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.

Stock Market Closed After Prohibitory Order in Kathmandu Valley

After a curfew was issued in the Kathmandu Valley, stock market trading was suspended today. The Nepal Stock Exchange (NEPSE) issued a public notice stating that trading for Tuesday had been suspended. NEPSE mentioned that trading members and investors had requested the suspension following the issuance of a prohibitory order inside the Valley.

Banks and Financial Institutions Remain Closed Amid Nationwide Unrest

As protests intensify across the country, banks and financial institutions remained closed day. Due to rising anger following the state’s suppression of Gen Z protests, banks were shut as a precautionary measure. To control the protests, the administration had imposed a prohibitory order inside Kathmandu’s Ring Road area, and curfews have been enforced in several cities across the country. Considering the situation, the Nepal Bankers’ Association had decided not to open bank branches on Tuesday.

Commercial Banks Now Offering Home Loans at Single-Digit Interest Rates

In recent months, commercial banks have been providing home loans at single-digit interest rates. With limited investment alternatives, banks have been compelled to lower interest rates to offer home loans. The lowest interest rate for home loans is available from Rastriya Banijya Bank. However, it comes with conditions. This bank has been offering home loans at 5.05% interest to individuals affected by earthquakes.

Transport Federation Announces Indefinite Nationwide Shutdown of Public and Freight Transport Services

The National Federation of Nepal Transport Entrepreneurs has announced an indefinite nationwide shutdown of public and freight transport services. Expressing deep sorrow over the incident where 19 students died and curfews were imposed across the country following the government’s suppression of a peaceful protest organized by the ‘Gen Z’ group on September 8, the federation stated it would not resume services until there is a guarantee of peace and security. The federation paid heartfelt tribute to the deceased and wished for the speedy recovery of the injured.

FNCCI Expresses Condolences Over Losses During Gen Z Protests

The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has expressed sorrow over the loss of lives and property during the Gen Z-led nationwide protests. Offering condolences to the families of the deceased, FNCCI also wished a speedy recovery to the injured. It urged the Government of Nepal, political parties, and all concerned to be sensitive to the concerns raised by the youth regarding dignified employment, self-employment, and the proper utilization of taxes paid by the general public and entrepreneurs.

Himalaya Airlines Flight from Lhasa Diverted to Pokhara

A Himalaya Airlines flight from Lhasa, Tibet to Kathmandu was diverted and landed at Pokhara International Airport. Due to adverse conditions and technical reasons, the flight was diverted to Pokhara. According to the airport office, heavy smoke and other obstructions around Tribhuvan Airport and its flight paths posed serious safety risks, prompting the diversion.

Flights Severely Affected at Tribhuvan International Airport

Air traffic from Tribhuvan International Airport has been completely disrupted due to adverse conditions. All domestic flights have been halted, and half a dozen international flights are holding in the sky. According to airport spokesperson Rinzin Sherpa, all domestic flights for Tuesday have been canceled. A decision regarding international flights will be made soon. As per the flight radar, aircraft are circling over the skies of Simara.

Protesters Loot and Set Fire to Bhatbhateni Superstore in Naxal

Protesters have looted and set fire to the Bhatbhateni Superstore located in Naxal. This was the first store in the Bhatbhateni chain. Before setting the fire, the protesters looted goods from the store. “The protesters looted items from the store and then set it on fire,” said one employee. “The extent of the damage is not yet confirmed, but the entire store has been set on fire,” he said.

Nepali Youth Shift Foreign Employment Focus from Gulf to Europe

Nepali youths are shifting their foreign employment destination from Middle Eastern countries and Malaysia to Europe. In FY 2024/25, over 76,000 youths received labor permits to work in Europe. According to the Department of Foreign Employment, 839,266 people received labor permits for foreign employment last fiscal year, with a significant number heading to Europe. An analysis of data over the past three fiscal years shows a steady increase in the number of Nepalis going to Europe for work.

IPPAN Strongly Condemns Killing of 19 Youths During Peaceful Protest

The Independent Power Producers’ Association of Nepal (IPPAN) has strongly condemned the incident on September 8 where 19 teenagers lost their lives during a peaceful protest. In a press release, IPPAN expressed strong objection to the brutal and barbaric suppression of the youth movement. The statement reads: “It is very unfortunate that a democratic government carried out mass arrests resulting in the death of 19 individuals in a single day during a Gen Z protest.”

Social Media Ban Leads to Surge in VPN App Usage in Nepal

After the government deactivated platforms like Facebook, YouTube, and WhatsApp, users have turned to Virtual Private Network (VPN) apps to access social media. Since Thursday, the government has deactivated 26 social media platforms citing lack of registration in Nepal. However, general users have started using VPN apps to access these platforms. Currently, in Google Play Store’s Nepal region, 29 out of the top 100 most downloaded apps are VPN-related. In the top 50 alone, 19 are VPN apps.

Protesters Set Fire to Chaudhary Group’s Factory in Satungal

Protesters have set fire to the Chaudhary Group (CG)’s factory located in Satungal. They are removing goods from inside the factory and burning them outside. This CG factory assembles and produces household appliances such as televisions, refrigerators, microwave ovens, and washing machines. CG Electronics is the official distributor of LG in Nepal.

126 Business Firms Fined Up to Rs 300,000 by Commerce Department

The Department of Commerce, Supplies, and Consumer Protection has fined 126 business firms amounts ranging from Rs 5,000 to Rs 300,000. Between Shrawan 1 and Bhadra 20, the department monitored 650 business firms, among which various irregularities were found. Of the monitored firms, 304 were directed to make necessary improvements. Additionally, 220 firms were instructed to appear at the department with necessary documents for renewal of business registration, clarification, or statements.

Gold Price Nears Rs 215,000 Per Tola

On Tuesday, the price of gold in Nepal reached close to Rs 215,000 per tola. According to the Federation of Nepal Gold and Silver Dealers Association, the price of hallmarked gold increased by Rs 3,100 compared to Monday, reaching Rs 214,700 per tola. Earlier, on Monday, the price of hallmarked gold was Rs 211,600 per tola. Similarly, the price of silver has also increased.