to the Ministry of Health and Population, 2, 750 swab samples were tested in the RT-PCR method, of which 11 returned positive. Likewise, 739 people underwent antigen tests, of which one was tested positive.

The Ministry said that no one died of virus in the last 24 hours. The Ministry said that 36  infected people recovered from the disease.

As of today, there are 375 active cases in the country.

The Nepal Stock Exchange (NEPSE) plunged by 29. 60 points to close at 2,385. 64 points on Sunday.

Similarly, the sensitive index dropped by 5. 12 points to close at 450. 97 points.

A total of 3, 407, 272 units of the shares of 233 companies were traded for Rs 1. 44 billion.

Meanwhile, NESDO Samridha Laghubitta Bittiya Sanstha Limited was the top gainer today with its price surging by 10 percent. Likewise, Himalaya Urja Bikas Company Limited was the top loser with its price dropped by 10 percent.

At the end of the day, the total market capitalization stood at Rs 3. 38 trillion.

South Korea reported 93,001 new COVID-19 cases as of midnight Saturday compared to 24 hours ago, raising the total number of infections to 16,305,752, the health authorities said Sunday, Xinhua reported.

The daily caseload was down from 107,916 recorded in the previous day and far lower than 164,456 a week earlier, according to the Korea Disease Control and Prevention Agency (KDCA).

The health authorities believed that the daily caseload has been on the decline following the resurgence, driven by the spread of the highly contagious Omicron variant and its subvariant BA.2, which peaked in mid-March.

Among the new cases, 18 were imported from overseas, lifting the total to 31,585.

The number of infected people who were in a serious condition stood at 893, down 20 from the previous day, according to Xinhua.

A total of 203 more deaths were confirmed, leaving the death toll at 21,092. The total fatality rate was 0.13 percent.

The number of people who received two doses of COVID-19 vaccines was 44,526,471, or 86.8 percent of the total population, and the figure for those getting booster jabs was 33,008,629, or 64.3 percent of the population, Xinhua reported.

The ruling coalition has decided to finalize the candidates of the metropolitan and sub-metropolitan cities across the country by tomorrow.

A meeting of the senior leaders of the alliance held in Baluwatar this morning made the decision to this effect.

Similarly, CPN (Maoist Centre) Chairman Pushpa Kamal Dahal's Secretariat said that the meeting has decided to take the reports on the situation of the coalition and preparations for the elections in the remaining provinces tomorrow itself.

Prime Minister Sher Bahadur Deuba and Pushpa Kamal Dahal among other senior leaders were present in the meeting.

The government has decided to hold the local level elections on May 13.

At least seven persons died when a jeep they were traveling in met with an accident at Dandakharka in Waling Municipality-12 of Syangja district on Sunday. 

The identities of the deceased are yet to be established.

The Ward Police Office, Waling said that the six persons were injured in the incident. 

Among the injured, two have been referred to Pokhara for treatment while four are undergoing treatment at the Waling Primary Health Post in Syangja.

Police said that they are looking into the case.

Locals have obstructed vehicular movement along the Banepa-Bardibas road section in the BP Highway since this morning following the death of a child.

The child of Dhungrebas, Kamalamai Municipality-4 was found drowned in a pond dug by the contractor while constructing a bridge over the Gwang River.

Kin and kith of deceased obstructed the highway saying that their child died due to the sheer negligence of the contractor.

They have also refused to receive the body of the child.

The victim's family have demanded compensation and strict action against the contractor.

The child's relative Lal Bahadur Bhujel said that they would not allow the vehicles to ply the road until their demands are met.

A person died and three other sustained injuries when a jeep carrying Nepali Congress Bajhang district President Khadak Bohara and his family met with an accident in Bajhang.

The deceased has been identified as Binod Bohara of Surma.

According to Kamal Prasad Chaudhary, Information Officer at the District Police Office, Bajhang, the four-wheeler (01-001 Cha 0095) was heading towards Dhangadhi from Surma of Bajhang when the incident occurred near Deulekh Bazaar in Bithtadchir Rural Municipality-4.

The injured have been taken to Dhangadhi for treatment, he said.

Police said that they are looking into the case.