- Nepal’s share market will stay open on Friday from Jestha 2079
- The decision comes after the government enforces a two-day holiday a week policy
- SEBON has already directed NEPSE to keep its services online
Nepali share market will stay open on Friday from Jestha 1st. The decision comes after the government announced a 2-day holiday a week policy. This forced a change in the share market operational readjustments.
SEBON (Securities Board of Nepal) has already directed Nepal Stock Exchange (NEPSE) to keep its services online on Friday starting Jestha.
Prior to this, the share market only opens 5 days a week from Sunday to Thursday. On Friday, no share market would shut. But with the weekend decision, people feared the market might go into service for only 4 days. Clearing the confusion, SEBON revised its own policy to maintain a 5-day share market operation. Now, the share market will open from Monday to Friday.
At a recent event by Federation of Nepalese Chambers of Commerce and Industry (FNCCI) on Mature capital market discussion, SEBON chair Ramesh Kumar Hamal said NEPSE was already directed to keep share market open on Friday. From now on, Friday will replace Sunday for the readjusted share market days.
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Changes in part to conserve foreign currency reserves
Lately, the government has been forced to take stringent measures to conserve foreign currency reserves. Already, the import of luxury goods is banned till the end of the current FY 078/79. Earlier, the NRB had asked commercial banks not to issue LC for the import of luxury goods too.
The latest 2-day holiday decision is also part of the very initiative. The government believes it would help cut down fuel usage which is responsible for a large share of currency outflow from Nepal. But the previous government had also teased about weekends citing international practices and promoting domestic tourism.
Are you relieved that the share market will also remain open on Friday? Tell us how you feel about this in the comments belwo.