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.
Travel Notes:
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?
Political Structure
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).
Prominent Figures
King: Gyanendra Bir Bikram Shah Dev
Prime Minister: Girija Prasad Koirala (since 30 April 2006)
Chairman & Governor of the Central Bank of Nepal (also known as the Rastra Bank): Bijaya Nath Bhattarai (since January 2005)
Key Economic Factors
Economic Overview: 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.
Industries: Meatpacking, fish processing, dairy products, and mining (diamond, lead, zinc, tin, silver, tungsten, uranium, copper).
Import Commodities: Foodstuffs, petroleum products and fuel, machinery and equipment and chemicals.
Export Commodities: Diamonds, copper, gold, zinc, lead, uranium, cattle, processed fish and karakul skins.
Major Trading Partners: European Union and US.
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