Nepal's foreign currency reserve has scaled up to 171.56 billion Nepali rupees (around 2.61 billion U.S. dollars), local newspaper The Kathmandu Post reported Saturday.Remittance stood at 72.39 billion Nepali rupees during the first nine months of the current fiscal year and the amount was 3 percent more than the same period last year.According to Nepal Rastra Bank (NRB), the central bank, the amount however is less than 177.94 billion Nepali rupees recorded a month ago mainly due to the 4.44 percent appreciation of Nepalese currency against the U.S. dollar within a month.The official exchange rate in mid-April was one U.S. dollar against 68.40 Nepali rupees and the rate slipped to 65.46 Nepali rupees within a month.According to a NRB official, the accumulative appreciation of the domestic currency against the U.S. dollar has scaled up to 13. 26 percent within the current fiscal year, starting in mid-July.U.S. dollar stood at 96.5 percent of the total foreign currency reserve while the remaining was Indian currency.The NRB had held almost 79 percent of the total foreign currency reserve while the commercial banks had kept the remaining till mid-May 2007.
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Banks in Nepal
Commercial banks plays vital roles to collect money in the state. Generally, commercial banks are required by the central bank to earmark a portion of their loan portfolio to priority lending for agriculture, cottage industry, services etc., which includes 0.25% to 3% to the deprived sector (poor population). Under this obligation, commercial banks can lend directly to individuals or self-help groups, charging a 6-7% interest rate, or provide wholesale funds or equity to microfinance providers serving the poor in Nepal.Two thirds of the priority and deprived sector lending and investment are provided by the two public commercial banks, Nepal Bank Limited and Rastriya Banijya Bank. Until recently the priority lending was set at 12% of the loan portfolio. It is now being phased out, ending completely in 2008, while the 3% deprived sector requirement will stay in place, and therefore loan and investment in microfinance with it. As of mid July 2003, Rs.22,605 million were affected to the priority sector, while Rs. 3,563 million allocated to deprived sector lending, from which 132.6 million was in the form of equity. Under this requirement, investments made by commercial banks in the Rural Microfinance Development Center, an apex organization providing wholesale fund to microfinance, can be seen as a new link between the formal finance sector and microfinance.Followings links provide Nepal's commercial banks, central banks and other financial institutions:
http://www.nibl.com.np/ – Nepal Investment Ban
http://www.everestbankltd.com/ - Everest Bank Limited
http://www.himalayanbank.com/ – Himalayan Bank Limited
http://www.nepalbank.com.np/ – Nepal Bank Limited
http://www.bokltd.com/ – Bank of Kathmandu
http://www.nbbl.com.np/ – Nepal Bangaladesh Bank Limite
http://www.rbb.com.np/ – Rastriya Banijya Bank
http://www.siddharthabank.com/ – Siddhartha Bank Limited
http://www.kumaribank.com/ – Kumari Bank
http://www.dcbl.com.np/ - Development Credit Bank Limited(Bittiya Sansthan)
http://www.lumbanibank.com/ – Lumbini bank Limited
http://www.ndevbank.com-/ nepal Development Bank
http://www.laxmibank.com/ - Lamxi Bank
http://www.nicbank.com.np/ - Nepal Industrial & Commercial Bank Ltd (NIC Bank)http://www.standardchartered.com.np/ – Standard Chartered Bank
nsblco@nsbl.com.np – Nepal SBI Bank
http://www.nabilbank.com/ - Nabil Bank
http://www.nepalbankers.com/ – Nepal Bankers Association
CefiBank.com a National Level Development Bank with detailed information on the bank, its services.
Gurkha Development Bank banking services, also includes specifically services for Gurkhas Nepal Industrial and Commercial Bank Ltd Commercial and home banking
Nepal Stock Exchange Watch Nepal's Economy through its stock market
