HIMALAYAN NEWS SERVICE
KATHMANDU: Nepal Rastra Bank (NRB) has issued Foreign Employment Bonds worth Rs 5 billion on Sunday.
The foreign employment bonds that would mature in June 2016 will be sold only to the Nepali citizens working in South Korea, Malaysia, United Arab Emirates, Saudi Arabia and Qatar, through chosen agents. The aim of this instrument of internal borrowing is to bring money earned by migrant workers that is sitting idly in the cupboards to the Nepali financial channels and help the liquidity situation of these institutions as well. Along with government being able to raise public debt, workers have a chance to earn a higher interest rate.
NRB has given license to seven remitters to sell the bonds in five destination countries South Korea, Malaysia, Qatar, Saudi Arabia and UAE. The institutions include Himalayan Bank Limited, International Money Express (IME), Sewa Money Transfer, Prabhu Finance Company, Incentive Money Transfer, Shramik Remit Company and Prabhu Money Transfer.
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