KATHMANDU: Nepal News presents today’s snapshot of Nepal’s economic activities. Get quick updates on major market movements, policy shifts, and financial developments shaping the economy of Nepal. Here are the key economic highlights for today.

Nepal Oil Corporation Assures Sufficient Petroleum Stock Nationwide

Nepal Oil Corporation has announced that the stock of petroleum products across the country is sufficient. According to Executive Director Chandika Prasad Bhatt, petroleum supply has resumed from customs checkpoints from today. He added that although India tightened restrictions at border points after the Gen-Z protests escalated from Monday, the pipeline supply was not disrupted.

Food Management and Trading Company Suffers Rs 150 Million Loss in Looting During Protests

Food Management and Trading Company Limited reported losses of around Rs 150 million due to looting during the Gen-Z protests on Tuesday. According to CEO Ramesh Kumar Acharya, several depots across the country were damaged, with the main branch office depot in Lahan, Siraha suffering the heaviest loss. Protesters looted food stock worth more than Rs 130 million from the Lahan depot alone.

Transport Operators Halt Services Indefinitely Amid Protests and Curfew

The Federation of Transport Entrepreneurs of Nepal has declared that transport services remain uncertain. Following the escalation of the Gen-Z protests on Monday, transport operators suspended services indefinitely from Tuesday. With the Nepal Army now in charge of national security, prohibitory orders and curfew have been imposed nationwide. Only essential vehicles such as ambulances, fire trucks, and supply carriers are operating, while all other transport remains halted. Senior Vice President Saroj Sitaula said there is no clarity on what immediate steps can be taken in the current crisis.

Private Sector Reels Under Billions in Losses from Gen-Z Protests

Amid widespread looting, vandalism, and arson during Gen-Z protests across the country, industrialists and entrepreneurs from the private sector were specifically targeted. Nepal’s only dollar billionaire Binod Chaudhary’s private residence and office were looted and then set on fire, leaving them destroyed. More than half a dozen vehicles were completely burnt to ashes. Twelve Bhatbhateni supermarkets built by Min Bahadur Gurung were looted and then set on fire, while half a dozen other branches were looted.

Biratnagar Customs Office Halted for Four Days

All work at Biratnagar Customs Office has been halted for four days. With customs clearance stopped, more than 300 trucks attempting to enter India from Nepal have been stranded on the roads. Similarly, cargo trucks carrying industrial raw materials and goods for Nepal have been held up at Jogbani ICP.

Market Stagnant Amid Gen-Z Movement

Since Tuesday, the market has been shut due to the Gen-Z movement, leading to reduced consumption of essential goods. Economists warned that the stagnation of the market, which should have been highly active on the eve of Dashain, will significantly impact the financial conditions of ordinary people and the country’s economy. Dashain, Tihar, and Chhath festivals are typically peak seasons for Nepali entrepreneurs, but this time, the market boom has stalled.

Central Bank Governor’s House Burnt Down

Nepal Rastra Bank Governor Biswo Nath Poudel’s house was set ablaze by Gen-Z demonstrators on Tuesday. The house, built on five annas of land in Bhaisepati, was completely destroyed. On Thursday, Governor Poudel posted a video of his burning house on social media, expressing grief that the home he had built with scholarships and earnings from years of work in Nepal and abroad had been destroyed.

Insurance Authority Urges Easy Compensation for Damages

Nepal Insurance Authority has urged for smooth facilitation of insurance claims for damages caused during the Gen-Z protests. Issuing a notice on Thursday, it said the public and private sectors have suffered irreparable losses since September 8.

Hilton Hotel in Naxal Reduced to Ashes

Hilton Hotel in Naxal, Kathmandu, built at a cost of Rs 8 billion, was reduced to ashes after demonstrators set it on fire. The fire has been burning for two days continuously, with difficulties in extinguishing it on the upper floors due to height. The hotel was reportedly targeted because former Prime Minister Sher Bahadur Deuba’s son Jaiveer Deuba had invested in it.

FNCCI Holds Zoom Meeting on Crisis

The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) held a Zoom meeting to discuss the evolving political situation. According to one participant, the meeting decided to urge entrepreneurs to maintain high morale, continue businesses and provide jobs, help maintain peace and order, and stand with the injured and affected.

Billions Lost and Thousands of Jobs Affected

While business establishments burned, billions worth of property damage occurred, alongside severe job losses. The private sector, which helped reduce the compulsion for Nepalis to seek jobs abroad, now faces massive setbacks. At least 12 Bhatbhateni outlets across the country were looted and set ablaze, affecting over 2,000 jobs. The Hilton Hotel fire alone displaced over 200 workers.

Nepal Rastra Bank Urges Continuity of Essential Services

Nepal Rastra Bank has urged banks, development banks, finance companies, and payment operators to continue essential services with limited staff in line with the curfew announced by the Nepal Army on September 10. The central bank issued a public notice instructing institutions to ensure business continuity despite restrictions.

Nepal Electricity Authority Requests Facilitation for Repair

The Nepal Electricity Authority (NEA) requested facilitation to repair transmission and distribution lines damaged during the crisis. Citing current difficulties, it appealed to all concerned parties through a public notice on Wednesday for cooperation to restore electricity services.

Banking, Insurance, and Stock Market Affected

Over the past three days of unrest, banking, insurance, and the stock market have been disrupted. Bank branches and ATMs were vandalized in Kathmandu and major cities during the Gen-Z protests, inconveniencing customers. However, Surendra Raj Regmi, Vice President of Nepal Bankers’ Association and CEO of Global IME Bank, assured that except for scattered incidents, the overall banking sector remains safe.

Adequate Supplies of Food, Fuel, and Gas Ensured

Supplies of petroleum products, cooking gas, and food grains remain adequate, according to relevant agencies. Despite disruptions in supply due to the Gen-Z protests, government-owned Food Management and Trade Company Limited, Salt Trading Limited, and Nepal Oil Corporation have sufficient stock to last until Dashain. The curfew imposed on Monday continues until Thursday morning.

Tourism Board Facilitating Movement of Foreign Tourists

The Nepal Tourism Board announced that it is facilitating the movement and management of foreign tourists amid the crisis. CEO Deepak Raj Joshi said shuttle buses have been arranged in coordination with the Nepal Army and the Civil Aviation Authority to help tourists reach their destinations.

Tribhuvan International Airport Reopens After Closure

Tribhuvan International Airport, closed since Tuesday afternoon due to protests, resumed operations on Wednesday evening following a decision by the Airport Security Committee. Airport General Manager Hansaraj Pandey said passenger flow has surged after the reopening. He explained the airport was closed from 3:30 p.m. Tuesday but reopened Wednesday evening, leading to a rush of outbound travelers.

Crowd Gathers at Deuba’s Burnt House Hoping to Find Valuable Stuffs

A large crowd of ordinary people gathered at the residence of former Prime Minister and Nepali Congress President Sher Bahadur Deuba. Hoping to find something, they were seen sifting through ashes at his house. Many ordinary people, who under normal circumstances had never entered Deuba’s residence, expressed astonishment at seeing the house and surrounding areas up close.