Nepal Rastra Bank (NRB) has announced plans to withdraw Rs 35 billion from the market in an effort to manage liquidity. The central bank will raise this amount by collecting deposits for a 21-day period through a competitive bidding process. It has called on banks and financial institutions to submit their proposals, with the bidding scheduled to take place online at 3 pm on Wednesday.
According to the NRB, the principal and interest of the collected deposits will be repaid on May 28. This latest move follows previous efforts by the central bank, during which it had already withdrawn Rs 134 billion using similar deposit collection tools, with those funds still yet to mature.
