One And A Half Billion Benefit To The State Without Printing New Notes As Nepal Rastra Bank did not print new notes this year targeting Dasaantihar, the pressure of note level has decreased sharply.
Last year, the National Bank issued 14 and a half billion new notes in Kathmandu Valley alone and 29 billion in the whole country. This year it is limited to around four billion rupees. This is almost 25 billion less.
According to Basudev Bhattarai, Director of Rashtra Bank Currency Management Department, this year, it is estimated that around 2 billion notes have been issued by Rashtra Bank’s subordinate offices and the same amount from other banks.
The bank did not have to deal with the hassle of managing additional manpower for the sake of saving the cost of not printing new notes. According to him, almost one and a half billion was spent on printing new notes last year.
This year, the bank has emphasized the use of clean and dry notes, which are currently in circulation without printing new notes. According to the policy of the bank, during this year’s festivals, including Dussehra, Sukila notes will be used as usual.
He said that new notes were not printed this time so that they could be used according to the current practice as long as they could be used, as the old notes were automatically destroyed by being pressed and dried.
It is expected that after the National Bank insists on the use of traditional notes, the pressure on the currency will be reduced and the wasteful expenses that may be incurred in the name of new notes will also be stopped to some extent.
Emphasizing that the use of clean and dry notes should be continued, he expressed his belief that more dry notes will continue to be used in the coming year.
