For the last three years, the National Bank has been regularly withdrawing money from the market twice a week, on Sundays and Wednesdays.
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The Nepal Rastra Bank is set to withdraw another 90 billion rupees today (Sunday) after the excess liquidity in the financial system did not decrease.
As the amount of money that can be lent to banks and financial institutions (liquidity) is high, the National Bank has been withdrawing money for a long period in recent days. In the same vein, the National Bank is going to withdraw the amount for 84 days today through deposit collection equipment.
For the last three years, the National Bank has been withdrawing money from the market regularly twice a week on Sundays and Wednesdays. In the early days, the National Bank, which used to withdraw money for a short period, has now started withdrawing money for a long period.
Banks and financial institutions that want to place money in deposit collection can bid online until 2 pm today, according to a notice issued by the National Bank.
Only banks and financial institutions of category 'A', 'B' and 'C' will be allowed to participate in the bidding for deposit collection equipment. The National Bank has also stated that the deposit collection equipment purchased in this way can be used as collateral in other banks and financial institutions.
The notification issued by the Nepal Rastra Bank states that bids can be made for deposit collection with a minimum of 100 million rupees and a maximum of 50 million rupees, leaving the remainder. The bids for deposit collection will be made at interest rates, while multiple bids can also be made at multiple interest rates, the notification issued by the Nepal Rastra Bank states.
