NRB to issue bonds on Sunday
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Central Bank of Nepal has announced to issue its ‘NRB bond’ worth 10 billion on Asad 12, Sunday, to soak up excessive liquidity from banking sector. It will issue bonds through means of auction, which will be open till 3 pm, Sunday.
The debenture can be purchased by ‘A’ ‘B’ and ‘C’ class BFIs. To purchase the bonds, BFIs can apply minimum worth of NRs. 1 crore and maximum worth not exceeding 10 billion that must be divisible by 1 crore without remainder.
Interested BFIs can also apply online, and during the auction period the entities who submit lower interest rate proposal will get the bonds. The bonds interest will be distributed on half yearly basis. According to NRB, one BFI can take part in auction also with different bid rates.
The purchased bonds can also be used for mortgage purpose to take loan from other BFIs, and the fund invested in Bonds can be factored while calculating Statutory Liquidity Ratio (SLR) of the BFIs.
It is assumed that there is around 1 trillion excessive liquidity in banking sector followed by stagnated lending, which has been affected by recent Earth quake, Blockade from India and Terai Madhesi movement.
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