Late last week, under pressure from banks and big business, Nepal Rastra Bank (NRB) Governor Maha Prasad Adhikari unveiled a new monetary policy.&nbsp;
The policy expands credit of banks and credit sector, relaxing several regulatory provisions. But the Rastra Bank is careful not to allow banks to resume reckless lending.&nbsp;
“A cautiously accommodative monetary policy,” is how Adhikari described it.
The private sector has welcomed the policy, and the NEPSE soared steeply into two circuit breaks on Sunday, the first trading day after the policy was announced. &nbsp;
NRB has set a target for credit expansion to 12.5%, up from 11.5% last year. Excluding the last two fiscal years, credit has expanded at an annual rate of 20% in the last three decades, against an economic growth rate of about 4%.&nbsp;
Read also:<a href="https://nepalitimes.com/news/despite-politics-nepal-s-stock-market-is-bullish"> Despite politics, Nepal’s stock market is bullish</a>, Santosh Pokharel and Sudyumna Dahal
This is proof that <a href="https://nepalitimes.com/opinion/nepals-care-economy">Nepal’s economy</a> has not benefited from private sector credit expansion.
NRB tried to ease interest on loans following the pandemic but revised it to slow credit expansion due to economic turbulence.&nbsp;
The IMF (International Monetary Fund) also blamed an anaemic economy on the post-pandemic monetary policy, and its effects linger. &nbsp;
NRB’s decision to signals that it wants to further reduce the lending rates of banks. However, Nepal’s banks and financial institutions at present are flush with cash, and do not need to borrow from the central bank.&nbsp;
The policy change therefore will not affect the market interest rate. The deposit collection rate, which is unchanged at 3%, will ensure that the interest rate on bank deposits will not go down.
<a href="https://nepalitimes.com/editorial/central-role-of-the-central-bank">The central bank </a>has chosen to make the monetary policy more liberal through regulatory arrangements rather than monetary instruments to ease the pressure on the capital funds of financial institutions.&nbsp;
The existing loan loss provision of 1.2% on good loans has been reduced to 1.1%, which is estimated to increase the profits of the banking and financial institutions by up to Rs5 billion.&nbsp;
Similarly, the regulatory retail portfolio limit has been increased to Rs25 million lessening the strain on bank capital and making it easier for them to provide loans.
In addition, the new policy includes concessions to the construction sector with struggling businesses after builders complained about being blacklisted for not paying billions owed to the government.&nbsp;
Contractors will not be blacklisted for bounced cheques. The deadline for the loan interest payment has also been extended till mid-December.&nbsp;
But while NRB says it will review existing credit notice and blacklisting directives, a no-penalty policy for dishonouring checks would increase the risk for businesses.&nbsp;
All this is proof that<a href="https://nepalitimes.com/news/democracy-s-sidekicks"> the new NC-UML coalition</a> is beholden to business. This week, the prime minister ordered NEA to resume electricity supply to industries which have not paid power bills worth millions.&nbsp;
NRB also stated that it would ease the current working capital loan guidance, as well as revise the working capital limit (short-term financing extended to businesses to cover its day-to-day expenses) for micro, domestic, small and medium enterprises.&nbsp;
Read also: <a href="https://nepalitimes.com/news/soaring-debt">Soaring Debt</a>, Ramesh Kumar
The bank also announced that Nepalis who had obtained<a href="https://nepalitimes.com/here-now/speaking-the-language-of-overseas-work"> overseas work</a> permits would be able to obtain loans without collateral, increasing the possibility for such people to borrow at a cheaper rate.&nbsp;
The IMF has also suggested that Nepal amend the 2002 Rastra Bank Act to guarantee its independence. It is neither theoretically nor morally appropriate for every change in government to interfere with NRB policies. &nbsp;
Under pressure from big business, Prime Minister Oli, as soon as he assumed office, made direct comments about changing the monetary policy to make it more flexible.&nbsp;
Governor Adhikari had no choice but to give in to that pressure, but he has been equally careful not to repeat the mistakes of the past. He opened the door to credit expansion through his first monetary policy as governor enabling borrowers to obtain billions in refinance and working capital loans.&nbsp;
Read also: <a href="https://nepalitimes.com/news/poor-cash-rich-nepal">Poor cash-rich Nepal</a>, Sonia Awale
Although he has increased the target for credit expansion, Adhikari has been more prudent than before.&nbsp;
The governor has emphasised that seeking economic growth through monetary policy will not work as long as jobs, investment, and productivity do not improve.
“Seeking short-term solutions through a flexible monetary policy poses a <a href="https://nepalitimes.com/editorial/state-sponsored-economic-crisis">challenge to achieving long-term economic stability</a>,” Adhikari said.&nbsp;
In recent years, Nepal’s government and the private sector have pushed for economic revival through monetary policy. But that has allowed real estate and share market speculators a free rein.&nbsp;
The positive impact of such directives have been short-lived, and point to structural problems with the economy.&nbsp;
Economic opportunities in the country are limited because little has been done to create jobs, increase production, and encourage investment — factors that would contribute directly to long-term economic stability.&nbsp;
More than 850,000<a href="https://nepalitimes.com/here-now/a-long-way-to-europe"> Nepali youth left the country for foreign employment</a> and further education in the past year alone.&nbsp;
The biggest problem in Nepal’s financial system is credit abuse. And although NRB has accepted this it has not done much to curb it. The new monetary policy therefore may be ‘flexible’, but does not fix the economy’s old problems.
Ramesh Kumar

original

674x448

610x380

500x500

400x266

400x240

400x203

301x200

thumbnail

viewImage

Monetary politics

<figure><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221108101152/636a26e49c7e80680e043a3ejpeg.jpg" alt="" width="800" height="1178"/><figcaption>Diwakar Chettri</figcaption></figure>Whatever the political ambitions of the Maoist leaders, their justification for taking up arms was the inequality historically embedded in Nepali society. The rebels lit the spark on terrain that was tinder dry with disparities. Nepal would have gone up in flames sooner or later, the Maoists just had their timing right.The tragedy, of course, is that in an allegory of Animal Farm 13 years after the war, the Maoist leaders people elected to government forgot what they fought for, and Nepal’s income and wealth gap have grown even wider. As our review of a recent report shows, Nepal’s poor are <a href="https://archive.nepalitimes.com/article/editorial/Nepal-%20Multidimensional-Poverty-Index,4115" target="_blank" rel="noopener">trapped in poverty</a> while the few rich have prospered.The report by HAMI, South Asian Alliance for Poverty Eradication and Oxfam paints an alarming picture of <a href="http://archive.nepalitimes.com/news.php?id=17298" target="_blank" rel="noopener">deprivation</a>  and disparity in Nepal: the average income of the richest 10% of Nepalis is more than three times that of the poorest 40%. Worse, the richest 10% own 26 times the wealth of the poorest 10%.Read also:<a style="background-color: #ffffff; outline: 0px; font-weight: bold; letter-spacing: 0.01em; font-size: 15px;" href="https://www.nepalitimes.com/?p=21837&amp;preview=true" target="_blank" rel="noopener">Nepal's great income divide</a>, Ramesh Kumar<a style="background-color: #ffffff; font-size: 15px; letter-spacing: 0.01em;" href="https://www.nepalitimes.com/?p=21822&amp;preview=true" target="_blank" rel="noopener">Some are more equal than others</a>, Anil Chitrakar<a href="https://www.nepalitimes.com/opinion/gadfly-opinion/removing-poverty-with-jobs/" target="_blank" rel="noopener">Removing poverty with jobs</a>, David Seddon<a style="background-color: #ffffff; outline: 0px; font-weight: bold; letter-spacing: 0.01em; font-size: 15px;" href="https://www.nepalitimes.com/banner/its-a-rich-mans-world/" target="_blank" rel="noopener">It's a rich man's world</a>, Ramesh KumarEconomic inequality is most evident in agriculture in which 66% of Nepalis still depend. The wealthiest 7% of households own 31% of the agricultural land, and many landless are tenant farmers at the mercy of landowners. Social discrimination multiplies the misery: 81% women are landless, as are 44% of Dalits in the Tarai.Nepal’s <a href="http://archive.nepalitimes.com/news.php?id=15026#.XGzGkOQza70" target="_blank" rel="noopener">wealthiest man</a> has a net worth of $1.6 billion and is the 1,561 richest in the Forbes list. His wealth grew by $200 million last year. A history of feudalism, a rent-seeking state and neoliberal economic policies have concentrated Nepal’s wealth in the hands of a dominant elite which has made policies and laws to perpetuate its hold on it. Rulers and hangers-on have deliberately kept the poor out of reach of new opportunities, depriving them of a chance of a better life.Such disparity also gives the movers and shakers an unfair advantage in a democracy because they can bend the system to keep getting elected, which then deprive the underserved even more. Politicians, bureaucrats and businesses can carry on with <a style="background-color: #ffffff; letter-spacing: 0.01em;" href="https://www.nepalitimes.com/editorial/red-rice/" target="_blank" rel="noopener">business-as-usual</a> with no accountability, full impunity and no fear of retribution from a <a style="background-color: #ffffff; letter-spacing: 0.01em;" href="https://www.nepalitimes.com/editorial/bulldozing-democracy-2/" target="_blank" rel="noopener">rigged system</a>.The government’s failure to deliver on basic services like health and education have driven the private sector to fill the gap. But consequent over-commericalisation and lack of regulation have put quality schooling and medical care out of reach of the poor. The government’s reaction has been to back a populist call for nationalisation to cover up its own delivery failure.Inequality is taking its toll on the physical and mental development of children. <a style="background-color: #ffffff; letter-spacing: 0.01em;" href="http://archive.nepalitimes.com/article/nation/the-face-of-hunger-debt-malnutrition,3604" target="_blank" rel="noopener">Malnutrition</a> begins at a very young age: 36% of Nepali children under five are stunted, 27% are underweight, and 10% suffer from wasting due to lack of adequate food. There is no greater proof of chronic governance dysfunction than this: the apathy and failure of the state to protect its most vulnerable.No society or nation can have totally equal income or wealth distribution. But there must be a certain equilibrium so that all citizens can attain a basic quality of life and earn a standard, minimum income.But inequality is so bad that the 8 million Nepalis who live in poverty have shorter lifespans. A poor Nepali child is three times more likely to die before age 5 than a rich child. The poor and excluded receive unequal care at government hospitals.What is most tragic is that there is minimal recognition or commitment from successive governments to redress this injustice. Nepal ranks 138, which is nearly at the bottom of a list of 157 countries, for its Commitment to Reducing Inequality. Rampant <a href="http://archive.nepalitimes.com/article/from-nepali-press/poor-of-kathmandu,2153" target="_blank" rel="noopener">poverty and extreme inequality</a> build frustration among suffering citizens, increasing the chances of social instability, and possibly renewed conflict. After a revolution to liberate the poor from poverty ended up killing 17,000 of Nepal’s poorest people, the gap between the rich and poor has actually widened.The way countries try to compensate for the inequality inherent in free market capitalism is through progressive land reform and taxation, by spending on a social safety net, and through  government investment in affordable, quality health care and education. There must be minimum wages for even those working in the informal sector, because that is where majority of Nepalis are engaged. All this would lay the foundation for a more equitable society, where the poor may not be immediately guaranteed greater income but all citizens would have a level playing field.We have seen the current government make tentative moves to address some of these issues, but they are too little and too half-hearted. The chasm between the rich and poor is so wide that it will take more than the hollow populism of the government's ‘Prosperous Nepal and Happy Nepalis’ slogan for prosperity and happiness in our lifetime.10 Years ago this weekThis passage from the Editorial in Nepali Times #439 of 19-26 Feburary, 2009 about how the still Royal Nepal Army was trying to reassert itself warns of danger to the civilian chain of command. Excerpt:The Nepal Army's 'recommendations' to the CA Committee on Protection of the National Interest has raised hackles. While it is the fundamental right of every citizen to respond to the CA's call for suggestions, an instrument of state is expected to abide by operational norms of proper procedure. The NA brass has clearly overstepped its limits by bypassing the executive to present its case directly before the legislature. Under normal circumstances, an organ of state has to access parliament through the concerned ministry. But even more alarming is the tone of the content. A civilian chain of command means the army shouldn't have a political position of its own other than that of the government of the day.

Mind the Gap

As dusk fell over Kathmandu, the thunderstorm continued unabated. It had been raining continuously for 18 hours, and the forecast said it would keep raining at least till 8am on Sunday. The Bagmati roared through Chobhar Gorge in awesome rapids – the only drainage outlet for the entire Kathmandu Valley. By evening, 120mm of rain had fallen in 18 hours, more than the average for the whole of October.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20251004161016_99ad9098124bec91da71ac42bbe889981fe64dda2dd3012b8bb289cf78ba4c54.jpg" data-media-id="editor_0" data-image-id="20251004161016_99ad9098124bec91da71ac42bbe889981fe64dda2dd3012b8bb289cf78ba4c54" data-rendition-name="original" width="2048" height="1365" loading="lazy" alt="Kathmandu floods 2025"> </figure>   <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20251004161016_59b97f3a3b2af91d3876b298963b3e68395c8b388aba6d9972c9bde1f668608d.jpg" data-media-id="editor_1" data-image-id="20251004161016_59b97f3a3b2af91d3876b298963b3e68395c8b388aba6d9972c9bde1f668608d" data-rendition-name="original" width="2048" height="1365" loading="lazy" alt="Kathmandu floods 2025"> </figure>   <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20251004161016_1715f4d6ff1ee87302b697d3c95df36486bea71ed279852ef606c8f5dc68439b.jpg" data-media-id="editor_2" data-image-id="20251004161016_1715f4d6ff1ee87302b697d3c95df36486bea71ed279852ef606c8f5dc68439b" data-rendition-name="original" width="2048" height="1365" loading="lazy" alt="Kathmandu floods 2025"> </figure>   <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20251004161016_ecd3dec69270afbd5a5c71dfa71780b6f8982984a95f3fbb83f23ee594451224.jpg" data-media-id="editor_3" data-image-id="20251004161016_ecd3dec69270afbd5a5c71dfa71780b6f8982984a95f3fbb83f23ee594451224" data-rendition-name="original" width="2048" height="1365" loading="lazy" alt="Kathmandu floods 2025"> </figure>   <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20251004161016_53e47ae222c9f4397bcdad6d8021a711a5671fd45373fb3df2ed5c6413d58359.jpg" data-media-id="editor_4" data-image-id="20251004161016_53e47ae222c9f4397bcdad6d8021a711a5671fd45373fb3df2ed5c6413d58359" data-rendition-name="original" width="2048" height="1365" loading="lazy" alt="Kathmandu floods 2025"> </figure>  Settlements along the banks of Bagmati and Vishnumati in Kathmandu have been evacuated and affected families will be temporarily sheltered in schools across the capital.&nbsp; Bagmati Province has set up a Unified Command Team for disaster management while the Home Ministry has instructed CDO and security personnel to be on duty 24/7.&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20251004171048_7e5d10f8e0042190e54e6db6cddbd51ed9d6d9dbc0cdb087d7af3207c9eaa2d0.jpg" data-media-id="editor_5" data-image-id="20251004171048_7e5d10f8e0042190e54e6db6cddbd51ed9d6d9dbc0cdb087d7af3207c9eaa2d0" data-rendition-name="original" width="1600" height="888" loading="lazy" alt="heavy rain in Kathmandu"> <figcaption>Friday's satellite precipitation forecast for Sunday morning at 0600 showing heavy rainfall along the Chure Hills and Madhes Province south of Kathmandu. </figcaption> </figure>  The torrential rain has obstructed several highways as well as caused infrastructure damage, but no human casualties have been reported so far. Many had feared a repeat of the deadly flashfloods on 28 September 2024 in which 200 people were killed and half of Nepal's hydropower generation capacity siped out. The government has declared 5 and 6 October as a public holiday to prevent people from travelling during the Dasain festival, and to reduce risk. All highways in and out of Kathmandu closed till Monday. Flood-prone river corridor roads in Kathmandu have been closed after 6PM on Saturday. Meanwhile, all domestic flights were suspended from Kathmandu and other airports from 2PM Saturday, and most inbound international flights were diverted from 3PM onwards. Rerouted flights started arriving in kathmandu late Saturday as the core of the storm system moved east.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20251004151056_bad029b05dbfda622986270a798edc6efcc2791ff34f53b9d1283554ac72c39a.jpg" data-media-id="editor_6" data-image-id="20251004151056_bad029b05dbfda622986270a798edc6efcc2791ff34f53b9d1283554ac72c39a" data-rendition-name="original" width="2048" height="1365" loading="lazy" alt="heavy rainfall in Kathmandu 2025"> </figure>   <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20251004151052_9e740929c7ef0899b0f397195695b873bba45b089bb1e11cf37dbe125d0cd60d.jpg" data-media-id="editor_7" data-image-id="20251004151052_9e740929c7ef0899b0f397195695b873bba45b089bb1e11cf37dbe125d0cd60d" data-rendition-name="original" width="2048" height="1363" loading="lazy" alt="heavy rain in Kathmandu 2025"> </figure>   <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20251004151056_2b75c2ea57df76dae1c470f0e460720b7d258868258789729e491ab93cb41ebd.jpg" data-media-id="editor_8" data-image-id="20251004151056_2b75c2ea57df76dae1c470f0e460720b7d258868258789729e491ab93cb41ebd" data-rendition-name="original" width="2048" height="1365" loading="lazy" alt="heavy rainfall in Kathmandu 2025"> </figure>   <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20251004151056_6c045ac30e50710bcf3ca7b6ca4ac9c45e8d8881ed39f522779c860b0d3f15c3.jpg" data-media-id="editor_9" data-image-id="20251004151056_6c045ac30e50710bcf3ca7b6ca4ac9c45e8d8881ed39f522779c860b0d3f15c3" data-rendition-name="original" width="2048" height="1365" loading="lazy" alt="heavy rainfall in Kathmandu 2025"> </figure>   <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20251004151052_9ef160b8403764495b86159661cc9a11d9d7d3b848686a631e5ec8cff0c4c38f.jpg" data-media-id="editor_10" data-image-id="20251004151052_9ef160b8403764495b86159661cc9a11d9d7d3b848686a631e5ec8cff0c4c38f" data-rendition-name="original" width="2048" height="1365" loading="lazy" alt="heavy rain in Kathmandu 2025"> </figure>   <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20251004151052_e5825bcc6666e5235d9db2d4854a19cd6536335ebaf4cd65413acc601ceee3b5.jpg" data-media-id="editor_11" data-image-id="20251004151052_e5825bcc6666e5235d9db2d4854a19cd6536335ebaf4cd65413acc601ceee3b5" data-rendition-name="original" width="2048" height="1365" loading="lazy" alt="heavy rain in Kathmandu 2025"> </figure>   <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20251004151056_097077400e96f571f4418cd7b57c082045d86dd9035c31c5acd7ede2bfc54349.jpg" data-media-id="editor_12" data-image-id="20251004151056_097077400e96f571f4418cd7b57c082045d86dd9035c31c5acd7ede2bfc54349" data-rendition-name="original" width="2048" height="1365" loading="lazy" alt="heavy rainfall in Kathmandu 2025"> </figure>   <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20251004151056_30a4da8f384f6fe1a862e775124ae08ccf51c1db60e71e7e2d683e0f25f33546.jpg" data-media-id="editor_13" data-image-id="20251004151056_30a4da8f384f6fe1a862e775124ae08ccf51c1db60e71e7e2d683e0f25f33546" data-rendition-name="original" width="2048" height="1365" loading="lazy" alt="heavy rainfall in Kathmandu 2025"> </figure>  Madhes, Bagmati and Kosi provinces are the worst hit with Maheshpur in Rautahat district recording 270mm of rain as of 3PM on Saturday. Similarly, Gaur received 243.6mm, Kalaiya in Bara 200.6mm and Birganj 221.4mm. The Department of Meteorology did not blame climate change, but said the unusually heavy precipitation at a time when the monsoon is supposed to have ended was caused by the head-on collision between moisture-laden westerlies with the retreating monsoon.

More dark clouds over Nepal

Nepal won the first two matches, clinching the T20 series in the UAE, making history: this is the country’s first ever win, and series win, against a Test-playing country.&nbsp; On Tuesday night, Nepal lost the last game by 10 wickets. The West Indies easily met Nepal’s 122 runs in 19.5 overs. Despite that, Nepal had beaten the two-time T20 World Champions which is currently number 6 in T20 rankings. It is important to note that the West Indies are fielding a significantly weaker and younger team than they could. Caribbean heavy hitters Nicholas Pooran, Andre Russell and Shimron Hetmyer are currently resting or playing in domestic leagues. But that does not take away from the fact that, after two narrow misses against South Africa and Bangladesh at the 2024 T20 World Cup, Nepal has now beaten a Test-Playing nation, and done so convincingly.&nbsp; Nepal won the first match of the series on 27 September by 19 runs. Batting first after winning the toss, Nepal put up 148 for 8 after losing openers Kushal Bhurtel and Aasif Sheikh early.&nbsp; Rohit Paudel’s 38 and Kushal Malla’s 30 steadied the innings, and 148 was a reasonable target to defend on the tricky Sharjah pitch. The young Windies dropped a series of catches.&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20251001031052_5f24273f6da2f52f6414b7ecc485938a4c726431bfa7c2ba435bded3debe9f5a.jpg" data-media-id="editor_0" data-image-id="20251001031052_5f24273f6da2f52f6414b7ecc485938a4c726431bfa7c2ba435bded3debe9f5a" data-rendition-name="original" width="1440" height="960" loading="lazy" alt="Nepal defeats West Indies NT 1"> </figure>  Nepal’s fielding, in contrast, was excellent as it held the West Indies to 129 for 8. Dipendra Singh Airee and Kushal Bhurtel both had run outs, and the team held on to tricky catches throughout.&nbsp; The last ball of the match, with it already won, saw Bhurtel catch Fabian Allen off of Airee’s bowling, throw the ball in the air before stepping outside the boundary, before jumping back in to complete the catch legally.&nbsp; Head coach Stuart Law, former Australian Cricketer, was pleased with the performance. “We deserved it, we played a really good game of cricket. I thought our fielding in the first 15-17 overs was outstanding,” he said, predicting, “the West Indies will be hurt, they’re a proud nation. They’ll come out red-hot on Monday, so we got to be better than tonight.”&nbsp; Bhurtel was ecstatic at having beaten the two-time T20 World Champions. He pointed to the team’s versatility as a big strength. “We have a lot of players who can both bat and bowl. Gulsan (Jha) and Kushal Malla did not bowl at all, and Lalit (Rajbhansi) did not bowl out all of his overs.” And the team still used seven bowlers.&nbsp; If the first match was a surprise, then the second match was a shock. Nepal put up 173 for 6, with Aasif Sheikh hitting 68 not out and Sundeep Jora 63, the two putting up a hundred run fourth wicket partnership.&nbsp; They then bowled out the West Indies for a humiliating 83, with Mohammad Aadil Alam taking 4 for 24 and Kushal Bhurtel 3 for 16.&nbsp; There was more excellence in the field, with the Nepali team taking seven catches, many of them very tricky ones right on the edge of the ropes. This second win sealed the series victory, also a first for Nepali cricket. The margin of victory and the team’s overall dominance were both very obvious.&nbsp; Nepalis in the UAE showed up at the Sharjah Stadium in full support for the Rhinos, wearing jerseys, flags, and dhaka topis, raucously cheering on the team’s performance.&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20251001031052_217ceb7078e9c253f8db6fec57911eb8e56822e3fc20d520d39e06f475fd6d65.jpg" data-media-id="editor_1" data-image-id="20251001031052_217ceb7078e9c253f8db6fec57911eb8e56822e3fc20d520d39e06f475fd6d65" data-rendition-name="original" width="1440" height="960" loading="lazy" alt="Nepal defeats West Indies NT 1"> </figure>  Fresh on their minds must have been recent protests back home. The Cricket Association of Nepal dedicated the series to those who lost their lives. Captain Rohit Paudel also dedicated his man of the match award from the first T20 to the 74 people killed last month in Nepal.&nbsp; “Since last one month has not been that great for us, so slowly we are getting better. It is great to give a little happiness to the people of Nepal,” said Paudel.&nbsp; Leg-spinner Sandeep Lamichhane was notably absent from both matches, having excused himself from the squad for personal reasons.&nbsp; “It is what it is,” said coach Law. “we are a very competitive team and someone has to stand up in his place.”&nbsp; The wins also open the possibilities for further series, with countries such as Bangladesh, Pakistan or Zimbabwe.&nbsp; CHASING TESTS  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20251001031048_70fed823c34d91dfefc078cb5786c2ea04ad70387fbf09424a5304b926cc3e3c.jpg" data-media-id="editor_2" data-image-id="20251001031048_70fed823c34d91dfefc078cb5786c2ea04ad70387fbf09424a5304b926cc3e3c" data-rendition-name="original" width="1600" height="995" loading="lazy" alt="Nepal defeats West Indies"> </figure>  In international cricket, a ‘Test-playing nation’ is a country that is authorised to play Test Matches by the central governing body, the International Cricket Council (ICC). Test Matches are the longest format of the sport, lasting up to five days, and are the most prestigious.&nbsp; Currently, this exclusive group is made up of Australia, Bangladesh, England, India, Ireland, New Zealand, Pakistan, South Africa, Sri Lanka, West Indies, Zimbabwe, and Afghanistan.&nbsp; Nepal has a ways to go. To become a Test-playing nation, it must first become a full member of the ICC. To do this, they must consistently qualify for ODI and T20 world cups over eight years, and have at least two ICC-accredited venues for hosting matches — currently only the Tribhuvan University Cricket Ground qualifies.&nbsp; Nepal must also have significant youth development infrastructure, a good domestic setup, and a recognised governing body that is financially stable and not corrupt.&nbsp; With the current development of stadiums across Nepal and innovations such as the Nepal Premier League, and performances such as these, Nepal seems firmly on the way.&nbsp;

2-1 for Nepal against The Windies

Kathmandu: A Reader, the latest publication from Martin Chautari, is an anthology of anthropological essays exploring Kathmandu through various lenses across the 21st century. This compilation is edited by Benjamin Linder and attempts to bring modern discourses on Kathmandu and its urbanity together, in a single volume. The book is divided into three sections: the physical form of the city, the imprints it bears from past political upheavals, and the complexity in the lives of its people. The book examines these diverse aspects, leaving readers who have just witnessed the momentous events of September with anxiety, and perhaps a greater understanding of Kathmandu’s context. Urban planning expert Biresh Shah’s discourse on the Valley’s urban sprawl and its landmarks is insightful, but also prophetic when he warns about seismic risk.&nbsp; Jan Brunson’s chapter on female mobility in Kathmandu via scooters is more optimistic, suggesting small-scale, daily-life movements in Kathmandu transform the city for its various demographics — in this case young women.&nbsp; Linder himself contributes with a discourse on the toponymy of Thamel, close-reading Kathmandu’s tourist hub through the usage and understanding of its name over the ages. MYTHBUSTERS The book is a collage of pieces held together by a thread that runs through the chapters of a vibrant, bustling image of the Valley. One common theme is Linder’s attempt to expand on common understandings and urban myths about Kathmandu. Readers who have spent time in the city will relate to the many anecdotes. for example, Niels Gutschow bringing up the lack of open spaces, or Mark Liechty mentioning restaurants in Kathmandu being melting pots of cultures and castes.&nbsp; The essays here further extend these urban legends by giving historical and anthropological contexts. In-migration and the rise in land prices have led to shrinking open spaces, the creation of cosmopolitan food outlets, and even hubs for sex workers. The Bagmati cleanliness campaign extends to a past understanding of the Bagmati Civilisation. Urban myths become puzzles to be solved by connecting the various threads of discussion across the book. The sections in Kathmandu: A Reader are all by experts in their various fields and present a holistic, well-rounded picture. Yet, it is obvious there is still more ground to cover, more themes to explore — perhaps by more Nepali scholars.&nbsp; In his introduction, Linder admits that due to practical reasons, ‘many wonderful works were left on the cutting room floor’. That is a pity. Indeed, there could have been more discourse on the changing ethnic composition of Kathmandu. A close-read into the lives of people termed as ‘outsiders’ but forming a growing slice of the population would be important to also chart future trends. &nbsp; The religious importance of Kathmandu as a unique civilisational alloy forged by melding the Hindu and Buddhist faiths can be explored more too. One can imagine a future edition including an examination of the post-Covid era Kathmandu valley.&nbsp; This need to broaden the ethnographic literature on Kathmandu becomes more apparent because 11 out of the 15 essays here are written by non-Nepali scholars, including the entire section focusing on urban cultural politics. Linder explains in his introduction that this was largely due to the community of academics in Nepali urban studies being fairly small. Kathmandu: A Reader then becomes even more integral as a gateway for new authors looking to work in the space of urban research on the Valley — undergraduates in the humanities for future theses and research ideas.&nbsp; In a time when Kathmandu is littered with new exam coaching centres for medical and engineering students, an anthology like this helps remind young scholars that there is plenty of scope for qualitative research in the social sciences. Sabin Ninglekhu’s discourse on the sukumbasi and aesthetics in Kathmandu are reminders that stories and academic journeys can be inspired from one’s surroundings. Kathmandu: A Reader has a good balance between academic and lighter readings, and is almost encyclopaedic in nature. There is even content about Kathmandu’s gangsters and scooty girls — allowing readers to venture deeper into their milieu.&nbsp; Kshitiz Pratap Shah is a recent graduate in English from Ashoka University.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20251002051016_c8ce28ecfd0dde4986023822b3d40360ead97d29b7f186f6494d8da67021c5a5.jpg" data-media-id="editor_0" data-image-id="20251002051016_c8ce28ecfd0dde4986023822b3d40360ead97d29b7f186f6494d8da67021c5a5" data-rendition-name="original" width="1136" height="702" loading="lazy" alt="Kathmanu a reader"> </figure>

A reader for Kathmandu

Following the <a href="https://nepalitimes.com/news/nepal-s-8-september-massacre">uprising of 8-9 September</a>, the Nepal Army commenced a series of consultations concerning the transition process, during which the potential reinstatement of the monarchy was reportedly under consideration.&nbsp; However, former King Gyanendra Shah declined to pursue this option without a consensus among the political parties. This information was conveyed by Madhav Kumar Nepal, a former Prime Minister and a notable critic of the monarchy, in a newspaper article. The former king, for his part, delivered his annual Dasain message to the nation on 28 September. He emphasised, among other points, that the younger generation constitutes the foundation of the nation’s future.&nbsp; ‘Only the patriotic spirit, energy, and innovative thinking inherent in them can guide the nation toward strength, prosperity, and self-reliance. Let us reflect upon ourselves in the mirror of our country,’ he said. ‘Our political endeavours have often focused on destruction. Now, our initiatives should aim not at ruin but at improvement.’ Seventeen years <a href="https://nepalitimes.com/news/the-ghost-of-monarchy-returns-to-haunt-nepal">after Nepal abolished its monarchy</a> and became a federal secular democratic republic, the monarchy still influences the country’s political scene, mainly because of the persistent weaknesses of democratic institutions. Throughout much of its modern history, Nepal’s political landscape was controlled by the monarchy. During the partyless Panchayat system (1960-1990), the palace was consistently criticised for its authoritarian rule. However, it presented itself as the defender of national unity and sovereignty, especially against Indian influence. The 1990 People’s Movement transitioned Nepal into a constitutional monarchy. However, this period was marred by persistent instability, including the outbreak of a Maoist insurgency in 1996 and a royal palace massacre five years later.&nbsp; By 2005, when <a href="https://nepalitimes.com/here-now/tell-me-what-the-common-man-is-thinking">the new king, Gyanendra</a>, assumed full control, detaining politicians and restricting press freedoms, the monarchy’s legitimacy was already under scrutiny. The mass movement of 2006 resulted in the end of royal rule, leading to the official abolition of the 240-year-old Shah dynasty in 2008. Supporters of a republic saw this as the outcome of years of activism. In contrast, royalists viewed it as the sudden dismantling of an institution they believed had united Nepal. The new political framework aimed to promote stability, prosperity, and inclusion. However, Nepal has seen over 14 different governments in 17 years. Divided by factionalism, political parties have often focused on overthrowing rivals instead of effective governance. Widespread corruption persists. Infrastructure projects frequently face delays. Millions of young Nepalis leave the country to find jobs, resulting in the loss of many of the nation’s most talented individuals. The common belief that politicians amass wealth while ordinary citizens struggle has caused deep disillusionment. This serious situation led <a href="https://nepalitimes.com/news/international-spotlight-on-nepal">Nepal’s Generation Z to protest</a> in the streets. Within this broader context, for many, the monarchy has reemerged as a symbol of stability. To some, the king signifies unity that goes beyond partisan divisions. To others, the last Hindu monarch represents cultural continuity amid secular and federalist upheavals. <a href="https://nepalitimes.com/news/nepal-s-deja-vu-on-black-friday">Royalist demonstrations in Kathmandu</a> have mobilised tens of thousands. However, electoral support remains limited. The leading pro-monarchy party, the Rastriya Prajatantra Party (RPP), secured merely about 6 percent of the vote in the 2022 elections.&nbsp; Major political parties remain steadfast in their commitment to republicanism, and Nepal’s younger, globally connected population broadly <a href="https://nepalitimes.com/opinion/a-new-dawn-for-democracy-in-nepal">identifies with democracy</a>, despite frustrations with its shortcomings. Remembrances of King Gyanendra’s authoritarian rule serve as strong reminders of why the monarchy was abolished. However, this memory is gradually being replaced by more recent events.&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20251002111020_c018307c7b7dda363d04be3d65f01d132c81c62bae7ed2aa1ea235a12719b251.jpg" data-media-id="editor_6" data-image-id="20251002111020_c018307c7b7dda363d04be3d65f01d132c81c62bae7ed2aa1ea235a12719b251" data-rendition-name="original" width="1500" height="1000" loading="lazy" alt="monarchy in Nepal"> <figcaption>Photo: SAROJ BAIZU</figcaption> </figure>  PUBLIC IMPATIENCE Amid dissatisfaction with political parties, a question has emerged about whether the country needs an institution that can enforce discipline. As a result, calls for the reinstatement of the king are not just about Mr Gyanendra Shah, but also reflect a broader desire for government that is stable, accountable, and respectful. The influence of the monarchy extends into regional affairs. <a href="https://nepalitimes.com/here-now/america-nepal-and-the-royal-coup-qedzifz9">During the Cold War</a>, the palace adeptly balanced relations between India and China, positioning itself as the guardian of Nepal’s sovereignty.&nbsp; It also carefully navigated pressures from the United States and the Soviet Union. Today, as Nepal faces pressures from New Delhi, Beijing and Washington, some royalists perceive the monarchy as a safeguard against external interference. The <a href="https://archive.nepalitimes.com/article/editorial/autopsy-of-a-blockade%20,2863">2015 blockade imposed by India</a> impacted Nepal’s economy and led the country to seek closer comprehensive relations with China. As a result, India has adopted a more cautious approach toward Nepal’s republican leadership.&nbsp; China is viewed as supportive of centralised authority, in contrast to Nepal’s democratic institutions. There are perceptions that the United States, previously supportive of the monarchy, may once again consider it a stable partner. Officially, India, China, the broader international community, and major donors continue to support <a href="https://nepalitimes.com/here-now/the-story-so-far">Nepal’s post-2006 political order</a>. At the same time, they observe ongoing discussions among Nepalis about the possibility of a constitutional monarchy within a democratic framework. Following the recent unrest, some Nepalis believe that restoring the monarchy could create uncertainty for India and China, given Nepal’s complex political landscape. Others suggest that worries about perceived Western influence on the interim government through international NGOs might trigger serious soul-searching in New Delhi and Beijing. Despite its limited mandate to hold elections on March 5, 2026, t<a href="https://nepalitimes.com/news/nepal-pm-set-to-expand-her-cabinet">he interim government</a>, led by former Chief Justice <a href="https://nepalitimes.com/news/madam-prime-minister-of-nepal">Sushila Karki</a>, has an opportunity to start rebuilding public trust. Although the new government continues to enjoy popularity, there is evident public impatience regarding its delays in investigating corruption and misconduct by the previous leadership, as well as the incidents of killings, looting, and arson during the protests.&nbsp; The nation has been further unsettled by whispers of an impending and potentially more significant political upheaval prior to the upcoming elections. Republicans believe that demonstrating the effectiveness of democracy is the best way to mitigate calls for a monarchy. However, if the leadership fails to address key issues such as corruption, unemployment, and institutional strengthening, it could further boost the monarchy’s influence – and potentially lead to its comeback. Sanjay Upadhya is the author oand analyst based in the Unoited States. Originally posted <a href="http://originally%20published%20at%20https//www.linkedin.com/pulse/why-monarchy-still-sways-nepals-republic-sanjay-upadhya-pe4xe" target="_blank">here.</a>

economic-policy

Monetary politics

Mind the Gap

More dark clouds over Nepal

2-1 for Nepal against The Windies

A reader for Kathmandu

Why the monarchy still sways Nepal’s republic