Himal Press 
KATHMANDU: Nepal Rastra Bank (NRB) is absorbing Rs 30 billion to mop up excess liquidity from the banking system.
In a notice issued on Tuesday, the Monetary Management Department of the NRB said that it would raise Rs 30 billion from the market through a deposit auction on Wednesday. Banks and financial institutions participating in the auction will quote internet rates themselves.
According to the notice, Class ‘A’, ‘B’, and ‘C’ financial institutions can participate in the auction until 2 pm on Wednesday through the Online Bidding System. Banks and financial institutions quoting the lowest interest rate will be given priority in the deposit auction of the central bank.
The NRB is raising money from the market as it is scheduled to pay the principal and interest to banks and financial institutions that participated in its seven-day Rs 20 billion deposit auction conducted on January 11 on Thursday.
Likewise, it is scheduled to pay the principal and interest of Rs 35 billion, which it raised from banks and financial institutions under the 14-day deposit auction on January 9, on Tuesday.
