Saturday and Sunday is a public holiday in Nepal from 1st of Jestha 2079

Nepal Government has decided to give a public holiday on Saturday and Sunday from the 1st of Jestha 2079. The school and colleges also remain closed on Saturday and Sunday. The timing of operation will be from 09:30 am to 04:30 pm. Other holidays are not considered and cut down for the student to not hamper their educations. Nepal’s foreign reserve is in not so good state. While office timing will be from 09:30 am to 05:00 pm.

Import restrictions already going on various products. The decision of public holidays on Saturday and Sunday is to save fuel expenses and foreign reserves is the opinion of the government. This is one of the major decisions by the government. what will be the impact of it, we will find later.

Development in the field of Foreign Reserve

  • Import restriction on luxurious goods
  • Public Holidays on Saturday and Sunday
  • Loans from World Bank

 

What will be the outcome of the public holidays on Saturday and Sunday?

It is expected to decrease the fuel expenses from it. It is tough to comment yet what will be the outcome of such a decision. Definitely, the education of students will be impacted by it. First COVID and now the economic crisis is going to put an impact on the education of our students. We have to reduce our dependency on remittance and increase the productivity of the nation.

Why foreign reserve of a Country is important

According to IMF guidelines here is the reason why the foreign reserve is important.

  • Support and maintain trust in monetary and exchange rate policies, including the ability to intervene in support of the national or union currency;
  • Limit external vulnerability by keeping foreign currency liquidity on hand to absorb shocks during times of crisis. When borrowing is restricted, and by doing so;
    provide markets with confidence that a country will be able to meet its external obligations.
  • Demonstrate the use of external assets to back up the domestic currency.
  • Help the government meet its foreign exchange requirements and external debt obligations.
  • Keep a reserve fund for national disasters or emergencies.

 

Conclusion on a Public holiday on Saturday and Sunday

We have to respect the decision of the government and believe in our government during this kind of situation. Also, the usage of domestic products will help our economy to some extent. Export promotion is a great idea and we should promote it. Avoid the usage and import of luxurious items and consume locally. Give importance to local companies and products. Following IMF guidelines and Keeping foreign relations good will help in this situation. Avoiding bad loans is always good for countries and individuals. Public holidays on a Saturday and Sunday will not impact in the long term.

 

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