News Updates

27th June - 02nd July
  • Nepalis parking wealth in Swiss banks
    The Swiss National Bank — the central bank of Switzerland — has revealed the amount parked in Swiss banks from across the globe and funds parked in Swiss banks by Nepalis increased by nearly four-fold between 2008 and 2017. In 2008, Nepalis had parked 86.22 million Swiss francs in Swiss banks, while till the end of 2017 such funds rose to 322.88 million Swiss francs.Based on the amount parked in the Swiss banks, Nepal ranks 109th among over 200 nations, with the United Kingdom, the United States of America, the West Indies, France and Germany taking the top five spots. Though Nepali citizens are not allowed to transfer funds to foreign bank accounts, funds parked in Swiss banks have surprisingly been increasing. Compared to the previous year, funds parked by Nepalis in Swiss banks increased by nearly four per cent in 2017 to 322.88 million Swiss francs (Rs 35.72 billion). Swiss banks maintain strict privacy of account holders, hence it is difficult to identify individuals parking funds in Swiss banks, but it is assumed that Nepali business people and politicians have been holding such accounts in Swiss banks. (The Himalayan Times, 2 July, 2018)
16th June - 26th June
  • PM Oli visited China
    Nepal PM says the nations have common views on trans-Himalayan network
    Nepal’s Prime Minister K.P. Sharma Oli’s visit to China, will focus on advancing cross-border connectivity, including through a railway corridor to Kathmandu, which could be extended to India in the future. In an interview with Xinhua news agency ahead of his departure, Mr. Oli said that during his visit, which will also take him to Lhasa, he would focus on a Trans-Himalayan transport corridor. “Our two countries have common views on the concept of Trans-Himalayan Multi-Dimensional Transport Network. Based on this broad framework, we want to seek cooperation with China on cross-border connectivity of railway, road, transmission lines and other related areas for mutual benefit,” he observed. Nepal has been seeking improved connectivity with China via Tibet, after New Delhi was accused of blockading essential supplies across the India-Nepal border in 2015. (The Hindu, 20 Jan, 2018)
  • Salient features of Oli’s visit to China:
    PM Oli said that his China visit focused on various issues including taking Nepal-China relations to a new height and implementing past agreements. Furthermore, Oli said that he held important talks with Chinese government to take the main agenda of the government, economic prosperity, ahead. Oli remarked that the two countries reached an agreement on the issues of Trans-Himalaya multidimensional connectivity expansion, while also inking bilateral agreements on railways, expansion of road network, transmission line, etc. He highlighted that the railway-agreement was a milestone in the history of Nepal’s progress. (The Himalayan, 26 June, 2018)
9th June - 15th June
  • Nepal Prime Minister K P Sharma Oli will be visiting China in the hope of confirming plans for a China-Nepal Economic Corridor under Beijing’s Belt and Road Initiative.(Times of India, June 14, 2018)
  • Nepal delegation in China to seal transit, transport deal. The Nepali side is proposing opening of at least nine more trading points bordering Tibet. Nepal and China agreed in 2015 to open seven new trading points between Nepal and Tibet. (DNA India, June 12, 2018)
  • BRI projects to figure high during Nepal PM Oli's China visit from June 19-24.(Times of India, June 13, 2018)
  • Dozen agreements on PM’s China visit agenda. Beijing looks to deepening ties with Nepal with deals under its flagship Belt and Road Initiative. (Kathmandu Post, Jun 14, 2018)
1st June - 08th June
  • Prime Minister KP Sharma Oli eyes sizeable support from Beijing to development projects during his five-day state beginning on June 19 with various line ministries forwarding dozens of schemes for Chinese funding. The Ministry of Foreign Affairs has received dozens of requests from several ministries for undertaking projects under the framework of the Belt and Road Initiative that Beijing is actively pushing across the globe. These projects include rail, road, energy cooperation, trade and commerce and protocol deal on transit and transportation in connection with the northern neighbour. (Kathmandu Post, June 6, 2018)
  • Shanghai meet to go ahead without Nepal
    Nepal, which gained the status of SCO dialogue partner in 2015, had expected invitation for the 18th summit—arguably one of the biggest diplomatic jamborees in the region—will be going ahead in Qingdao, China on June and 10 without Nepal, a dialogue partner of the organisation. (Kathmandu Post, June 8, 2018)
Credit: Maryam Mastoor