NRB exchanges 'non-convertible' currencies of Lumbini Trust

By Our Correspondent,Bhairahawa, June 22: The Nepal Rastra Bank (NRB) has exchanged the non-convertible currencies collected at Lumbini from the donations made by pilgrims from various countries.

According to the Lumbini Development Trust (LDT), Rs. 5.4 million worth of money present in foreign currencies the NRB normally does not accept has been exchanged into Nepali cash.

As per an earlier agreement, the Trust had forwarded the currencies to NRB's Siddharthanagar Branch on April 10. 

Then, LDT Treasurer Dhundi Raj Bhattarai 'Siddhicharan' informed that the Rastra Bank verified the currencies, which included those from Sri Lanka, Myanmar, Vietnam, Cambodia, Bangladesh and other countries whose cash the NRB does not consider convertible, and sent them to the CIMB Bank in Singapore for exchange.

"Foreign citizens had made these donations with pure intentions. 

But, a lack of exchange had made their money as useless as paper," Bhattarai said. 

Jiwan Prakash Poudel, deputy director of NRB's Siddharthanagar officer, said that some banknotes could not be exchanged because they were too old or damaged. 

"CIMB exchanged around 90 per cent of the cash we sent and deposited Rs. 5,429,731 in NRB's account," he said, adding that the Rastra Bank had received the money on Monday and would soon provide it to the LDT.