NRB to introduce Rs 10 polymer notes
 

The Kathmandu Post, 17.09.02

In the first step to ensure the longevity of currency notes that are in circulation in Nepal, Governor of the Nepal Rastra Bank Dr Tilak Rawal today announced that the central bank would soon introduce Rs 10 polymer notes.

"Notes of smaller denominations get dirty early and become unusable very soon. This is the reason why the central bank will introduce Rs 10 polymer notes," said Dr Rawal. While paper notes have a life of ten months, polymer notes last over three and half years.

The Governor was speaking at the inauguration of a four-day exhibition of Nepali notes, organised by Nepal Chamber of Commerce to mark its Golden Jubilee of its establishment.

Dr Rawal further informed that the central bank has already stopped printing Re 1 and Rs 2 notes. "We will stop printing Rs 5 notes as well," he said. Smaller denominations of currency will then be replaced by coins.

On the same occasion, former Governor Himalaya SJB Rana said that considerable advancements have been made in the printing of durable notes, and Nepal needs to adopt them. "Even developed countries are using coins of smaller denominations. We need to follow suit," he said.

President of NCC Rajesh Kazi Shrestha informed that the exhibition of Nepali notes is the first of the series of activities that the chamber has planned to mark its fiftieth year of establishment.

The collection of 98 types of notes of eleven different denominations was exhibited by Jai Hari Jha. Jha during the inaugural session said that a new group of Nepal Numismatic Society would be formed soon.