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The price of gold has dropped by Rs 1, 000 per tola in the domestic market on Wednesday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow metal is being traded at Rs 125, 000 per tola today. It was traded at Rs 126, 000 per tola on Tuesday.

Meanwhile, tejabi gold is being traded at Rs 124, 400 per tola. It was traded at Rs 125, 400.

Similarly, the silver is being traded at Rs 1,465 per tola today.  

Indian and Chinese counterparts have congratulated Deputy Prime Minister and Minister for Foreign Affairs Narayan Kaji Shrestha.

Indian External Affairs Minister Subrahmanyam Jaishankar and Chinese Foreign Minister Wang Yi sent separate congratulatory messages wishing Minister Shrestha a successful tenure.

Deputy Prime Minister Shrestha's personal secretary Suresh Kaji Shrestha said that Minister Shrestha expressed his gratitude for their congratulations and best wishes for a successful tenure.

Shrestha, the senior vice-chair of the CPN (Maoist Center), was appointed as the Deputy Prime Minister and Minister for Foreign Affairs on March 6.

Prime Minister Pushpa Kamal Dahal is seeking a vote of confidence in the meeting of the House of Representatives (HoR) scheduled for today.

The federal parliamentary secretariat has already made necessary preparations to this effect. The HoR meeting is scheduled to be held at 11 am today.

The Prime Minister is going to seek the vote of confidence again today after the Nepali Congress withdrew the support extended to the Prime Minister with the change in the ruling coalition on March 4.

Dahal, also the chairperson of the CPN (Maoist Centre), was elected the Prime Minister on 25 December 2022. He had taken the vote of confidence on 10 January 2023.

Out of the 270 lawmakers present in the Parliament, 268 gave a vote of confidence to PM Dahal. At the moment, all the parties, including Nepali Congress had given him a vote of confidence.

During the presidential election, the ruling coalition changed again. CPN-UML, Rastriya Swatantra Party and Rastriya Prajatantra Party withdrew their support to the government. Prime Minister Dahal had again taken the vote of confidence on 20 March 2023, after the change of the ruling coalition. He had secured 172 votes at the HoR.

After the change of alliance again on 4 March, the then ruling partner Nepali Congress now has reached the opposition. The party has withdrawn the vote of confidence. CPN-UML, CPN (Maoist Center), Rastriya Swatantra Party, Janata Samajwadi Party and CPN (Unified Socialist) have formed a new alliance. 

Prime Minister Dahal, who has the support of the new alliance, is going to take a vote of confidence in the House of Representatives today. The parties affiliated to the alliance have also issued whip to give a vote of confidence to the Prime Minister.

In the HoR, UML has 78 lawmakers, Maoist Center 32, Rastriya Swatantra Party 21, Janata Samajbadi Party Nepal 12 and Unified Socialist 10.

Chairperson of Nagarik Unmukti Party and parliamentary party leader Ranjita Shrestha has also issued a whip to vote for PM Dahal.

On this basis, the Prime Minister will easily get a vote of confidence.

The Prime Minister needs 138 votes to trust him. The parliamentary secretariat has included PM Dahal's vote of confidence as a possible agenda for today's meeting of the HoR.

In celebration of International Women’s Day 2024, Trave-Yeller VII was organized by GET Nepal bringing together a diverse array of speakers, performers, and participants. Under the theme ‘Invest in women: Accelerate progress’, the event aimed to challenge gender stereotypes and celebrate the bravery and resilience of women through the transformative power of travel stories. 

The event included travel storytelling sessions from renowned speakers such as Usha Khanal, Sumitra Acharya, and Sita Subedi, each sharing their unique journeys and insights. It also highlighted the entrepreneurial spirit of women with an expo featuring stalls from 10 women entrepreneurs, providing a platform for networking and partnership opportunities. Attendees also had the opportunity to engage in documentary screenings, artistic performances, and insightful talks on sustainable travel by esteemed speakers like Juliette Hamon. 

“Trave-yeller VII underscored the importance of investing in women and accelerating progress, with certificates distributed to the Women Leadership in Tourism program, volunteers, and participants from St. Xavier’s College,” say the organizers.

A Foreign Employment Department official was caught red-handed with bribe money on Tuesday.

A team of the Commission for the Investigation of Abuse of Authority (CIAA) caught Pramod Niraula red-handed while he was receiving Rs 15, 000 bribe, a CIAA source said.

Further investigation into the incident is underway, said CIAA.

The country’s foreign exchange reserves are expanding as imports continue to decline and remittance surges persist. The Current Macroeconomic Situation report of the first seven months of fiscal year 2023/24 shows Nepal’s gross foreign exchange reserves surged by 19.9 percent and reached Rs 1,844.94bn in mid-February compared to Rs 1,539.36bn in mid-July 2023. In US dollar terms, the foreign currency reserves increased by 18.6 percent to $13.89bn, up from $11.71bn in mid-July last year.

While the foreign exchange holdings of the Nepal Rastra Bank (NRB) experienced a strong growth of 20.7 percent to Rs 1,623.92bn, up from Rs 1,345.78bn in mid-July, reserves held in banks and financial institutions (excluding NRB) surged by 14.2 percent to Rs 221.02bn compared to Rs 193.59bn in mid-July.

Based on the imports recorded over the first seven months of the fiscal year 2023/24, the foreign exchange reserves can cover prospective merchandise imports for approximately 14.7 months and merchandise and services imports for about 12.3 months.

The current account is in a surplus of Rs 161.69bn in the seventh month of 2023/24. This marks a significant improvement compared to the deficit of Rs 40.16bn recorded in the same period of the previous fiscal year. In US dollar terms, the surplus amounts to $1.22bn, contrasting with a deficit of $314.6bn reported as of mid-Feb 2023.

Capital transfers decreased by 29 percent to Rs 3.8bn during the review period, while net foreign direct investment (FDI) remained positive at Rs 5.18bn. In the corresponding period of the previous fiscal year, capital transfers amounted to Rs 5.35bn, with net FDI at Rs 1.04bn.

The balance of payments remained a surplus of Rs 297.72bn over the first seven months of 2023/24, compared to Rs 128.55bn surplus in the same period of the previous fiscal year. In US dollar terms, this surplus stands at $2.24bn in the current fiscal year review period, up from $975.7m in the same period of the previous fiscal year.

Balance of payments is the difference between all money flowing into the country in a particular period of time and the outflow of money. 

Remittances inflow during the review period increased by 21.6 percent to Rs 839bn, compared to a rise of 27.1 percent in the corresponding period of the previous fiscal year. In terms of US dollars, remittance inflows increased by 19.1 percent, reaching 6.31bn.

The country’s merchandise exports saw a decline of 7.1 percent to Rs 86.83bn over the first seven months of 2023/24, compared to a 29 percent drop in the same period of the previous fiscal year. Data released by the central bank shows exports to India and other countries dropped by 11.3 percent and 2 percent, respectively, while exports to China surged by 338.8 percent. Noteworthy increases were observed in exports of zinc sheet, particle board, juice, and readymade garments, whereas exports of palm oil, soybean oil, cardamom, tea, and woolen carpet witnessed a decline.

Merchandise imports, on the other hand, decreased by 2.3 percent to Rs 897.94bn in the review period compared to a decline of 19.9 percent in the same period of the previous fiscal year. While imports from India and other countries declined by 2.8 percent and 23.8 percent, respectively, imports from China increased by 38.4 percent. Imports of products such as readymade garments, transport equipment, and electrical equipment increased during the review period, while imports of crude soybean oil, gold, and petroleum products decreased.

The country’s total trade deficit came down by 1.8 percent to Rs 811.11bn over the first seven months of the current fiscal year, compared to an 18.7 percent decrease in the same period of the previous fiscal year.

Newly elected chairperson of the National Assembly (NA) Narayan Prasad Dahal said that he would take initiative to boost the prestige and importance of the upper chamber of the Federal Parliament.

Talking to media persons while exiting from the meeting after his election to the post, Chair Dahal shared that he would play an active role to establish the thinking that NA is the essential institution.

"I am committed to unite NA members of all parties to fulfill the entire roles and responsibilities of NA. I also have self-confidence that I will be successful in it," he underlined.

Stating that he would move ahead taking every activity that falls within NA's jurisdiction seriously, NA Chair Dahal stressed that he would be involved in formulating laws as well as boosting the prestige of the NA.

Dahal is scheduled to take oath of office and secrecy before President Ramchandra Paudel today itself.

The Nepal Stock Exchange (NEPSE) gained 58. 55 points to close at 2, 111. 21 points on Tuesday.

Similarly, the sensitive index surged by 10. 60 points to close at 375. 13 points.

A total of 10,609,597-unit shares of 305 companies were traded for Rs 4. 55 billion.

Meanwhile, Janautthan Samudayic Laghubitta Bittya Sanstha Limited (JSLBB), Unnati Sahakarya Laghubitta Bittiya Sanstha Limited (USLB), Wean Nepal Laghubitta Bittiya Sanstha Limited (WNLB), Swabhimaan Laghubitta Bittiya Sanstha Limited (SMFBS) and Jalpa Samudayik Laghubitta Bittiya Sanstha Limited (JALPA) were the top gainers today, with their price surging by 10. 00 percent.

Likewise, Himalayan 80-20 (H8020) was the top loser as its price fell by 2. 57 percent.

At the end of the day, total market capitalization stood at Rs 3. 31 trillion.