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Import of motorcycles via the Birgunj transit point increased by 76.86 percent in the first two months of the current fiscal year 2080-81 (2024-25) compared to the same period last year.

According to the Birgunj Customs Office, a total of 7,120 motorcycles were imported as of September 17 of the current fiscal year, which began on July 16. This marks a significant rise from the 9,264 motorcycles imported during the corresponding period last year. The total value of these motorcycles was Rs 2.78 billion against Rs 1.13 billion last year.

However, the imports of four-wheelers here decreased in the given period, according to Chief Customs Officer Deepak Lamichhane.

Additionally, the import of motorcycle parts, including mopeds, increased from 1,265,627 parts worth Rs 239 million in the first two months of the previous fiscal year to 1,616,531 parts valued at Rs 341.7 million in the same timeframe this year.

An amount over Rs 1.74 billion has been deposited to the Prime Minister Natural Disaster Relief Fund.

According to the details made public by the Office of the Prime Minister and Council of Ministers, the amount was deposited to the fund for disaster survivors as of October 16.

Contributions have also been deposited institutionally and individually to the fund.

Ten organized institutions and Vidyadhar Mallik as an individual donated money to the fund on October 16.

It is informed that the Salt Trading Corporation has contributed Rs 6.1 million, Non-Resident Nepali Association Rs 5.1 million and Rastriya Samachar Samiti Rs 326,038 to the relief fund.

Similarly, Nepal Police Wives Association, Nepal Insurance Company, Electricity Generation Company, among others, have contributed money to the fund.

The price of gold has increased by Rs 600 per tola in the domestic market on Thursday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 162, 400 per tola today. It was traded at Rs 161, 800 per tola on Wednesday.

Similarly, the silver is being traded at Rs 1,950 per tola today.

The seventh edition of the South Asian Football Federation (SAFF) Women's Championship is kicking off at Dasharath Stadium in Kathmandu today.

ANFA shared that Nepal along with the Maldives, Pakistan, Sri Lanka, India, Bhutan and Bangladesh are taking part in the championship.

The final match of the championship is scheduled to take place on October 30.

According to ANFA, the participating teams have been divided into two groups. Defending champion Bangladesh, India and Pakistan are placed in Group 'A', while Nepal, Bhutan, Sri Lanka and Maldives are in Group 'B'.

The opening match of the tournament will be held between India and Pakistan today. Nepal will take on Bhutan on Friday.

Nepali film 'Gunyo Cholo' featuring the story of a gender minority transgender character has been selected in the prestigious Tasveer Film Market in the United States.

Directed by Samundra Bhatt, the film has been selected for the Tasveer Film Market to be held in Seattle, USA from October 17 to 20.

Prominent film organizations like Amazon MGM Studio, Pilars Fund, Blumhouse HBO, CAA, Creative Land Studio will also participate in the film market event.

Founder and director of the Photo Film Festival Rita Meher said the festival will be developed as an Oscar-worthy South Asian film festival.

'Gunyo Cholo' stars Nazir Hussain in the lead role. In the film, Nazir plays the role of a trans-woman. The film also stars Sanchita Luitel, Sushil Sitaula, Raj Kumar Ghosh, Shishir Rana, Anupam Shrestha and Bishal Pahari.

Produced in Nepal's first full-fledged 'trans-story', the Buffalo 8 of the US has purchased the international distribution rights of the film.  

The weather will be partly to generally cloudy in the hilly areas of the country, including Madhes and Lumbini Province.

The Department of Hydrology and Meteorology has said that the weather will be partly cloudy in the rest of the country.

According to the Meteorological Forecasting Division, the weather will be partly to generally cloudy in the hilly region and partly cloudy in the rest of the country this afternoon.

There are chances of light to moderate rain at one or two places of Gandaki, Koshi, Bagmati, Karnali and Sudurpashchim provinces.

Similarly, the weather will be partly to generally cloudy in the hilly regions of Koshi, Gandaki and Sudurpashchim Provinces tonight. Light rain is likely to occur at one or two places of the hilly regions of Koshi, Gandaki and Sudurpashchim Provinces.

The first visit to Pakistan by a top Indian diplomat in nearly 10 years was an ‘ice breaker’, the information minister said Wednesday, as regional heads of governments gathered for a Shanghai Cooperation Organisation (SCO) summit.

Nuclear-armed India and Pakistan are bitter adversaries with longstanding political tensions, having fought several wars and numerous smaller skirmishes since they were carved out of the subcontinent’s partition in 1947.

“Neither us nor them requested a bilateral meeting... but I believe his arrival here is an ice breaker,” the information minister Attaullah Tarar said on the sidelines of the summit in the capital Islamabad. “Yesterday, when all the leaders were being welcomed and there were handshakes, I think positive images were sent out globally.”

Indian Foreign Minister S Jaishankar and Pakistan Prime Minister Shehbaz Sharif greeted each other with a handshake and somber expressions at the start of an official dinner for the visiting leaders of the SCO bloc on Tuesday.

Relations between neighbors India and Pakistan have been particularly sour since 2019, when Prime Minister Narendra Modi revoked the limited autonomy of Indian-administered Kashmir. Modi’s 2019 move was celebrated across India but led Pakistan to suspend bilateral trade and downgrade diplomatic ties with New Delhi. The Himalayan region of Kashmir is divided between India and Pakistan but claimed by both in full, with each accusing the other of stoking militancy there.

Premiers from SCO member states China, Russia, Belarus, Kazakhstan, Uzbekistan, Tajikistan and Kyrgyzstan all attended the meeting in a Pakistani capital that was locked down by tight security.

In his address, Jaishankar stressed the importance of “mutual trust, friendship and good neighborliness.” “If activities across borders are characterized by terrorism, extremism and separatism, they are hardly likely to encourage trade, energy flows, connectivity and people-to-people exchanges in parallel,” he said.

Sharif opened the meeting on Wednesday with an address in which he called on the China- and Russia-led bloc to ensure ‘collective security’ and cooperation for “sustainable development and prosperity for the SCO region.” He called on leaders to prevent militant groups from flourishing in Afghanistan. “The international community must step forward” to press the Taliban government and “ensure Afghan soil is not misused for terrorism against its neighbors,” Sharif said.

Afghanistan, at a crossroads between the bloc’s members, presents “an invaluable and rare opportunity for trade and transit benefitting all SCO member states,” he said. It has observer status at the SCO but has not been invited to international conferences since the Taliban ousted the Western-backed government in Kabul three years ago. 

AFP

Inflation moderated to 3.85 percent in mid-September compared to 8.19 percent a year ago. 

According to the Current Macroeconomic Situation Report for the first two months of fiscal year 2024/25, food and beverage inflation eased to 5.03 percent, compared to 9.77 percent last year, while non-food and service inflation dropped to 3.19 percent from 7.19 percent. 

Among food items, the price of pulses and legumes saw the highest increase at 10.8 percent, followed by vegetables at 9.84 percent and cereal grains at 9.34 percent. However, the price of spices decreased by 2.69 percent. In the non-food category, the price of miscellaneous goods and services increased by 8.71 percent, while clothing and footwear saw a 6.08 percent rise.

Inflation was highest in Sudurpashchim Province at 5.90 percent, while the Kathmandu Valley recorded an inflation rate of 3.49 percent, according to the report.

Trade deficit widens

Nepal’s trade deficit widened in the review period as imports recorded nominal growth, while exports declined. According to the report, Nepal’s merchandise exports contracted by 5.1 percent to Rs 25.09bn during the first two months of 2024/25, compared to a 7.8 percent decline in the same period last year. While exports to India decreased by 4.5 percent, exports to China plummeted by 45.3 percent. Exports of key products like cardamom and zinc sheets fell, although products like tea and shoes saw growth.

On the import side, merchandise imports increased by 1.1 percent to Rs 262.54bn. Imports from China surged by 11.9 percent, while imports from India fell by 0.1 percent. The trade deficit widened by 1.8 percent to Rs 237.45bn in the two-month period. 

Remittance inflows surge

Remittance inflows saw a strong growth of 15.2 percent to Rs 263.14bn over the first two months of 2024/25. In the first month of the current fiscal year, Nepalis in foreign countries sent home Rs 136.93bn.

In US dollar terms, remittance inflows reached $1.96bn, up from $1.73bn in the same period last year. 

The number of Nepali workers taking foreign employment approval also increased during the review period with 76,485 youths taking first-time approval for foreign employment.

Foreign exchange reserves improve

The gross foreign exchange reserves grew by 5.5 percent to Rs 2,152.53bn as of mid-Sept 2024, up from Rs 2,041.10bn in mid-July 2024. In US dollar terms, reserves increased to $16.04bn. 

The foreign exchange reserves are sufficient to cover 16.8 months of prospective merchandise imports and 13.7 months of merchandise and services imports, according to the report

BoP, current account in surplus

The Balance of Payments (BOP) was in a surplus of Rs 101.77bn in the review period, up from Rs 55.1bn in the corresponding period last year. 

The current account also remained at a surplus of Rs 49.69bn, compared to a surplus of Rs 23.97bn in the previous year.

On the fiscal front, government expenditure increased by 4.9 percent to Rs 137.55bn in the first two months of 2024/25. The recurrent expenditure and capital expenditure remained at Rs 82.99bn and Rs 14.89bn, respectively. While recurrent expenditure fell by 5.3 percent, capital expenditure improved by 82.4 percent compared to last year. Revenue collection recorded a growth of 17.9 percent to Rs 166.39bn during the period. Tax revenue increased by 13.5 percent to Rs 145.19bn, while non-tax revenue surged 71.5 percent to Rs 21.19bn compared to last year.