The central bank has issued Rs 11 billion worth of new banknotes to different banks and financial institutions meant for Dashain till Monday.
Executive director at the Currency Management Department of the central bank Laxmi Prapanna Niraula said that the Nepal Rastra Bank (NRB) has circulated new notes of Rs 5, Rs 10, Rs 20, Rs 50 and Rs 100 denomination worth Rs 11 billion over the last one week.
The central bank had started the distribution of new currency notes to the public from September 13.
"The demand for new notes in banks and financial institutions is increasing," he said, adding that the central bank expects the demand for new banknotes during Dashain this year to increase by almost 20 per cent compared previous Dashain. "NRB had issued new currency notes worth Rs 11 billion during Dashain last year."
The central bank might circulate around Rs 14 billion in new notes in the market this Dashain. However, the central bank will issue new banknotes to financial institutions and public up to September 26 only.
The demand for new currency notes during Dashain is increasing every year also due to expansion of the banking system across the country apart from increase in purchasing capacity of people.
According to the central bank, an individual can exchange new notes upto Rs 27,000 per person.
Different banks and financial institutions have been distributing new banknotes to the public but Nepal Bank, Agricultural Development Bank and Rastriya Banijya Bank are providing the exchange facility of new notes worth only Rs 20,000 from their 16 branches across the country.
The central bank also expects to circulate an additional Rs 4 billion worth of small denomination notes – Rs 5, Rs 10, Rs 20, Rs 50 and Rs 100 – before the Dashain vacation begins.
“We are expecting the demand for small denominations to hit Rs 15 billion this year,” central bank spokesperson Narayan Prasad Poudel said, adding that there will not be a shortage of new notes this year.
The central bank has set up counters at its currency management department at Thapathali and 16 branches of Rastriya Banijya Bank Nepal Bank and Agricultural Development Bank in order to meet such demand.
Executive director at the Currency Management Department of the central bank Laxmi Prapanna Niraula said that the Nepal Rastra Bank (NRB) has circulated new notes of Rs 5, Rs 10, Rs 20, Rs 50 and Rs 100 denomination worth Rs 11 billion over the last one week.
The central bank had started the distribution of new currency notes to the public from September 13.
"The demand for new notes in banks and financial institutions is increasing," he said, adding that the central bank expects the demand for new banknotes during Dashain this year to increase by almost 20 per cent compared previous Dashain. "NRB had issued new currency notes worth Rs 11 billion during Dashain last year."
The central bank might circulate around Rs 14 billion in new notes in the market this Dashain. However, the central bank will issue new banknotes to financial institutions and public up to September 26 only.
The demand for new currency notes during Dashain is increasing every year also due to expansion of the banking system across the country apart from increase in purchasing capacity of people.
According to the central bank, an individual can exchange new notes upto Rs 27,000 per person.
Different banks and financial institutions have been distributing new banknotes to the public but Nepal Bank, Agricultural Development Bank and Rastriya Banijya Bank are providing the exchange facility of new notes worth only Rs 20,000 from their 16 branches across the country.
The central bank also expects to circulate an additional Rs 4 billion worth of small denomination notes – Rs 5, Rs 10, Rs 20, Rs 50 and Rs 100 – before the Dashain vacation begins.
“We are expecting the demand for small denominations to hit Rs 15 billion this year,” central bank spokesperson Narayan Prasad Poudel said, adding that there will not be a shortage of new notes this year.
The central bank has set up counters at its currency management department at Thapathali and 16 branches of Rastriya Banijya Bank Nepal Bank and Agricultural Development Bank in order to meet such demand.
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