Kathmandu. Nepal Rastra Bank (NRB) has been continuously drawing money due to high liquidity in the banking system.
Rastra Bank is drawing liquidity from banks and financial institutions using deposit collection tools. Even today, the Rastra Bank is going to withdraw Rs 60 billion from the banking system. The bidding for the same will continue till 3 pm today.
The bid amount is yet to mature. Since that date, the central bank has withdrawn money from banks and financial institutions six times.
Nepal Rastra Bank (NRB) has withdrawn Rs 212.3 0 billion from banks and financial institutions by bidding five times from June 1to June 30. In these five instances, the central bank tried to pull out Rs 235 billion. However, the bank gave only Rs 212.30 billion.
Rastra Bank had tried to withdraw Rs 60 billion from banks and financial institutions today. Banks and financial institutions have agreed to keep Rs 56.20 billion in the Rastra Bank.
Therefore, it seems that the Rastra Bank will have more than Rs 268 billion including today. On an average, banks and financial institutions will get less than 3 percent interest on this amount.
Although deposits have increased in the banking system in recent times, the expansion of credit has not gained momentum. As a result, banks are being forced to keep money in the Rastra Bank at cheaper interest rates.
