Himalayan News Service

Kathmandu, May 25

The Nepal Rastra Bank (NRB and Note Printing Australia (NPA) Limited have signed a contract for printing 50 million plastic ten-rupee banknotes to be circulated in Nepal. The printing of the polymer notes, which is first of its kind in the country, is expected to be completed by the end of October this year.

Governor of NRB Dr Tilak Rawal and NPA Chief Executive Officer John Leekenby signed a contract of three million Australian dollars on behalf of their respective institutions for printing of the notes on Friday.

Following the issuance of the polymer notes, Nepal will be only the second country in South Asia to have plastic notes. Bangladesh has already issued such notes.

The central bank will make the ten rupee polymer notes the smallest notes as it plans to gradually phase out paper notes, which are less durable and less smarter. The central bank has already announced to mint Re 1 Rs 2 and Rs 5 coins.