KATHMANDU, Sept. 22 -- The ongoing scarcity of banknotes will not be resolved before Dashain. Nepal Rastra Bank (NRB) has delivered 500-rupee notes worth Rs. 3 billion out of the Rs. 4.8 billion that arrived last week. The central bank is planning to put Rs. 800 million worth of notes in circulation on Tuesday.
NRB has failed to fulfil the increasing demand for fresh notes ahead of the festive season. According to Sashin Joshi, president of the Nepal Bankers' Association, a single bank needs Rs. 60 million daily to meet the demand. With 26 commercial banks in operation, these banks need Rs. 1.50 billion daily.
The central bank has set a limit on the amount of fresh notes …
Note crisis to outlast DashainKATHMANDU, Sept. 22 -- The ongoing scarcity of banknotes will not be resolved before Dashain. Nepal Rastra Bank (NRB) has delivered 500-rupee notes worth Rs. 3 billion out of the Rs. 4.8 billion that arrived last week. The central bank is planning to put Rs. 800 million worth of notes in circulation on Tuesday.
NRB has failed to fulfil the increasing demand for fresh notes ahead of the festive season. According to Sashin Joshi, president of the Nepal Bankers' Association, a single bank needs Rs. 60 million daily to meet the demand. With 26 commercial banks in operation, these banks need Rs. 1.50 billion daily.
The central bank has set a limit on the amount of fresh notes …
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