What is the Nepalese Rupee (NPR)?
Credit Ratings & Outlook
Sovereign credit ratings play an important part in determining a country’s access to international capital markets, and the terms of that access. Sovereign ratings help to foster dramatic growth, stability, and efficiency of international and domestic markets.
In 2010 the total GDP was $15,721,827,206 in US Dollars, while the per capita GDP was $524. It grew by 4.55% over the previous year.
The latest unemployment rate for 2008 is 2.70%.
Consumer Price Index
The latest consumer price index for 2010 is 155.35.
The current head of the government is Prime Minister Baburam Bhattarai, and the head of state is President Ram Baran Yadav (in a ceremonial role).
The Nepalese Rupee, also denoted by NPR, is the official currency used in Nepal. The NPR is tied to the Indian Rupee (INR), being 5/8 its value.
When traveling to Nepal, it is helpful to be aware of the three main currency exchange rates: The Rastra Bank rate – this is the rate set by the government’s official bank. Private banks’ rate – these rates are slightly more generous but still legal. Black market rate – these most generous (but illegal) rates are the ones set by carpet shops and travel agents. The daily Rising Nepal newspaper lists the Nepal Rastra Bank’s rate, which is a useful reference point. Exchange rates and commissions can vary a great deal so it is best to explore all options before exchanging money.When you change money legally, you receive a Foreign Exchange Encashment Receipt which shows the amount of hard currency you have exchanged. If leaving Nepal from the Kathmandu airport without having spent all of your rupees, you can exchange up to 15% of the amount shown on these unused receipts back into hard currency.
Sovereign Ratings for Nepal
Nepal is not rated.
What does it look like?
The government of Nepal is a parliamentary democracy and constitutional monarchy, composed of three branches. The executive branch is comprised of the chief of state, the head of government (the prime minister) and the cabinet (which is appointed by the monarch on the recommendation of the prime minister). As the monarch is hereditary, there are no elections. The legislative branch consists of a bicameral parliament, namely the National Council (60 seats; 35 appointed by the House of Representatives, 10 by the king, and 15 elected by an electoral college; one-third of the members elected every two years to serve six-year terms) and the House of Representatives (205 seats; members elected by popular vote to serve five-year terms).
Chief of State President Ram Baran YADAV (as of 23 July 2008); Vice President Paramananda JHA (as of 23 July 2008) Head of Government Prime Minister Madhav Kumar NEPAL (as of 25 May 2009); Deputy Prime Ministers Bijay Kumar GACHHADAR and Sujata KOIRALA Cabinet cabinet formed in May 2009 by a majority coalition made up of the Communist Party of Nepal-United Marxist-Leninist, Nepali Congress, Madhesi People’s Rights Forum, Nepal-Democratic, and several smaller parties Elections president elected by Parliament; term extends until the new constitution is promulgated; election last held 21 July 2008; date of next election NA Election Results Ram Baran YADAV elected president by the Constituent Assembly in a second round of voting on 21 July 2008; Ram Baran YADAV 308, Ram Jaja Prasad SINGH 282
Key Economic Factors
Namibia’s economy has taken on particular dependence on the extraction and processing of minerals for export. Mining revenues account for one-fifth of GDP. Rich diamond deposits make Namibia a primary source for gem-quality diamonds. Namibia is the fourth-largest exporter of non-fuel minerals in Africa, the world’s fifth-largest producer of uranium, and the producer of large quantities of lead, zinc, tin, silver, and tungsten. About half of the population depends on subsistence agriculture for its livelihood. There is an uneven distribution of wealth throughout Namibia that is hidden by its high GDP per capita. Privatization of several enterprises in different industries may stimulate long-run foreign investment.
Meatpacking, fish processing, dairy products, and mining (diamond, lead, zinc, tin, silver, tungsten, uranium, copper).
Foodstuffs, petroleum products and fuel, machinery and equipment and chemicals.
Diamonds, copper, gold, zinc, lead, uranium, cattle, processed fish and karakul skins.
Major Trading Partners:
European Union and US.
1 Nepalese Rupee to:
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- Other Currencies Accepted: All major currencies, but theUnitedStates Dollar and BritishPound Sterling are the mostwidely accepted.
- Currency Peg:Yes
- Black Market for Currency:Probable
- Currency Volatility:0.43
- Estimated GDP Per Capita:.25 billion (2009 est.) .76 billion (2008 est.) .16 billion (2007 est.) note: data are in 2009 US dollars
- Languages Spoken:Nepali 47.8%, Maithali 12.1%, Bhojpuri 7.4%, Tharu (Dagaura/Rana) 5.8%, Tamang 5.1%, Newar 3.6%, Magar 3.3%, Awadhi 2.4%, other 10%, unspecified 2.5% (2001 census) note: many in government and business also speak English (2001 est.)