NRB floats bond worth Rs 25 crore for migrant workers and NRN ShareSansar, December 15: Nepal Rastra Bank is opening the issuance of Foreign Employment Bond 2075 Kha of Rs 25 crore to the general public today at 9 percent interest rate. The five-year bond targets only Nepali migrant workers, including who has returned from overseas jobs less than four months ago as well as Non Resident Nepalis (NRN). The issue will remain open till January 6 and will be issued to the buyers on January 12. The interested buyers can apply for a minimum of Rs 5 thousand. The migrant workers and NRNs can take the interest from any of classes A, B or C banks of their choice in every six months. Unlike similar bonds issued in the previous years toward the end of the fiscal year, the central bank has, however, issued this bond in the second quarter, and also in a phase wise manner. The central bank plans to issue more batches of the bond later in the year. It may be noted that there was just a lukewarm response from the target groups to the last two issues of similar bonds, which got subscribed by merely five per cent –notwithstanding that their interest rate was over 9.5 percent -- higher than the current one. The first foreign employment bond worth Rs one arba was issued at 9.5 per cent interest rate. The second bond issued two years backs was worth Rs five billion and had offered the same interest. The central bank has appointed seven agents, including four agents involved in remittance business and three BFIs to target NRNs and migrant workers. They are IME Private Limited, Prabhu Money Transfer, Prabhu Bikas Bank Limited, Citi Express Money Transfer Private Limited, Century Commercial Bank, Sewa Express Company Private Limited and Sunrise Bank Limited.
Posted on: Mon, 16 Dec 2013 05:39:50 +0000
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