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The country exported 1,015 megawatts of electricity on Monday, the day of Laxmi Puja of the Tihar festival. 

According to the Nepal Electricity Authority (NEA), the total demand for power reached 1,650 megawatts on Monday evening.

The NEA stated that the highest demand for power in the evening of Laxmi Puja was 1,602 megawatts last year. This year's demand was 48 megawatts more compared to last year. 

Currently, Nepal is exporting its surplus energy to the Indian and Bangladeshi markets.

Commercial banks have once again lowered deposit rates for the month of Kartik (mid-October to mid-November) amid rising liquidity and sluggish credit demand because of slowdown in economic activities.

According to the interest rate data published by the banks, 15 out of 20 commercial banks have reduced deposit rates for Kartik, while five have kept them unchanged. The average maximum interest rate on individual fixed deposits has dropped to 5.1 percent down from 5.37 percent in Ashoj (mid-September to mid-October) — a decline of 0.27 percentage points.

The reduction marks the latest in a year-long trend of declining deposit rates. Banks are struggling to expand credit as economic activity remains subdued across sectors such as real estate, construction and trade.

Several banks are also accumulating non-banking assets as a result of loan defaults, further signaling stress in the banking system.

Among major banks, Agricultural Development Bank, Himalayan Bank, Prabhu Bank, and Nabil Bank have now lowered their maximum fixed deposit rate to below 5 percent. In contrast, Global IME Bank continues to offer the highest rate at 6 percent, unchanged from the previous month.

The steepest cuts have come from NMB Bank and Machhapuchhre Bank, both of which have reduced their maximum fixed deposit rate by one percentage point, from 6 percent in the previous month to 5 percent for the current month.

Banks have been fixing interest rates on their own since mid-July 2023/24 after the Nepal Bankers’ Association ended its gentlemen’s agreement on uniform interest rates citing improving liquidity in the banking system.

Banks are permitted to adjust their interest rates on a monthly basis. According to the Nepal Rastra Bank (NRB), they must publish the applicable rates on the last day of each month. They can lower and raise the rates by a maximum of 10 percent at a time.

Bankers say the rate cuts reflect an attempt to balance liquidity management with declining lending opportunities. Unless private sector borrowing picks up and the economy shows signs of recovery, deposit rates are expected to remain under pressure in the coming months, they added.

The Nepal Stock Exchange (NEPSE) gained 16. 67 points to close at 2, 503. 85 points on Sunday.

Similarly, the sensitive index surged by 2. 31 points to close at 437. 60 points.

A total of 6,199,929-unit shares of 323 companies were traded for Rs 2. 79 billion.

Meanwhile, Aatmanirbhar Laghubitta Bittiya Sanstha Limited (ANLB) was the top gainers today, with its price surging by 10. 00 percent. 

Likewise, Himalayan 80-20 (H8020) was the top loser as its price fell by 6. 10 percent.

At the end of the day, total market capitalization stood at Rs 1. 41 trillion.

The price of gold has dropped by Rs 4, 800 per tola in the domestic market on Sunday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow metal is being traded at Rs 253, 200 per tola today. It was traded at Rs 258, 000 per tola on Friday.

Similarly, the silver is being traded at Rs 3, 275 per tola.