
The NEPSE Journal
Market commentary, data deep-dives, and trading notes from the NEPSE Trading desk.

In the first two months of FY 2025/26, Nepal’s provincial governments achieved a Rs 21.03 billion surplus, and local governments improved their balance by Rs 36.49 billion, according to NRB. This combined Rs 57 billion fiscal cushion helped offset part of the federal deficit. Despite healthy liquidity, analysts urge stronger capital spending to ensure that fiscal surpluses translate into real development outcomes.