For the last three years, the National Bank has been regularly withdrawing money from the market on Sundays and Wednesdays.
We use Google Cloud Translation Services. Google requires we provide the following disclaimer relating to use of this service:
This service may contain translations powered by Google. Google disclaims all warranties related to the translations, expressed or implied, including any warranties of accuracy, reliability, and any implied warranties of merchantability, fitness for a particular purpose, and noninfringement.
Nepal Rastra Bank is set to withdraw Rs 30 billion today (Wednesday). The Rastra Bank has been withdrawing money for a long period of time in recent days as the excess liquidity in the financial system has not decreased. In the same vein, it is going to withdraw the mentioned amount from the market for 42 days today.
For the last three years, the NRB has been regularly withdrawing money from the market on Sundays and Wednesdays. Banks and financial institutions that want to deposit money can bid online until 2 pm today, according to a notice issued by the NRB.
Only banks and financial institutions of categories 'A', 'B' and 'C' will be allowed to participate in the bidding for deposit collection equipment. The NRB's notice also states that the deposit collection equipment purchased in this way can be used as collateral in other banks and financial institutions.
The NRB's notice states that the bid can be divided by a minimum of 100 million and a maximum of 50 million rupees, leaving a remainder. The bid for deposit collection will have to be made at the interest rate, and multiple bids can also be made at multiple interest rates, the NRB has stated.
