Nepal Roundup: Electricity deal with Bangladesh, disregard for cheques, increased monsoon rainfall

First paralympic medallist honoured

In a recent event held by the French Embassy in Nepal, Palesha Goverdhan, the nation's first Paralympic medallist, was celebrated for her historic achievement of winning a bronze medal at the Paralympics on August 31. Ambassador Virginie Corteval hailed Goverdhan as a "beacon of hope and determination", asserting her success as a testament to Nepali talent. The gathering also marked the launch of the Choose France/Marque France initiative, aimed at fostering cooperation in multiple sectors, including business and education. Furthermore, TKP reports that information regarding the upcoming Choose France Tour on September 28 was shared, highlighting opportunities for Nepali students to explore educational prospects in France.

Increased monsoon rainfall

Concerning weather patterns, Nepal has reported above-average monsoon rainfall this year, accumulating 1,504.1 mm by mid-September, constituting around 101.6% of the expected long-term seasonal average of 1,472 mm. The monsoon period, spanning from June 10 to October 2, still has approximately 15 days to run. Major cities like Kathmandu and Biratnagar have experienced significantly heightened rainfall, with Kathmandu surpassing its average of 1,000 mm and recording over 1,400 mm. In contrast, regions such as Janakpur documented below-average precipitation. The predicted pre-monsoon and winter rainfall was not met; however, My Republica reported that the Department of Hydrology and Meteorology anticipates a 35-55% probability of above-normal rain during this season.

Cheque era fading

The landscape of financial transactions in Nepal is transforming, with a noticeable decline in cheque usage as digital payment methods gain traction. Statistics from the fiscal year 2022-23 reveal an 8.97% reduction in cheque transactions, dropping to 15.22 million, while cash transactions decreased from Rs10.53 trillion to Rs7.83 trillion. According to TKP, The remarkable growth of mobile banking saw transactions soaring by 60.19% to Rs373.97 billion, and QR code payments exhibiting a twofold increase to Rs61.73 billion. While experts commend the expediency, convenience, and cost efficiency associated with digital payments, they also emphasise the need for enhanced digital infrastructure and data connectivity for sustained development. Additionally, new government taxation policies impacting digital transactions have been critiqued for possibly hindering progress. The shift away from cheque reliance is thus viewed as a beneficial advance towards a cashless environment, thereby promoting broader financial inclusion in the country.

Electricity from Bangladesh

In a significant move to bolster cross-border energy trade, the Interim Government of Bangladesh has sanctioned the import of 40 MW of hydropower from Nepal, a project stemming from initiatives pursued during the former Sheikh Hasina administration. Power, Energy and Mineral Resources Adviser Muhammad Fouzul Kabir Khan has advocated for the import; however, the Finance Division has expressed apprehensions regarding transmission line costs charged by India. A tripartite agreement — involving Bangladesh, India, and Nepal — is required to expedite the import process, though existing complications and missing documentation could delay the agreement's finalisation. The stipulated electricity cost is 6.40 US cents per unit, with overall expenses, comprising Indian trading margins and transmission fees, summing to 8.17 INR per unit, reports My Republica. Payments will occur in both dollar and rupee currencies, subject to tax regulations across the involved nations. Alterations in taxation policy by India will necessitate shared financial responsibilities, whereas any changes instigated by Bangladesh or Nepal will be the liability of the respective country. This project aims to strengthen regional electricity trade and import strategies from Nepal and Bhutan.

Climbers to climb 10 mountains in Nepal

Finally, the autumn climbing season in Nepal has seen a substantial influx of climbers, with a total of 362 individuals from 54 countries — of which 88 are women — securing permits to ascend ten prominent mountains during this timeframe. A significant portion, 308 climbers, is poised to target Mount Manaslu, while 14 have permits for Mount Dhaulagiri. The Nepal Department of Tourism has accrued $300,525 in royalty fees through these permits. This climbing season, stretching from September to November is anticipated to mirror last year's participation figures, where approximately 1,300 climbers participated, UNI reports.