NRB floats Foreign Employment Bond 2075 Kha worth Rs 25 crore

ShareSansar, March 19:

Nepal Rastra Bank is issuing a five-year Foreign Employment Bond 2075 Kha to general public from today.

This is the second such bonds issued in the current fiscal year by the central bank for Non-resident Nepalis (NRNs) and migrant workers, including those who were working up to four months ago. 

The issuance of Rs 25 crore bond floated at an annual interest rate of 9% (six monthly) will close on April 7.

It will come into effect from April 30 and mature exactly in five years.

Interested party can apply for a minimum of Rs 5000 to the maximum possible amount, which is multiple of Rs 5000.

The Foreign Employment Bond 2075-KA was also worth Rs 25 crore.

Good thing about these two bonds issued by NRB this fiscal year is that unlike similar foreign employment bonds issued in the past, the central bank is issuing the current one around half way into the fiscal year and in a phase-wise manner at an attractive interest rate of 9 pecent, which will be provided semi annually. 

The central bank has designated four remitters and three financial institutions to target NRNs and migrant workers.

They are Sunrise Bank Limited, Century Commercial Bank Limited, Prabhu Bikas Bank Limited, IME Private Limited, Prabhu Money Transfer Private Limited, City Express Money Transfer Private Limited and Sewa Express Company Private Limited.