Kathmandu: Finance Minister Swarnim Wagle has clarified that the government has no plans to introduce demonetisation, putting to rest growing speculation in recent weeks.
Responding to a user on the social media platform X, Wagle stated that the current government will not pursue a policy similar to India’s 2016 demonetisation drive. The user, who goes by the name “Airline Guy,” had urged the minister and the Finance Ministry not to adopt such a move for populist reasons, warning that it would hurt the poor and damage the broader economy.
In a brief reply, Wagle responded, “We won’t,” making the government’s position clear.
The debate around demonetisation has recently gained traction in Nepal, with some voices calling for a ban on high-denomination notes such as Rs 500 and Rs 1,000 as a way to tackle corruption and black money.
The discussion intensified following the Gen-Z protests, during which large amounts of cash were reportedly burned at the residences of some senior political leaders, reigniting calls for stricter monetary measures.
Amid expectations that the new government led by the Rastriya Swatantra Party would take bold economic steps, rumours of possible demonetisation had created uncertainty in the market. With speculation spreading at the local level, the finance minister’s statement has now provided clarity that such a policy is not under consideration.
Comment Here