NRB to auction Rs 60 billion in 31-day deposit collection instrument

Kathmandu: Nepal Rastra Bank (NRB) is issuing a 31-day deposit collection instrument worth Rs 60 billion through a competitive bidding process.

According to the central bank, eligible Class ‘A’, ‘B’ and ‘C’ banks and financial institutions can submit bids through the online bidding system by 3:00 p.m. today.

The interest rate will be determined through the bidding process. Both the principal and interest will be paid on September 7.

The NRB said bids can be submitted in multiples of Rs 100 million, and the allocation will be made by giving priority to the lowest interest rates quoted. If bids at the same interest rate exceed the amount on offer, the allocation will be made on a pro-rata basis.