Nepal Rastra Bank Limits Dashain Distribution of New and Crisp Banknotes
Summary
Nepal Rastra Bank will skip the usual large-scale Dashain exchange of new and crisp banknotes this year, citing damage from recent floods, landslides and heavy rainfall. Banknotes will instead be distributed through regular demand-based channels, while small-denomination notes worth an estimated Rs 10 billion to Rs 15 billion are expected to enter circulation.
Key Points
- Nepal Rastra Bank will not conduct its usual festive large-scale exchange of new and crisp banknotes for Dashain this year.
- The central bank says distribution will be based on actual demand because recent floods, landslides and heavy rainfall caused losses and require tighter currency management.
- People can still obtain new and crisp notes through regular exchange counters, and banks and financial institutions will distribute them through their branches and service points.
- NRB estimates that Rs 10 billion to Rs 15 billion in small-denomination banknotes could circulate during Dashain, mainly for Dakshina and festive use.
