KATHMANDU: Nepal Rastra Bank (NRB) is set to sell the ‘Development Bond 2088 Jha’ through competitive bidding for a period of over eight years.

The total of 8 billion rupees equivalent to the said bond will be available for borrowing or investment.

According to NRB sources the interest rate will be determined through the competitive bidding process.

Banks, financial institutions, non-banking financial institutions, insurance companies, organized institutions, and Nepali citizens are eligible to purchase these bonds.

The competitive bidding for the bond is scheduled for the afternoon of March 12. The maturity date for the bond’s payment is on March 15, 2032.

The interest will be paid semi-annually, and it will also include the applicable interest rate.

The bonds can be purchased in multiples of Rs. 50,000, and there is no increase in the maximum limit of the total issued amount, NRB said.

Interested buyers can participate in the bidding process either competitively or non-competitively as per the established procedure.