Author Topic: Nepal: New Banknotes  (Read 875 times)

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Offline Bimat

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Nepal: New Banknotes
« on: September 24, 2011, 04:54:51 AM »
NRB to issue Rs 30b worth of new banknotes

KATHMANDU, Sept 24: Nepal Rastra Bank (NRB) has said it is issuing Rs 30 billion worth of clean and new banknotes into circulation this year in its bid to fulfill people´s demand for fresh notes during Dashain and Tihar festivals.

The central bank decided to issue such a big volume of fresh notes after its Currency Management Department estimated that the demand for new notes could jump by 30 percent this year.

Last year, the central bank had issued Rs 22 billion worth of fresh notes, including Rs 15 billion worth of new notes, in the market. Still, public had complained of not being able to get hold of fresh notes in sufficient quantity.

Demand for fresh notes rises during festive seasons, particularly Dashain, due to long-running practice of using fresh notes while participating in various rites and social activities, including providing cash as gift to children and elders.

“We have already supplied to all banks and financial institutions (BFIs) in the Kathmandu Valley as much fresh notes as they demanded.

NRB´s regional offices and banks handling Note Fund on our behalf, too, have received fresh notes for distribution. There will not be a shortage of fresh notes this year,” said NRB Spokesperson Bhaskar Mani Gyawali.

Stating that the central bank has instructed BFIs to issue as much fresh notes as they want, Gyawali told Republica, “People can now approach BFIs for the supply of fresh notes.”

As for the people who prefer to get the fresh banknotes from central bank, NRB has opened two counters at its office in Thapathali. “If required, we will also add the number of counters,” added Gyawali.

He also said the central bank was even prepared to issue additional fresh notes if there is demand.

NRB has been injecting additional banknotes in circulation every year, mainly during Dashain festival as consumption soars rapidly during the festive season.

Currently, there is Rs 160 billion worth of bank notes into circulation in the market.

Source: My Republica
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