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Nepal Rastra Bank to withdraw Rs 30 billion from market for 179 days

. KATHMANDU: Nepal Rastra Bank (NRB), the central bank of Nepal, is set to collect deposits worth Rs 30 billion from the market on Monday to manage excess liquidity in the financial system. Nepal Rastra Bank (NRB) has invited bids to withdraw the amount through a deposit collection device with a period of 179 days.

According to the NRB, only the licensed ‘A’, ‘B’ and ‘C’ class banks and financial institutions can participate in the bidding.TAG_OPEN_div_18 The bidding for the deposit collection will be done through an online purchase system on Monday and the interest rate will be determined through a competitive bidding process.

Preference will be given to the institution with the lowest interest rate when allotting

. According to the NRB, the amount of up to Rs 30 billion will be distributed gradually on the basis of this.

Bids can be made from a minimum of Rs 10 crore on the deposit collection device.TAG_OPEN_div_14 The maximum amount will be within the limit of the total call amount, while the maximum amount will be divided by Rs 5 crore.

This time, the principal and interest of the deposits to be collected will be paid on January 22, 2083.

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