Kathmandu: Nepal Rastra Bank (NRB) has directed banks and financial institutions to make new Rs. 100 banknotes available through ATMs during Dashain and other upcoming festivals.
Some banks and financial institutions have already begun distributing new Rs. 100 notes through newly configured ATMs.
NRB Spokesperson Guru Prasad Paudel said arrangements have been made to ensure people can obtain clean and crisp banknotes from the central bank and commercial banks without a separate campaign for distributing new notes for Dashain.
The distribution of clean and crisp banknotes has been underway since September 17 through the NRB’s Thapathali office, provincial offices and commercial banks.
NRB Discourages Festival-Specific New Note Distribution
Paudel said the NRB has gradually discouraged the practice of introducing new banknotes into circulation specifically for festivals over the past four to five years. He said currency exchange is a routine service and does not necessarily require a separate formal notice.
He added that the Bhote Koshi flood, which caused significant loss of life and property shortly before the festival season, made it inappropriate to issue a formal notice specifically for Dashain.
As of September 16, currency in circulation stood at Rs. 794 billion, according to Paudel. The NRB estimates that currency in circulation will increase by around 8 to 10 percent during Dashain.
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