NRB to Absorb Rs. 18 Billion from Market

Nepal Rastra Bank (NRB) has announced plans to collect Rs. 18 billion in deposits from the market as part of its liquidity management measures. The Monetary Management Department of the central bank will collect the deposits through a 90-day deposit collection instrument. The auction will be conducted through the Online Bidding System Software (OBSS) by 3:00 PM on Bhadra 18, with the principal and interest scheduled for repayment on Mangsir 16, 2083. The interest rate will be determined through the auction process. Only Class ‘A’, ‘B’ and ‘C’ banks and financial institutions licensed by NRB will be eligible to participate. Each institution can submit applications starting from Rs. 10 crore, with bids required to be in multiples of Rs. 5 crore up to the total amount called for.