Rastra Bank to withdraw **Rs 70 billion** from banking system today
After excess liquidity piled up in the banking system, **Nepal Rastra Bank** is withdrawing **Rs 70 billion** today through a deposit collection instrument. Bidding for the 61-day instrument will take place online until 3 PM today.
Kathmandu. After excess liquidity piled up in the banking system, Nepal Rastra Bank has been continuously withdrawing money. The central bank is pulling money from the banking system using a deposit collection instrument.
The central bank is set to withdraw Rs 70 billion again from the banking system today, Ashoj 23, through deposit collection.
The bidding for deposit collection must be done on an interest rate basis, and bids can also be placed on the interest rate, according to Rastra Bank. Only 'A', 'B', and 'C' class banks and financial institutions will be allowed to participate in the bidding for the deposit collection instrument. Bidding will take place through Rastra Bank's online bidding system until 3 PM today.
Banks and financial institutions willing to deposit can bid up to the total called amount, with a minimum of Rs 100 million and a maximum that is a multiple of Rs 100 million.
The principal and interest of this 61-day deposit collection instrument will be paid on the upcoming Kartik 23 (Mangsir 23) , according to Rastra Bank.