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The price of gold has increased by Rs 2, 000 per tola in the domestic market on Wednesday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 149, 800 per tola today. It was traded at Rs 147, 800 per tola on Tuesday.

Similarly, tejabi gold is being traded at Rs 149, 100 per tola. It was traded at Rs 147, 100 per tola.

The price of silver, however, has dropped by Rs 10 and is being traded at Rs 1,895 per tola today.  

A day after assuming the high office, Prime Minister KP Sharma Oli has said his government will work to bring positive results in all walks of national life. PM Oli said the new administration will work to make a noticeable impact on areas such as corruption control, development, construction work and public service delivery.

Speaking during a program that the CPN-UML’s Sindhupalchok district committee had organized at the PM’s official residence in Baluwatar on Tuesday, Oli said his government will focus on “good governance and development, corruption control/elimination and development”.
The government will work to remove difficulties facing the people in relation to public service delivery, he said, requesting all people to be confident that the three sectors—social, development and administration—will work in tandem to serve them. 

The government has taken the losses resulting from floods, landslides and natural disasters seriously, he said, adding that it is making arrangements for the distribution of relief materials.

The newly-formed Cabinet has decided to provide relief to the families of individuals missing for 10 days in natural disasters, including landslides, on a par with aid provided to the families of those deceased in the disasters. 

“Governments keep coming and going. But this change of guard has given rise to new hope and trust. The whole country is hopeful that good governance and development will follow. Also people are hopeful of getting the services and facilities easily,” Oli added.

PM Oli and his Cabinet took the oath of office and secrecy at Sheetal Niwas on Monday after his communist party, the CPN-UML, forged a coalition with the center-left Nepali Congress. This is Oli’s fourth term as PM. 

As many as 115 people were killed in various road accidents in Chitwan in a year.

The human casualties took place during the last fiscal year from mid-July 2023 to mid-July 2024.

The highway sections saw a higher number of accidents and fatalities than those on the inner roads in the district. Among the deceased, 92 were men, 19 women and four children. A total of 445 vehicles had met with accidents during the period.

Chief of the District Traffic Police Office, Suresh Subedi said 832 people were injured in the road mishaps.

A total of 250 vehicles had met with accidents on inner roads of the district in the last one year. At least 50 people were killed and 382 others injured in road accidents in the interior area. At least 57 people were killed in road accidents along the East-West Highway, Narayangadh-Muglin road section and Prithvi Highway.

At least 26 people were killed and 204 others injured in 96 accidents along the East-West Highway. Similarly, 21 people were killed in 55 accidents on the Narayangadh-Muglin road section. A total of 151 people were injured in the incidents, according to the Chitwan traffic official data.

At least 10 people were killed and 62 others injured in 18 road accidents along the Prithvi Highway in Chitwan. A total of 26 accidents occurred in the urban road section of the district during the same period.

Eight people were killed and 33 others injured in the accident. A total of 303 vehicles met with accidents in the district in the fiscal year 2079/80 BS.

A total of 78 people were killed and 581 others injured in the accidents. Subedi said, "No matter how much work has been done to reduce vehicle accidents, it has not been effective". A total of 663 vehicles had met with road mishaps in the district in the last fiscal year.

The Nepal Stock Exchange (NEPSE) gained 70.18 points to close at 2,310.59 points on Tuesday.

Similarly, the sensitive index surged by 12.33 points to close at 409. 51 points.

A total of 25,836,285-unit shares of 315 companies were traded for Rs 9. 13 billion.

Meanwhile, Sindhu Bikash Bank Ltd (SINDU), Barun Hydropower Co. Ltd. (BARUN), Green Development Bank Ltd. (GRDBL), Ankhu Khola Jalvidhyut Company Ltd (AKJCL) and Mandakini Hydropower Limited (MHL) were the top gainers today, with their price surging by 10. 00 percent.

Likewise, 10.5 % NEPAL INVESTMENT DEBENTURE 2082 (NIBD2082), NIBL Growth Fund (NIBLGF) and 11% L.B.B.L. Debenture 2089 (LBBLD89) were the top losers as their price fell by 10.00 percent.

At the end of the day, total market capitalization stood at Rs 3. 66 trillion.

Fifteen bodies, out of 65, who went missing after two passenger buses plunged into the Trishuli River after being swept away by a mudslide at Simaltal of Bharatpur Metropolis-29 in Chitwan, have been found. Among the retrieved bodies, eight have been identified.

According to the Armed Police Force (APF) updates, till 9:30 am today, they have ascertained the identities of eight victims including three Indian citizens.

Those Indian nationals are Rhishipal Sah (28) of Sitamani, Bihar, Jaya Prakash Thakur (30) of Betiya Thana in Paschim Champaran and Sajad Ansari (30) of Betiya Majheiliya.

Similarly, other deceased have been identified as Bikash Pariyar (22) of Madi-2, Chitwan; Ramit Kushar Majhi (19) of Barhathawa-3, Sarlahi; Sudip BK (23) of Patahani of Bharatpur Metropolis-22, Paramananda Pundit (43) of Bishrampur-6, Bara; and Firoj Miya of Rautahat-17.

APF Spokesperson Deputy Superintendent of Police, Shailendra Thapa, said their relatives have already received the bodies.

Seven dead including a woman are yet to be identified and their bodies were retrieved from Golaghat, Salabas, and Sisawar of Chitwan, Gaidakot, Bhutaha, and Tribeni Barrage of Nawalpur.

Earlier on Friday, two passenger buses fell into the Trishuli River after being swept away by a landslide at Simaltal.

One bus (Bagmati Province 3-006 Kha 1516) was heading towards Kathmandu from Birgunj, while the other (Bagmati Province 03-001 Kha 2459) was en route to Gaur from Kathmandu.

It has been learnt that there were 65 passengers onboard the two buses: 38 on the bus bound for Kathmandu from Birgunj and 38 on the next.

Three passengers saved lives by jumping out of the bus heading towards Gaur from Kathmandu.

Jugeshwor Raya Yadav and Saroj Kumar Gupta of Garuda Municipality-19 in Rautahat have already returned home while Nandan Das of Dewahi Banahi Municipality-10 in Rautahat is under medical treatment, it has been said.

Indian Ambassador to Nepal Naveen Srivastava paid a courtesy call on Deputy Prime Minister and Minister for Urban Development Prakash Man Singh in Singha Durbar today.

During the meeting, they discussed various topics of bilateral interest and mutual concerns, according to the Ministry of Urban Development.

On the occasion, Ambassador Srivastava extended best wishes of a successful term to Minister Singh and said the Government of India was ready to enhance the bilateral cooperation between the two countries.

Minister Singh and Ambassador Srivastava also talked about India's possible cooperation in urban development, river pollution control and waste management, Ministry Secretary Maniram Gelal said.

The projects being constructed in Nepal with Indian assistance were also reviewed during the meeting.

Discussions were held on the Integrated Customs Checkpoints being constructed on the border areas of the two countries, according to Secretary Gelal.

Most of the commercial banks have further reduced deposit rates for mid-July to mid-August (Shrawan), which begins on Tuesday.Out of 20 Class ‘A’ banks in the country, 13 have reduced their interest rates on individual fixed deposits. Likewise, two have raised their rates compared to mid-June to mid-July (Ashadh), while five have kept their rates unchanged.

With this revision, the average interest rate on individual fixed deposits has fallen from 6.91 percent in Ashadh to 6.73 percent in Shrawan. Banks offer slightly higher interest rates on long-term fixed deposits, while rates are lower on short-term fixed deposits. The downward revision in deposit interest rates will bring down the base rate and consequently make loans cheaper.

Nepal Rastra Bank (NRB), the central monetary authority, requires commercial banks to maintain a maximum difference of five percent between the upper limit of individual fixed deposit rates and the minimum savings rate. Interest rates offered on institutional fixed deposits are one percentage point lower than those offered on personal fixed deposits.

Banks are sitting on a huge stockpile of loanable funds as demand for credit is not picking up due to the slowdown in economic activities. NRB absorbed a total liquidity of Rs 2,705.6bn—Rs 1,060.3bn through deposit collection auctions and Rs 1,645.3bn through the standing deposit facility (SDF)—to mop up excess liquidity in the financial system in the first 10 months of the fiscal year 2023/24.

Total deposits in banks and financial institutions have gone up by 8.5 percent to Rs 489.7bn over the first 11 months of 2023/24. Credit, on the other hand, has seen a slower growth of 5.2 percent to 255.12bn, according to the Current Macroeconomic Situation Report for the first 11 months of 2023/24 published by the central bank last week.

Agricultural Development Bank Ltd and Everest Bank Ltd have increased their interest rates, while Nepal SBI Bank, Laxmi Sunrise Bank Ltd, Nabil Bank Ltd, Nepal Investment Mega Bank Ltd, and Standard Chartered Bank Ltd have kept their rates unchanged.

Out of 20 commercial banks, NIC Asia and NMB Bank Ltd are offering the highest interest rate of 7.53 percent, while Rastriya Banijya Bank Ltd has announced the lowest interest rate of 6.21 percent.

Pakistan’s Prime Minister Shehbaz Sharif has congratulated and extended hearty best wishes to KP Sharma Oli for being appointed as the Prime Minister of Nepal for the fourth time.

The Pakistani PM has wished PM Oli a successful term in office and stated he is eager to work closely with him for further strengthening the Pakistan-Nepal ties.

Prime Minister Sharif expressed the confidence that bilateral as well as regional cooperation would be enhanced during Prime Minister Oli's term in office.