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The half-yearly review of the current fiscal year 2080-81 BS (2-23-24), showed the Gross foreign exchange reserves stood at NPR 1816.57 billion (USD 13.69 billion), with a 18-percent rise in the past six months.

According to the current macroeconomic and financial situation of Nepal based on the six months data ending in mid-January assessed by the central bank, the current size of the foreign exchange reserves is bigger than the country's annual budget and this is the highest forex reserves so far. 

The report states gross foreign exchange reserves increased 18.0 percent to Rs 1816.57 billion in mid-January 2024 from Rs 1539.36 billion in mid-July 2023. In the US dollar terms, the gross foreign exchange reserves increased 16.9 percent to 13.69 billion in mid-January 2024 from 11.71 billion in mid-July 2023.

Of the total foreign exchange reserves, reserves held by NRB increased 18.9 percent to Rs 1600.23 billion in mid-January 2024 from Rs 1345.78 billion in mid-July 2023.

Reserves held by banks and financial institutions (except NRB) increased 11.8 percent to Rs 216.35 billion in mid-January 2024 from Rs 193.59 billion in mid-July 2023. The share of Indian currency in total reserves stood at 22.5 percent in mid- January 2024. Based on the imports of six months of 2023/24, the foreign exchange reserves of the banking sector are sufficient to cover the prospective merchandise imports of 14.5 months, and merchandise and services imports of 12.1 months. The ratio of reserves-to-GDP, reserves-to-imports and reserves to-M2 stood at 33.8 percent, 100.9 percent and 27.7 percent respectively in mid-January 2024.

Such ratios were 28.6 percent, 83 percent and 25 percent respectively in mid-July 2023.

The current account remained at a surplus of Rs 161.62 billion in the review period against a deficit of Rs 35.57 billion in the same period of the previous year. In US Dollar terms, the current account registered a surplus of 1.21 billion in the review period against a deficit of 279.6 million since the same period last year.

Prime Minister and CPN (Maoist Center) Chairman Pushpa Kamal Dahal has instructed the lawmakers from his party to play an effective role in the parliament.

During a meeting of the CPN (Maoist Center) Parliamentary Party convened at the Party's office in Singha Durbar today, he urged the party's all lawmakers to go on refining their roles.

Stating that the government has preparations to table important bills in the current session of Parliament, Chair Dahal urged the lawmakers to play an active role in the law making, said Rupa Soshi Chaudhary, the Maoist Centre Whip.

The meeting also held discussions on formation of parliamentary friendship groups, formulation of the policy and programmes and the budget for the next fiscal year, the 16th periodic plan, the parliament work schedule and the parliament's and committees' meetings as well.

Capital expenditure is not gaining momentum this year as well. Only 19 percent of the capital budget has been spent even though six months of the fiscal year have already passed.

Amid this backdrop, the government has begun preparations for the budget for the fiscal year 2024/25. Experts say unless a systemic change is made in budget implementation, all these lengthy preparations for the budget will yield no result.

Out of the Rs 302.07bn allocated for capital expenditure in the current fiscal year, only Rs 57.74bn have been spent so far. Slow capital spending has affected the overall economic cycle in the country. Cash flow to the market has been affected. As a result, manufacturers of cement, steel, and other construction materials, as well as laborers, have been affected. Banks are awash with loanable funds. Interest rates too have come down. But new demands for loans are not coming.

On the other hand, the government hasn’t been able to meet revenue targets. The government has set a target of raising Rs 1,422.54bn in fiscal year 2023/24, which ends in mid-July. But it has mobilized only Rs 549bn till the end of January.

Although the external sector of the Nepali economy has improved of late, the economy continues to see pressure on internal sectors, economists say. The share of exportable goods to total trade has come down as factories are running below capacity. The share of imports, as a result, has reached 91.11 percent in Nepal’s total trade. Since imports have also come down due to a fall in demand, the government’s revenue has been hit.

The National Planning Commission (NPC) recently completed discussions with ministries on their priorities and programs for the fiscal year 2024/25. “The ministries have been told to bring programs based on the 16th National Plan document. Since it will be the first fiscal year of the 16th Plan, the ministries should make a policy departure to incorporate basic tenets of the plan,” Ramesh Paudel, a member of the NPC, said.

According to Paudel, the NPC would provide a budget ceiling for ministries after studying their proposals. “We will also get the idea of resources by holding discussions with the Revenue Advisory Committee. We will take resources available to us into consideration while setting a budget ceiling for ministries,” he added.

Economic expert Dilli Raj Khanal said the NPC should set up a division to analyze allocations made to ministries, actual budget spent, and the income and expenditure pattern. “The budget-ceiling process looks like mere ritual. This is because the actual budget is entirely different from what the NPC estimates,” he added. “The credibility of the overall budget is losing due to the tendency of spending the budget in the last month of the fiscal year. This is happening because of haphazard budget allocation and the tendency of powerful people selecting programs without rationale.”

Another economic expert, Chandra Mani Adhikari, said since ministries select programs and priorities based on the ceiling provided by the NPC; NPC should set the ceiling at the earliest. “Since capital spending is not picking up, there is a need to change the budget system and working style, and hold the people responsible for this accountable,” Adhikari said. He also said NPC should discourage ministries from entering unfeasible projects in its project bank. “Only the projects ready for implementation and for which resources are guaranteed should get priority in the budget,” he said. “Also, NPC should clearly state that implementing agencies will be held responsible if projects are not implemented as per the schedule.”

Dhaniram Sharma, the spokesperson for the finance ministry, said he was confident that the capital budget would be spent in the remaining months of the fiscal year. “Slow spending is due to shortcomings in prioritizing projects. That is why the ministry has prepared a standard for the classification of the budget based on their priorities,” he added. “It controls small projects. We will strictly enforce the standards in the coming fiscal year.”

Since ministries can’t propose programs having a budget of less than Rs 30m, Sharma said the number of small projects will go down considerably. “This will, in turn, increase public spending,” he added.

The ministry has also prepared standards for tendering for multi-year projects. As per the standards, such projects should be tendered by mid-October. The standards will also come into operation from the next fiscal year.

The finance ministry has already held the first round of discussions with the ministries on the upcoming budget. “We will hold the next round of meetings after the NPC sets the budget ceiling,” Sharma added.

A resolution proposal requiring couples to obtain a certificate of reaching 20 years of age before marriage has been registered in the House of Representatives on Monday.

The proposal has been registered to prevent child marriages across the country, said Parliamentarian  Chanda Chaudhary. As per Unicef, Nepal has the third highest rate of child marriage in Asia—for both girls and boys.  Although the legal age of unions for both sexes is 20, more than a third of young women aged 20-24 report that they were married by the age of 18, and just over one in ten by 15.

Article 39 (5) of the Constitution states that no child shall be subjected to child marriage, transported illegally and kidnapped or taken hostage. As per Nepal Demographic Health Survey 2022, in Nepal, women marry earlier than men. The median age at first marriage is 18.3 years among women aged 25–49 and 22.3 years among men aged 25–49. Twelve percent of women aged 25–49 were first married by age 15, as compared with one percent of men.

 Forty-seven percent of women aged 25–49 were first married by age 18, while the corresponding figure among men is only 14 percent. Poverty, the low value attached to daughters, and lack of access to education are contributory factors behind child marriage in Nepal. As per National Penal Code 2017 (Section 173), no marriage shall be concluded or cause to be concluded unless parties to the marriage have attained twenty years of age. The code has prescribed a punishment of imprisonment of up to three years for child marriage.

The price of gold has dropped by Rs 500 per tola in the domestic market on Tuesday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow metal is being traded at Rs 118, 000 per tola today. It was traded at Rs 118, 500 per tola on Monday.

Meanwhile, tejabi gold is being traded at Rs 117, 450 per tola. It was traded at Rs 117, 950 per tola.

Similarly, the silver is being traded at Rs 1,390 per tola today.

Archana Thapa is an author, researcher, editor and founder of Akshar Creations, a publishing house based in Kathmandu. She is the author of Kathaputala, a compelling collection of stories. She has edited numerous books including Telling A Tale, Swastitwako Khoj and Smritikathama Satwa. Currently she is writing her first novel. Ken Subedi converses with Thapa on literature, publishing and translation in Nepal.

As an author and publisher, do you find the shift of women’s condition in Nepali literature now compared to a few decades back? In what ways are they similar and different?

Compared to a few decades ago there has been a profound shift in the landscape of women’s writing in Nepali literature. The majority of contemporary women’s writing reflects a departure from traditional regressive norms, challenging orthodox and regressive values that were accepted as natural, not cultural. Through their writings women authors now are assertively expressing their voice and views.

In the narrative crafted by these authors, female protagonists have undergone a remarkable transformation. More protagonists seem independent, visible, articulate and actively taking the role of change makers rather than being confined to the victimhood. Their writing signifies an end to the perpetual wait for a savior and the tendency to attribute their oppression to fate. Furthermore, it is not only just the portrayal of women protagonists that is changing; the very essence of women’s writing is marked by refreshing shifts in writing style, themes, issues and narratives. Such evolution not only brings diversity and depth to diverse stories, but also contributes to a broader and more inclusive literary landscape.

As a publisher yourself, do you agree publishers largely have been less interested in short story collections than novels? Is it because the readers tend to buy novels more than the story collections?

As a publisher, I have noticed a more influx of novel manuscripts compared to short stories. On a personal note, my creative writing journey commenced with longer stories. However, it raises the question of why upcoming writers are more inclined towards the novel genre. Perhaps a more in-depth exploration will uncover the underlying motivations.

However, it is essential to underscore that short story writing remains a vibrant and significant facet of literary expression. An illustrative example is the annual story writing competition organized by 12Khari for the past five years. This competition attracts submission in large numbers from Nepali writers around the world showcasing the enduring popularity and creativity inherent in the short story form. It may seem that novels dominate the Nepali literary landscape, yet the short stories are very important for diverse literary tapestry.

In laws, Nepal identifies non-binary sexualities and genders. Is the number of literary productions and discussions in popular culture coming from/about those sexualities satisfactory?

Nepal has seen increased recognition and visibility of non-binary sexualities and gender. The acceptance and representation of non-binary sexualities and identities in literary productions as well as in popular culture may vary because of the evolving nature of social attitudes and cultural shifts.

The level of satisfaction regarding the representation of non-binary sexualities and genders in literary production and popular culture can be subjective. Considering the dynamic nature of cultural shift there is a growing inclination to portray a more diverse world. However, it is true that not much is written on non-binary sexualities and genders. I would like to mention that one of the stories in Kathaputala is about Trans identity. I am optimistic that in the days to come, there will be a surge in the creation of stories that explore the diverse expressions of sexualities and genders.

Do you think the location where the author publishes matters in terms of the reach and reception?

In an ideal world, a book would organically find its own readership and make its way in the literary arena solely based on its own quality and merit. However, the reality is far from the ideal. Also, unfortunately, publishing is becoming more challenging than ever. In the era completely dominated by multimedia and marketing, publishers are immersed in diverse channels of information, advertisement and literary propaganda to reach readers. To capture readers’ attention, bigger publishers employ various marketing strategies, utilizing all the tricks of the trade to make a huge splash in the competitive book market. 

Publishing books has transformed into an investment and it goes beyond the writer receiving royalties; it involves the collaborative efforts of many others in the book marketing process. Consequently, a publication house having substantial resources can generate significant buzz in the book market using all its resources in terms of reach and reception. However, it is crucial to understand the difference between instant popularity and earning a name as a timeless literary piece. While a publication house with ample resources may use all its marketing strategies to sell the book in large numbers, smaller publication houses face many challenges. Akshar Creations favors the enduring quality of a book that is shaped by its substance and lasting impact. 

In order to globalize the Nepali literary productions, translations have always been emphasized by the literary fraternities of Nepal. Why do you think translations are not happening in numbers as they should have been?

The prospect of Nepali literary translation holds immense significance in the world of literature as it will contribute to fostering a deeper and more comprehensive understanding of Nepali literature in the global literary stage. While some of the Nepali literary works have been translated into English and other languages, that number remains less than satisfactory. Acknowledging the constraints of living in a resources-limited society, it is evident that there is less enthusiasm in the academic arena and insufficient support from the government level. 

As I have only translated poems till the date, I may not be able to pinpoint the exact reasons behind this challenge, however, as I understand, translation endeavor requires increased resources, enhanced infrastructures, proficient translator with a strong command of language and a nuanced understanding of cultural subtleties, needs good investment and also a good channel to take the translated works into the international market.

The translated project, in essence, demands a multi-faceted approach that addresses not only linguistic challenges, better translation skills, but also the structural and market orient aspect of the literary world. I firmly believe that with enhanced resources and more effective strategic support, translated Nepali literature holds the great potential to secure a more prominent and well deserved space on the global literary readership.

The Nepal Stock Exchange (NEPSE) gained 14.57 points to close at 2,076.27 points on Monday.

Similarly, the sensitive index surged by 5.95 points to close at 379. 28 points.

A total of 7,491,303-unit shares of 310 companies were traded for Rs 2. 43 billion.

Meanwhile, Nepal Doorsanchar Company Limited (NTC) and People's Power Limited (PPL) were the top gainers today, with their price surging by 10. 00 percent. Likewise, Swabhimaan Laghubitta Bittiya Sanstha Limited (SMFBS) was the top loser as its price fell by -6.78 percent.

At the end of the day, total market capitalization stood at Rs 3. 26 trillion.

The Election Commission has urged all eligible Nepali citizens, who missed to register their name in voters' name list due to various reasons, to register their names before announcement of the date for the by-election.

It has started internal preparation for determining the date for by-election as per the law on appropriate time by consulting with the government of Nepal to fill up the vacant posts through by-poll.

The EC today urged the eligible Nepali citizens across the country, who missed to register their names in voters' list due to various reasons, especially the eligible citizens of concerned local-levels, province assembly constituency and House of Representatives constituency to register their name in electoral roll before announcement of the date for by-election.

A total of 23 posts had fallen vacant in different local levels, province assembly and House of Representatives after local-level election held on April 23 and election for the Province Assembly and HoR on November 20, 2023.

The EC has been regularly registering voter name lists through province and district election offices.

A press release issued by EC Spokesperson Shaligram Sharma Poudel reads that the EC is confident that all the eligible Nepali citizens across the country have been registered in the electoral roll as per the existing legal provision related to voter registration.