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The country received Rs 407.31 billion in remittances in the first three months of the current fiscal year, the central bank said today.

"Remittance inflows increased 11.5 percent to Rs 407.31 billion in the review period compared to an increase of 25.8 percent in the same period of the previous year," Nepal Rastra Bank (NRB) stated in the Current Macroeconomic and Financial Situation of Nepal Report, which is based on three months data ending Mid-October.

In US Dollar terms, remittance inflows reached 3.04 billion in the review period which was 2.76 billion in the same period of the previous year, according to the NRB. 

The central bank said that the number of Nepali workers taking first-time approval for foreign employment stands at 110,654 and taking approval for renewed entry stands at 59,939 in the past three months. In the review period of the previous year, such number of workers taking time-time approval for foreign jobs was 113,397.

Current account surplus at Rs 111.87 billion

Likewise, the current account of the government remained at a surplus of Rs 111.87 billion in the review period compared to a surplus of Rs 59.65 billion in the same period of the previous year. "In the review period, net capital transfer amounted to Rs 2 billion and foreign direct investment inflow (Equity only) remained at Rs 4.81 billion," according to the NRB.

Similarly, the Balance of Payments (BOP) remained at a surplus of Rs 184.99 billion in the review period while it was at a surplus of Rs 101.66 billion in the same period of the previous year.

The report stated that the gross foreign exchange reserves increased 9.4 percent to Rs 2232.28 billion in mid-October 2024 from Rs 2041.10 billion in mid-July 2024.

It said that the year-on-year unit value export price index, based on customs data, increased 2.9 percent and the import price index decreased 3.5 percent in the past three months. The terms of trade index increased 6.5 percent in the review period.

The net services income remained at a deficit of Rs 23.29 billion in the review period compared to a deficit of Rs 29.39 billion in the same period of the previous year.

Exports and imports decrease

During the three months, the country's exports and imports decreased by 6.1 percent and 4.2 percent, respectively. The exports decreased by 6.1 percent to Rs 38.38 billion compared to a decrease of 2.3 percent in the same period of the previous year. Exports to India, China and other countries decreased 5.3 percent, 24.8 percent and 6.6 percent respectively. Exports of soyabean oil, tea, particle board, shoes and sandals, oil cakes, among others increased whereas exports of zinc sheet, palm oil, cardamom, juice, and readymade garments, among others decreased in the review period.

The imports decreased 4.2 percent to Rs 390.75 billion compared to an increase of 1.7 percent a year ago. Destination-wise, imports from India, China and other countries decreased 3.9 percent, 1.5 percent and 7.9 percent respectively.

The total trade deficit decreased 4 percent to Rs 352.37 billion during the first three months of the current fiscal year. Such a deficit had increased 2.1 percent in the same period of the previous year. The export-import ratio decreased to 9.8 percent in the review period from 10 percent in the corresponding period of the previous year.

The consumer price increased by 4.82 percent in mid-October compared to 7.5 percent a year ago. Food and beverage inflation stood at 7.18 percent whereas non-food and service inflation stood at 3.49 per cent in the review period.

Under the food and beverage category, the year-on-year price index of vegetables increased 25.15 percent, pulses and legumes 10 percent, cereal grains and their products 9.57 percent and ghee and oil 4.98 percent but the price index of meat and fish sub-category decreased 1.18 percent.

The Nepal Stock Exchange (NEPSE) plunged by 51. 11 points to close at 2,702.65 points on Tuesday.

Similarly, the sensitive index dropped by 7. 74 points to close at 478. 16 points.

A total of 22,588,247-unit shares of 310 companies were traded for Rs 10. 46 billion.

Meanwhile, Aatmanirbhar Laghubitta Bittiya Sanstha Limited (ANLB) was the top gainer today with its price surging by 10. 00 percent. Likewise, Ngadi Group Power Ltd. (NGPL) was the top loser with its price dropped by 9. 25 percent.

At the end of the day, the total market capitalization stood at Rs 10. 46 trillion.

Chaudhary Group (CG) has paid Rs 18.5bn in taxes, accounting for approximately 1.96 percent of the government’s total revenue. The company estimates this to be the highest contribution among private business entities in Nepal.

Despite challenges such as a sluggish economy, an unfavorable business environment, and weak performance in the production and construction sectors, CG reported a 15 percent increase in its tax contribution compared to the previous fiscal year. The group paid Rs 16.14bn in taxes in the fiscal year 2022/23, with the latest figure exceeding it by Rs 2.38bn.

CG Chairperson Binod Chaudhary expressed pride in the group’s role in strengthening the national economy. “We are proud to contribute to the expansion of the national economy and the country’s development projects,” he said. “Despite the adverse economic conditions, we remain committed to supporting the government in fulfilling its development responsibilities and ensuring social security for the people.”

Over the past five years, CG has paid Rs 76.54bn in taxes. Contributions in recent fiscal years include Rs 9.87bn in 2019/20, Rs 14.28bn in 2020/21, Rs 17.72bn in 2021/22, Rs 16.14bn in 2022/23, and Rs 18.52bn in 2023/24.

Managing Director Nirvana Chaudhary emphasized the group’s steady contribution to Nepal’s economy through established and emerging businesses. “We aim to maintain this growth trajectory and continue investing in infrastructure and technology-driven enterprises, which will further contribute to the nation’s economic development,” he said.

Although Nepal lacks a formal system to measure or recognize business groups’ contributions to government revenue, CG has annually disclosed its tax contributions to promote transparency. Spokesperson Madhusudan Paudel clarified that individual taxpayers’ contributions are not included in the group’s reported tax figures, addressing occasional public misconceptions.

Paudel also stated that CG’s annual tax contribution disclosure is an effort to enhance public awareness and encourage the government to establish a standardized system for calculating and publishing tax contributions by businesses.

Nepali Congress central member and Chief at the Education Department Nain Singh Mahar has said that the party should earn the trust of the general public after winning the by-election.  

Speaking a program organized by the Congress District Working Committee, Ilam, as part of the party's 100-day special campaign, Mahar said that the by-election to be held on December 1, two years after the general election, is a mini-election and the Congress has no option but to win the election to prove itself capable.

“The December 1 by-election is a mini-election. The by-election is being held exactly two years after the general election. Congress is the largest party of the Parliament. It is necessary for the Congress to earn the trust of the general public to maintain its position. The party should be united for the same. We should not make mistakes. Victory will be ours if we do not make mistakes,” he said.

He said that the by-election is being held in the midst of a 100-day campaign which was started with the aim to resolve internal conflicts and to create a conducive environment to contest the elections alone by becoming powerful.

He said that the results of the by-election will prove how effective the 100-day campaign was.

“Political parties other than Congress always enjoyed instability. We spent most of the time maintaining stability,” he said, adding, “There is no alternative for Congress to win the election. Congress, which has played a major role in maintaining political stability, should focus on fulfilling the aspirations of the people and to take the country towards the path of development and prosperity.”

Mahar was of the opinion that the party would be powerful only if it listens to the complaints of the people.

He said that the government should also be serious about fulfilling its commitments.

“A seven-point agreement was signed when Congress and UML formed an alliance. Works should be done in accordance with the agreement. The effect of the agreement forged while forming an alliance should not be on the party,” he further said.

He went on to say that the government should be serious about constitutional amendment and other issues.

“In the meantime, Nepal got an opportunity to play in the U19 World Cup, started selling 40 MW electricity to Bangladesh and started exporting Ilam tea for the first time to China. These are the good aspects for the development of the country. The government should also do things in favor of people,” he said.

Mahar said that the government should also be serious in developing the potential of Ilam.

Police have arrested controversial businessman Durga Prasain on Tuesday.

A team of Central Investigation Bureau apprehended Prasain from his home this afternoon for spreading rumors against Prime Minister KP Sharma Oli with the help of ‘fake documents’.

The CIB informed that the action will be taken against him after carrying out investigation.

According to police, action will be taken against him under the Electronic Transactions Act.

In the document published by him on social media stating that Oli had invested in Cambodia, there was the name and fake signature of Prime Minister Oli.

Police have also increased surveillance on those who circulate the 'fake document'.

Earlier, the Kathmandu District Court had granted permission to arrest Prasain to conduct investigation under the Electronic Transactions Act.

Police nabbed him following the order.

On October 15, the Kathmandu District Court had ordered police to release Prasain, arrested for cyber crime related charges, on bail.

The Nepal Women’s U19 National Team has qualified for the World Cup, marking a historic achievement. Much of the credit goes to Captain Puja Mahato, who played a pivotal role in the World Cup qualifiers, leading the team on this remarkable journey. 

Mahato grew up in Delhi, India, where her father worked. She received her cricket training there while pursuing her early education. “I was more interested in cricket than any other sport,” she shared. Her father, a former cricketer, had to abandon his cricketing dreams due to family responsibilities. However, with his unwavering support, Mahato pursued her passion for cricket, eventually becoming a successful cricketer and leading the Nepali side to this historic milestone. 

ApEx spoke with Mahato about this achievement. Excerpts:

Under your captaincy, the U19 Women’s Team reached the World Cup for the first time. How are you feeling?

I am very happy. This victory belongs to all Nepalis. The whole country is celebrating. We achieved this success with the love, affection, and support of everyone in Nepal. It has only been a year since I joined the team, and I have worked very hard so we could represent Nepal on the world stage in such a short time. My family and cricket supporters have played a significant role in this success. Everyone’s positive contributions have been crucial. 

How did you manage to lead the team to victory?  

We prepared with the single objective of taking Nepal to the World Cup, no matter what. The entire team contributed positively. Once I was given the captaincy, I focused on ensuring we played our best and won the qualifier matches. I had many discussions with my teammates and colleagues, and their positive support was instrumental. Every member of the team worked hard, and as a result, we succeeded in winning this series. 

How much has the cricket team changed since you joined?  

Earlier, there wasn’t an organized playing field, and players had no facilities. They had to manage everything on their own, which was truly unfortunate. At that time, there was little to no involvement or interest from the concerned authorities. Players felt stuck, their morale was low, and they lacked the motivation to showcase their talent. Now, things have gradually improved. Both the central and provincial governments have started including athlete-focused programs in their budgets. This is a positive development for Nepali sports, and I’m happy to see this progress.

What role have the concerned authorities played in the women’s cricket team so far?

For the development of Nepali sports, gradual improvements are being made at the government level. Compared to the past, the progress is evident, especially in the initial phases. However, all three levels of government need to play a more active role in boosting players’ morale. In the absence of necessary support, the senior team couldn’t reach the World Cup. Recently, with improved facilities for players and games, we’ve managed to lead the junior team to this milestone. Let’s hope the situation continues to improve.  

To foster cricket’s development, players’ morale must remain strong, and adequate facilities should be provided across all sports. The government must work to bring every sport in Nepal to the forefront and offer services and facilities aligned with global standards. For international recognition, the government must play as strong a role as the players themselves.  

Nepali players are capable of showcasing their talent when given opportunities. However, they need the government’s support to achieve their full potential. The government must also ensure the Cricket Association of Nepal (CAN) has the resources it needs. At the district level, including Mahottari, there are no cricket grounds, and players lack essential facilities. This requires immediate attention.  

We, as women players, are not weaker than anyone. Our recent achievements in competing globally are a testament to this. Women need encouragement. When given opportunities, every daughter is ready to face challenges head-on. There are many inspiring examples of women achieving greatness when supported. 

What would you like to say to young women aspiring to join this field?

I am a daughter of the Madhesi community and come from a poor family. If I had listened to societal criticism, I would have stayed where I was. However, my father and family ignored the negativity and pushed me forward. I urge the young girls and parents in this region to embrace struggles without fear. Parents must play a strong role in supporting their children’s dreams. Likewise, daughters and sisters should commit to fulfilling their families’ aspirations by staying dedicated to their goals. With determination and family support, every challenge can be overcome.

The price of gold has increased by Rs 1, 100 per tola in the domestic market on Tuesday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 162, 100 per tola today. It was traded at Rs 161, 000 per tola on Monday.

Similarly, the price of silver has increased by Rs 35 and is being traded at Rs 1, 155 per tola today.

The price of cardamom has hit a decade-high in Nepal’s eastern hilly districts, surpassing Rs 100,000 per 40 kg.  

Cardamom is sold in three grades. Traders report that high-quality cardamom is priced at Rs 105,000, scissor-cut (tail-removed) cardamom at Rs 101,000, and regular cardamom at Rs 98,000 per 40 kg.  

“This year, cardamom has reached its highest price in the last decade,” said Deepak Nepal, a cardamom trader and central member of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI). “Prices could rise even further.”  

The price last peaked at Rs 105,000 per 40 kg in 2014, followed by a steady decline. Recovery began last year, with prices around Rs 82,000 per 40 kg.  

Nirmal Bhattarai, central president of the Cardamom Traders’ Association, predicts a record-breaking year. “Prices are continuously increasing,” Bhattarai said. “This rise is likely due to reduced production, despite strong international demand.”  

The highest price on record was in 2010, when cardamom briefly sold for Rs 120,000 per 40 kg.  

According to the Mechi Customs Office, 783.75 metric tons of cardamom were exported in the first three months of the current fiscal year (2023-24), significantly lower than the previous year. Harvesting begins in July and concludes by early December.  

For farmers in Nepal’s hilly regions, cardamom is a vital income source. It is cultivated in 42 districts, with significant production in Panchthar, Taplejung, Ilam, Sankhuwasabha, Khotang, Bhojpur, and Tehrathum in Koshi Province.  

However, production has declined. In Koshi Province, output dropped from 7,763.87 metric tons in the 2022-23 fiscal year to 7,582.02 metric tons in 2023-24. The current year’s data is pending, but estimates suggest a 20 percent reduction.  

“Production has fallen sharply due to pests, diseases, and landslides,” said agricultural technician Keshar Bahadur Magar from Panchthar. “This year’s harvest will likely be much lower than in previous years.”