The government will issue foreign employment bonds, national savings certificates and development bonds worth Rs 7.25 billion this month.

According to Nepal Rastra Bank (NRB), national savings certificates worth Rs 1 billion, foreign employment bond worth Rs 250 million and development bonds worth Rs 6 billion will be issued on Dec 9, 16 and 19 respectively.

While the initial two bonds will mature in five years, development bonds will have a seven-year maturity period.

Banks and financial institutions, contractual savings institutions and individuals can subscribe to the development bonds while the national savings certificates are targeted at individual citizens and non-profit organizations.

Foreign employment bonds are targeted at migrant workers. While the interest rate for the development bonds will be fixed through competitive bidding, the government has fixed the interest rate for the national savings certificate at 8 percent. The interest on foreign employment bonds has been fixed 9 percent.

With the government preparing to issue foreign employment bonds worth Rs 1 billion this fiscal, they will be issued under the ratio of 25:50:25. The government aims to issue development bonds worth Rs 26 billion, national saving certificates worth Rs 4 billion this fiscal.

The government has made an early start in raising internal loans this year despite having abundant idle funds in its treasury.

According to an NRB official, the government has Rs 40 billion in its treasury.

The government had issued development bonds worth Rs 3 billion in mid-November which was oversubscribed eightfold.

The Nepal Rastra Bank (NRB)  has introduced a 100-rupee Nepali note featuring Lumbini, the birthplace of Lord Buddha. The NRB said the new note would be accessible only during the Dashain, , Xinhua reports. A bank spokesperson said the new note has a picture of the Ashoka Pillar, along with a message on the front side that Buddha was born in Lumbini.

It displays the portrait of Mayadevi, Gautam Buddha's mother in silver metallic on the front. The note also has a black dot which would help the blind recognise the note. The name of the central bank in Latin script would be printed on the note along with the date of printing in both Christian Era and the Nepali Calendar "Bikram Sambat".

In notes currently in circulation, the name of the central bank is printed in Devnagari only, and the notes do not have the date of printing. The new note is being issued following a cabinet decision Aug 27."Lumbini has been enlisted as World Heritage site and the bank thought the holy place needs to be published through currency as well," said an official.

"The move also aims at ensuring the bank notes would be recognised outside the country too," he added.