NRB in Dock for Currency Shortage

Kathmandu, November 4 The probe committee formed to investigate the currency note shortage submitted its report to Minister for Finance Surendra Pandey here today.

Nepali financial institutions faced an acute shortage of currency notes during Dashain and Tihar festivals.

Ministry of Finance (MoF) formed a three-member probe committee on October 7 under the leadership of Dr Mangal Siddhi Manamdhar to investigate currency printing process and distribution. Nepal Rastra Bank (NRB) officials are responsible for the shortage of currency note, the report said.

Lack of leadership is the major cause behind the shortage, it said. The report also blamed inefficient management including poor monitoring of currency note printing. It has suggested necessary measures to avoid such situations in future.

MoF has promised to implement the suggestions as soon as possible. The implementation process started today, an MoF press statement read. Other members of probe committee are former finance secretary Bhanu Prasad Acharya and Abanindra Kumar Shrestha.