With festival season close, bank loans for imports halve, bankers’ data shows

Low spending outlook around Dashain clearly suggests that Nepal’s economy, 82 percent of which is driven by consumption, will continue to slide, economists say.

In the first two months of the last fiscal year, NMB Bank had issued letters of credit, or LCs in common usage, worth Rs6.5 billion. During the same period this fiscal year, it has issued them worth just Rs3.5 billion.