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A protest organized by pro-monarchy supporters in Kathmandu turned violent and destructive. A mob systematically attacked the Annapurna Media Network (AMN) Tower at Tinkune, Kathmandu. The protest escalated quickly as individuals threw stones, breaking windows and attempting to ignite a fire inside the building. This vicious attack severely damaged the exterior of the AMN building and endangered the lives of the reporters as well as employees working inside. The incident has raised grave concerns about press freedom and the safety of journalists in Nepal, particularly as AMN has long been a respected and independent media outlet committed to providing unbiased and reliable news.

In addition to targeting AMN, the protestors also set fire to and caused significant damage to several commercial and residential properties in the Tinkune area.

Annapurna Media Network is calling for immediate action from both the national and international communities to ensure the protection of journalists and the safeguarding of media institutions. This assault is being viewed as an attack on democratic values and free press, requesting global media rights organizations to strongly condemning the violence. AMN remains committed to its mission of responsible journalism but stresses the urgent need for collective efforts to protect press freedom in Nepal and prevent future attacks on media houses and other corporate entities. The General Manager of Annapurna Media Network condemned the act, stating, “The attack on a reputed media house is an act of terrorism. We strongly condemn such violent and terrorist activities against independent media organizations. We call upon national and international organizations to stand with us in solidarity, and we urge the government to take strict action against those responsible for this horrific act of violence.” AMN seeks the support of all relevant national and international entities to ensure justice and security for media professionals in Nepal.

Protesters demanding the reinstatement of monarchy attempted to torch the office of the Annapurna Post on Friday.

The pro-monarchy protesters attempted to set fire to the office of the Annapurna Post at Corporate Tower in Tinkune. The security guards extinguished the flame.

The protest, which was expected to be peaceful, turned violent as the demonstrators’ hurled stones and attempted to torch the office of the Annapurna Post.

There were reports that the royalists have resorted to vandalism and arson in various parts of the Capital since this morning.

It seems that their intention was not to make the protest peaceful but violent.

Prior to attempting to set fire to the office of AMN, the pro-monarchy protesters had vandalized and torched a house in Tinkune.

Meanwhile, police have opened fire to take the situation under control. Two demonstrators were injured in the police action.

According to a police source, both were shot below the knee.

Police used force after the protesters turned violent.

Interest rates on bank loans have been steadily declining over the past few months with banks, flush with loanable funds, not getting sufficient demands for credit.

Despite a gradual improvement in credit disbursement, the base rate—the minimum interest rate used to determine loan pricing—has continued to drop. According to the Nepal Bankers’ Association, commercial banks disbursed Rs 4,850bn in loans over the first eight months of the current fiscal year (mid-July to mid-March), marking a 6.12 percent increase. As of mid-July last year, total outstanding loans stood at Rs 4,570bn. Nepal introduced the base rate system in the fiscal year 2012-13 to enhance transparency in interest rate determination. It includes clearly identifiable cost components, ensuring competitive and fair loan pricing.

The average base rate of commercial banks for the month of Chaitra (mid-March to mid-April) has dropped to 6.48 percent from 6.62 percent in the previous month (mid-February to mid-March). Four banks now have base rates below six percent, with Standard Chartered Bank offering the lowest at 5.03 percent. Rastriya Banijya Bank follows at 5.28 percent, while Everest Bank and Nepal Bank stand at 5.46 percent and 5.96 percent, respectively. NIC Asia has the highest base rate at 7.41 percent, while the base rates of 14 Class ‘A’ banks remain below seven percent. Prime Commercial Bank Ltd is the only other institution with a rate above seven percent.

All commercial banks reduced their base rates for Chaitra (March 14-April 13). Machhapuchhre Bank saw the sharpest cut (0.22 percent), lowering its rate from 6.9 percent to 6.68 percent, while Citizens Bank International made the smallest adjustment (0.06 percent), reducing its rate from 7.01 percent to 6.95 percent.

The decline in base rates is driven by surplus liquidity in the banking system, which has also led to a rapid reduction in deposit interest rates. Since loan interest rates are calculated by adding a premium to the base rate, the drop has made borrowing cheaper.

Despite lower interest rates, loan demand remains weak, leaving banks with over Rs 600bn in surplus investable funds. To attract borrowers, many are offering loans with minimal premium charges. Meanwhile, deposits grew by 4.9 percent to Rs 6,037bn in eight months—up from Rs 5,754bn in mid-July last year.

Oftentimes, it appears that Nepal’s prolonged peace process is getting nowhere, that it has forgotten the victims of a decade-long war that left behind a trail of deaths, destruction and disappearances. After the cessation of hostilities between the then Maoist rebels and the government and signing of a comprehensive peace accord on 21 Nov 2006, much water has flown down the perennial rivers of Nepal. The period since then has witnessed developments like the entry of the Maoists into the mainstream politics, the declaration of the country as a federal secular democratic republic (28 May 2008), completion of the disarmament process of the Maoist army (2012) and the promulgation of a constitution through a Constituent Assembly (2015) in its second term.

These developments notwithstanding, transitional justice remains as a sticking point.

Why would it not? After all, according to estimates, more than 17,000 Nepalis died in the decade-long war, many sustained injuries, hundreds became victims of enforced disappearances and infrastructure worth billions of rupees vaporized, literally, pushing Nepal decades back in terms of development.

In the hearts of the victims and their relatives sits a fear. The victims fear that the leaders of the three major political parties—the Nepali Congress, CPN-UML and the CPN(Maoist Center)—won’t bother to address their concerns, that the top brass will make a compromise to serve their petty interests and save their heads instead.

It is a given that no amount of ‘justice’ can bring a life back, no amount of ‘justice’ can heal the wounds of a war.

That fact aside, the victims have been demanding that there should be no amnesty in cases of heinous crimes like murder, rape and indiscriminate killings.

Against this backdrop, CPN (Maoist Center) Chair Pushpa Kamal Dahal ‘Prachanda’, addressing an interaction on transitional justice in Kathmandu on Thursday, said there never was and will never be a disagreement among the three major parties on taking the remaining tasks of the peace process to a logical conclusion.

He stressed the need to give topmost priority when it comes to delivering justice to the victims, pointing out at the passage of the Truth and Reconciliation Bill and the formation of a recommendation committee for giving shape to a Truth and Reconciliation Commission.

 Past assurances of justice for the victims have proved hollow, stressing a crying need to walk the talk, which may be easier said than done. The top political leadership would do well to not ignore the victims’ concerns.