Manzil Shrestha (Gallery 2)

Traders slash import volume as strong dollar bites

The depreciation of the Nepali rupee against the US dollar has forced importers to cut down imports. With the dollar gaining sharply against the Indian currency (IC) of late, the Nepali rupee is on a freefall as it is pegged with IC.

In the last three months, the exchange rate for the domestic currency has increased to Rs 84 against the dollar from Rs 72. This has forced traders to reduce their import volume by as high as 50 percent.

According to businessmen, those who imported goods through the ‘Usance Letter of Credit (LC)’ having a six-month credit period have been worst hit. Usance LC is payable at a determined future date after presentation of conforming documents. “Businesses that imported goods when the exchange rate was at Rs 72 per dollar are incurring heavy losses, as they now have to repay when the rate is at around Rs 84 per dollar,” said an importer.

Bankers say the volume of their LC business has come down significantly. “As importers are in a wait-and-see mode, lesser LCs are being opened,” said Himalayan Bank CEO Ashoke Rana.

Other victims of the steep rise in the value of the dollar against the rupee are businesses that are required to maintain huge inventory. Sahil Agrawal, executive director of Jagadamba Group—one of the largest steel manufacturers in the country—said they will reduce their inventory size until the exchange rate gets stable.

As Nepali financial institutions do not offer forward contracts (hedge against foreign exchange risk) on imports, importers are heavily exposed to foreign exchange risk, according to Manish Agrawal, executive member of the Federation of Nepalese Chamber of Commerce and Industry. “We are incurring losses due to the strong dollar and have decided to reduce our stocks of both finished goods and raw materials by 50 percent to avoid further losses,” he said.

Sekhar Golchha, executive director of Golchha Organisation, also echoed Agrawal. “We are planning to reduce our inventory of electronic goods and automobiles by 30 percent,” h said.

The Nepal Rastra Bank (NRB)’s recent macro-economic report says imports declined by 18.5 percent in the third month (mid-September to mid -October) of the current fiscal year compared to the previous month. The slowdown in import is also going to hit the government’s revenue collection.

Although the devaluation of the domestic currency against the dollar has positive effects such as increased remittance inflow, traders say consumers will suffer as products imported from third countries will be expensive. “Goods imported from third countries have become dearer by 17-25 percent,” said Akhil Chapagain, president of Nepal-Turkey Chamber of Commerce and Industry.

According to Chapagain, an imported item worth $100, which cost Rs 9360 when the dollar was at Rs 73, now is priced at Rs 10,915. (Source:ekantipur)

Tourist arrivals by air cross half-million mark

Tourist arrivals by air reached an all-time high of 501,264 in the first 11 months of Nepal Tourism Year (NTY). This is first time in the country’s tourism history that air arrivals have crossed the 500,000 mark. The last time Nepal received so many tourists was in 2010 when 448,769 visitors flew into the country.

The year 2011 which is being observed as NTY has been encouraging in terms of strong arrivals growth from the two neighbours China and India. Though Indians traditionally make up the largest number of visitors to the country, a sharp increment in the arrival of Chinese tourists has immensely encouraged the domestic tourism market.

According to the figures released by the Immigration Office, Tribhuvan International Airport (TIA), arrivals from India reached 132,652, up 40.5 percent while Chinese tourists amounted to 40,244, up 74.4 percent. Travel trade entrepreneurs termed the growth an initial growth despite publicity in the international market. Hoteliers have also reported the highest revenue collection till date.

“We have recorded the highest revenue in the month of November,” said Paras SJB Rana, general manager of the Hotel de l’ Annapurna. According to him, high occupancy and high room rates have helped revenue growth. “Even though arrivals have been below expectations, the numbers should be considered impressive.”

The country has targeted hosting one million tourists (700,000 by air and 300,000 by land) this year. The stats show that in the first 11 months, international visitor arrivals to Nepal averaged a growth rate of 21.5 percent. With improved arrivals, travel trade entrepreneurs said that the existing infrastructure was proving inadequate.

Ashok Pokhrel, president of the Nepal Association of Tour Operators, said that it was time to be serious about the existing infrastructure. The arrival figures in 2011 are initial figures and Nepal could see higher growth if the current trend continues. “The government should assess the weaknesses of NTY 2011 as it has also announced Visit Lumbini Year 2012 without any preparation,” Pokhrel said, adding that the government and other tourism stakeholders should not only count the numbers but also correct the shortcomings of NTY and focus on high-end tourist markets.

According to the stats, Sri Lanka and Pakistan have registered growths of 16.6 percent and 16.8 percent respectively. Bangladesh witnessed a negative growth of 8.6 percent in the first 11 months of 2011.

Similarly, other Asian countries—Japan, Malaysia, Singapore and South Korea—have maintained their upward trend with growths of 7.5 percent, 12.1 percent, 13.8 percent and 15.2 percent respectively. Arrivals from Thailand jumped 22 percent in the first 11 months compared to last year.
(Source:ekantipur)

Sarun and Payal Get Married!

 Sarun Tamrakar from The Uglyz married long-time girlfriend and former Miss Nepal Payal Shakya on the 21st November at Minto Temple in Sydney.


Source Lex limbu 

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1,300 chickens destroyed

Around 1,300 chickens and 200 ducks at Manohara Landless Squatters´ Settlement have been destroyed on 29th November, Tuesday on the suspicion of bird flu.

A team of doctors from the Department of Health, Directorate of Animal Health, Division of Avian Influenza and Animal Rapid Response destroyed ducks and chicken by burying after killing with the use of poisonous substances.

According to Senior Veterinary Doctor and In-charge of the Team Dr. Narayan Prasad Ghimire, the team destroyed the ducks and chicken after detection of bird flu in chicken of the area.

Five chicken of local Chandra Bahadur Tamang had died on November 10 and 30 chicken on November 11. The Bird Flu was suspected after the dead chickens were tested at the Central Veterinary Lab, Tripureswor.

Dr. Ghimire further said the bird flu was confirmed after the sample of the chicks was sent to London, the UK, for the lab test.  The chicken and ducks were destroyed today as per the government´s decision after the government received this information on Monday.

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49th International Hotel and Restaurants Association World Congress kicks off

Hospitality leaders from around the world converged here on Monday to participate at the 49th International Hotel and Restaurants Association (IH&RA) World Congress for the interest of all hoteliers’ worldwide. The event is being held in Nepal after almost 27 years.

President Ram Baran Yadav inaugurated the three-day event that is expected to make wider impact on the burgeoning tourism sector of the country and facilitate the interest and rights of tourism entrepreneurs around the world.

President Yadav hoped that the event would help Nepal be recognised across the globe and disseminate a positive message to world travellers. “As the government has accorded high priority for the tourism sector under Public Private Partnership (PPP), such an event would boost confidence of the Nepali hospitality sector.”

Minster for Tourism and Civil Aviation Lokendra Bista Magar said under PPP, the government has adopted a liberal policy for the development of the tourism sector and facilitate tourism entrepreneurs. “Development of infrastructure is also in high priority of the government.”

IH&RA President Ghassan Aidi said the hospitality sector can make a huge contribution to overcome the economic crisis by attracting capital investment. According to Aidi, around 10 hotels are opened across the globe everyday and each new hotel is provides employment to 100 individuals.

Focusing on several issues affecting the hospitality sector, Aidi added that climate change is one of the issues severely affecting the sector. “It’s time to act for the betterment and sustainable development of the tourism sector, and together we can do it.”

HAN president Prasidha Bahadur Panday said the World Congress will help Nepal to promote itself in the international arena and will also motivate international investors to inject investments here.

Although the government estimates show that the tourism sector contributes around 3 percent to the country’s GDP, HAN says the sector’s contribution stands at as high as 17 percent.

“It is important to acknowledge that tourism is not an isolated industry, but works hand-in-hand with many other small- and large-scale enterprises as well as large scale industries,” said Panday. More than 180 delegates from 30 countries are participating at the congress.

According to HAN, it won the international bid to host the congress during its previous edition held in Lausasnne, Switzerland, in January 2010. (Source: ekantipur)

Miss Nepal Cake in Annapurna for Christmas

Yesterday, Sahana Bajracharya, in her Facebook profile, announced via a mobile device that she was “Cake mixing at Annapurna.

These Miss Nepal beauties are mixing cake ingredients to prepare a cake for upcoming Christmas. It’s not December yet but, Miss Nepal cake is almost ready. Mixed by the top beauties of Nepal including Miss Nepal 2011, Malina Joshi, Miss Nepal 2010, Sadichha Shrestha, and Miss Nepal 2010 runner-up Sahana Bajracharya have already initiated a grand welcome cake for the international festival. Salina Maskey had helped them to mix dry fruits, wine and various other ingredients. (photo credits Nagarik)

It is told that the cake will be offered for sale by mid December in Hotel Annapurna.

Anupama Aura Gurung in BIKINI at MISS EARTH 2011

Pictures of Anupama Aura Gurung in Bikini at Miss Earth 2011