Monday, September 21, 2009

Festive Season Currency Crisis

For want of appropriate management of new notes for the festival season, Nepal Rastra Bank has been able to fulfill only 10 per cent of the total demand for new notes.

Uma Kant Thapaliya, president of Nepal Rastra Bank Employee Association (NRBEA), at the head office in Thapathali said that there is always a scarcity of new notes during the festival season but still there has never been any concern regarding the masses' demand fulfillment. According to him, the scarcity of new notes can be easily noticed at intervals of six months but there are no initiatives taken on time and during peak season the general people and also financial institutions that has its account at NRB has to suffer with scarcity of notes.

Though NRB is going to distribute 180 boxes of new 500 notes that will not be enough, said Thapaliya adding that even banks and financial institutions at present do not have of the new notes or are bound to keep notes of 10-20 denominations due to shortage of notes of 500 denomination.


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