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From 1967 to 1975, the government pegged the Nepalese rupee against the Indian rupee, the US dollar and gold, starting at रु1.35 = ₹1, रु10.125 = US$1 and रु1 = 0.08777g gold. By the time the gold peg was removed in 1978, the exchange rate was रु1.39075 = ₹1, रु12.50 = $1 and रु1 = 0.0808408g gold. [2]
Pakistan's total exports to Nepal are worth US$1.631 million, while Nepal's exports to Pakistan tally $3.166 million. [12] Both countries have recently stepped up efforts to promote bilateral trade, especially in textiles, oilseeds, extraction of oil and tourism; Pakistan also offered a US$5 million line of credit to Nepal.
Five paisa coin first used in 1965 1 paisa coin first used in 1972 5 paisa coin used in 1974. In 1948, coins were introduced in denominations of 1 pice, 1 ⁄ 2, 1 and 2 annas, 1 ⁄ 4, 1 ⁄ 2 and 1 rupee. 1 pie coins were added in 1951. In 1961, coins for 1, 5 and 10 pice were issued, followed later the same year by 1 paisa, 5 and 10 paise coins.
LG was also an official supplier to Virgin Racing and Lotus Racing team, plus engine manufacturer Cosworth from 2010 to 2012. [100] LG also sponsors London Fashion Week and the LG Arena in Birmingham. [101] During the period 2001–2003, LG sponsored the snooker Grand Prix. During these years the tournament was known as the LG Cup. In 2008, LG ...
[1] [2] Kathmandu is the nation's capital and largest city. Nepal's gross domestic product (GDP) for 2024 was estimated at over $43 billion (adjusted to nominal GDP ). [ 3 ] In 2010, agriculture accounted for 36.1%, services comprised 48.5%, and industry 15.4% of Nepal's GDP. [ 4 ]
Currency substitution is the use of a foreign currency in parallel to or instead of a domestic currency. [1]Currency substitution can be full or partial. Full currency substitution can occur after a major economic crisis, such as in Ecuador, El Salvador, and Zimbabwe.
It has a total area of 148,006.67 square kilometers and a population of 29.16 million. [1] It has a small economy, with a GDP of $42 billion in 2024, amounting to about 1% of South Asia and 0.04% of the World's GDP. Nepal's total energy consumption in 2019/2020 was 14.464 million tons of oil equivalent, increased from 10.29 Mtoe in 2012. [2]
The economy of Nepal is a developing category and is largely dependent on agriculture and remittances. [6] Until the mid-20th century Nepal was an isolated pre-industrial society, which entered the modern era in 1951 without schools, hospitals, roads, telecommunications , electric power, industry, or civil service.