Kathmandu: Nepal Rastra Bank (NRB) has circulated more than Rs 62 billion worth of currency notes, both new and old, in the market for the Dashain festival.
Following the start of the exchange of new crisp notes for Dashain, the central bank has sent over Rs 62 billion in notes into circulation.
The Rastra Bank had begun exchanging crisp notes for Dashain from September 14. Although new Rs 5 notes were exchanged, notes ranging from Rs 1 to Rs 100 denominations were mostly older ones labelled as “crisp” and reintroduced into the market.
According to NRB data, a total of Rs 62 billion in notes — including both crisp and higher denomination notes — were circulated for Dashain.
Before the exchange programme began, on September 14, the amount of currency in circulation outside the central bank stood at Rs 739.36 billion.
By September 27, just before the Dashain holidays, the amount had risen to Rs 793.79 billion. After the festival, by October 5, the figure reached Rs 801.14 billion, according to the central bank.
NRB also noted that since cash in ATMs had run out during Dashain, commercial banks withdrew additional cash from their vaults, which led to an increase in the amount of currency circulating outside the central bank immediately after the festival.
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