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NRB Issues Foreign Employment Saving Bonds Worth Rs 250 million

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NRB Issues Foreign Employment Saving Bonds Worth Rs 250 million
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March 14: : Nepal Rastra Bank (NRB) on behalf of the government is issuing foreign employment saving bonds amounted to Rs 250 million from March 15 till April 6. The 'Foreign Employment Bond 2078' with a maturity period of 5 years is targeted at Nepalis working aboard and non-resident Nepalis. NRB is issuing the five yearly bonds with 10 per cent interest rate which will be paid semi-annually.  


According to the bank, the bonds can be used as collateral to obtain loan from BFIs. The bond purchasers can collect the interest by themselves or their nominees from the commercial banks, registered market makers BFIs and NRB branches outside Kathmandu valley as per their convenience. 


The saving bonds are floated with an objective of encouraging savings culture among Nepalis working abroad and pool their resources for country’s development. Interested parties can apply for minimum of Rs 5000 and maximum of the amount divisible by Rs 5000. The saving bonds can be purchased by overseas migrant workers and those who returned home from foreign employment less than four months ago in the name of own-self or family members including father, mother, husband, wife, son and daughter.


NRB has appointed 13 internal sales agents including Citizens Bank (Kamaladi), NMB (Babarmahal), Nabil (Tindhara), Durbarmarg, Machhapuchchhre (Lazimpat), Prabhu (Anamnagar), Sunrise (Gairedhara), Siddhartha (Hattisar), Sanima (Naxal), Century Commercial (Putalisadak), Prabhu Money Transfer (Lainchaur), City Express Money Transfer (Kamaladi), IME (Panipokhari), and Sewa Remit (Kuleshwor) to sell the saving bonds.


Externally, NRB has appointed sales agents in eight different foreign employment destinations including Qatar, Malaysia, America, India, Saudi Arab, UAE, Japan, Korea, Bahrain, Australia and UK.
 

 

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