KATHMANDU: The Nepal Rastra Bank is set to withdraw Rs 200 billion from the banking system on Friday. The central bank will collect the deposits for a period of 20 days.
The bidding process for the deposit collection is scheduled for 2 pm today. Financial institutions can submit bids for a minimum of Rs 100 million, with additional bids allowed in multiples of Rs 100 million up to the total amount called by the central bank.
Participants are required to specify the amount they intend to deposit and the interest rate. The central bank stated that multiple bids at different interest rates are permitted. Only A, B, and C class banks and financial institutions licensed by the Nepal Rastra Bank are eligible to participate in the bidding process.
The principal and interest payments are scheduled for Dec. 3. The interest rate will be determined through the bidding process.
