Nepse plunges by 5.58 points on Wednesday
The Nepal Stock Exchange (NEPSE) plunged by 5. 58 points to close at 2,079.71 points on Wednesday.
Similarly, the sensitive index dropped by 0. 41 points to close at 371. 61 points.
A total of 8,042,767-shares of 306 companies were traded for Rs 3. 99 billion.
Meanwhile, Bhagawati Hydropower Development Company Limited (BGWT) was the top gainer today with its price surging by 10. 00 percent. Likewise, Upper Lohore Khola Hydropower Company Limited (ULHC) was the top loser with its price dropped by 5. 51 percent.
At the end of the day, the total market capitalization stood at Rs 3. 29 trillion.
New juice bar opens in southwest London
In southwest London, a new juice bar named Squeezed has opened, aiming to offer a fresh and unique culinary experience. Founded by brothers Samir and Sabin Sharma, along with Samir’s wife, Anjali Phuyal, Squeezed combines their diverse backgrounds in business, hospitality, and art to create a distinctive food and drink destination.
Squeezed focuses on healthy pressed juices and blended smoothies made from locally sourced fresh ingredients, the owners say. “The menu also features a variety of Asian fusion dishes, including sushi, steamed dumplings, and sizzling noodles, providing a flavorful twist that appeals to a wide range of customers.”
The Sharma brothers, who manage front-of-house operations, are supported by their parents in the kitchen, making Squeezed a true family endeavor. The founders’ commitment to health, flavors, and community is central to the ethos of their new venture.
Looking beyond London, the team has plans to expand Squeezed internationally. They envision opening locations in Spain, India, Dubai, and other destinations, adapting their menu to incorporate popular local flavors while maintaining the essence of their brand.
Key to our growth strategy are esteemed board members Amir Hossain and Partha Panda, whose business experience and vision have been instrumental in supporting our global aspirations, they say.
Gold price drops by Rs 500 per tola on Wednesday
The price of gold has dropped by Rs 500 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 142, 200 per tola today. It was traded at Rs 142, 700 per tola on Tuesday.
Similarly, tejabi gold is being traded at Rs 141, 500 per tola. It was traded at Rs 142, 000 per tola.
Similarly, the silver is being traded at Rs 1,825 per tola today.
Over 70 percent of Nepalis lack access to bank credit
While access to savings accounts has become widespread among the general public in Nepal’s banks and financial institutions, access to credit remains significantly lower.
A latest study of the Nepal Rastra Bank (NRB) shows banks and financial institutions (BFIs) have 51.17m deposit accounts, while the number of credit accounts is significantly lower at around 1.84m. This shows that 71.83 percent of the population remains outside the banking system for credit transactions. A survey on the financial literacy situation conducted by the central bank reveals that while 46.34 percent of adults use loans, only 17.6 percent utilize bank loans. The survey reveals significant variations in the usage of different financial services among the adult population. The highest utilization is in savings, investment, or retirement instruments, with 86.64 percent of adults using these services.
Payment instruments follow closely, used by 73.78 percent of the population. However, other financial services have lower adoption rates. Credit instruments are used by 46.34 percent of adults, while insurance services have the lowest penetration at just 30.02 percent. Similar survey conducted in 2021 showed that 67.3 percent of the population had an account with a bank or financial institution. The central bank last week unveiled its Financial Inclusion Policy, 2024 to promote financial inclusion through expanded financial services, enhanced literacy and consumer protection. The policy prioritizes extending financial access, boosting entrepreneurship, promoting financial literacy, protecting consumer interests and data collection.
Among others, the policy aims at presenting a draft National Financial Inclusion Strategy to the government this year, incorporating its objectives into monetary policies and budgets and issuing directives to support institutions in its implementation. The policy builds on past plans, programs and practices, focusing on inclusive financial access, digital innovation, gender and eco-friendly banking, sustainable financial system development, infrastructure development, regulatory roles, partnerships and accountability. Likewise, it aims to promote micro, small, and medium enterprises/businesses by developing entrepreneurship, developing business capacity, developing infrastructure and technology, creating an investment-friendly environment and providing appropriate types of loans and low interest rates. Similarly, making services from various agencies technology-friendly to increase the access of target customers to the banking system and encouraging micro, small and medium-level industries, trade and businesses by simplifying processes is the other objective of the policy.
Furthermore, the policy aims to make services from various agencies more digitally accessible thereby widening the banking system's reach to targeted demographics.
Commercial banks are present in all 753 local units across the country, except in Saipal of Bajhang, with the total branch network reaching 11,589. Likewise, there are 18.94m digital wallet users, while mobile banking clients number 21.36m, 1.85m use internet banking and ConnectIPS has 1.1m users. Additionally, there are 4,855 ATMs across the country.
