Kathmandu, Nov 29: Nepal Rastra Bank (NRB), the central bank of Nepal, has signed a memorandum of understanding (MoU) with the China Banknote Printing and Minting Corporation for the printing of new Rs 1,000 denomination banknotes.
Under the agreement, the Chinese government-owned company will design, print, and supply 430 million pieces of fresh Rs 1,000 notes.
NRB had invited a global tender on September 26, selecting the corporation after it offered the lowest bid among all competitors.
According to the central bank, the contract was finalized on Thursday in compliance with Clause 137 of the Public Procurement (Fourteenth Amendment, 2082) Regulations, 2064, as well as the Note Printing and Coin Minting Directive, 2065 (Second Amendment, 2081).
The NRB will pay USD 0.0395 per banknote, which amounts to approximately Rs 5.53 at the current exchange rate. The total contract value stands at USD 16.985 million, or roughly Rs 2.42 billion.