KATHMANDU, Feb 19: Nepal Rastra Bank (NRB) has urged the completion of necessary procedures for exchanging Danish currency (Danish Krone - DKK) by February end. The Foreign Exchange Management Department of NRB in a notice has advised all concerned to complete the exchange before the currency loses its legal tender status.
The central bank of Denmark has decided to revoke the legal tender of old banknotes after May 31, 2025. Therefore, the NRB has informed everyone to exchange notes on time through the Banking Department, provincial offices, licensed banks and financial institutions or authorized money changers.
The bank has said that after February no licensed bodies, including the Central Bank, will be legally obligated to exchange old Danish banknotes. The notice also states that detailed information about the notes that are about to lose legal tender is available on the website of the National Bank of Denmark.
Issuing a press release on September 2, 2024, the Danish central bank said that it is sending letters to all citizens over the age of 15 in Denmark and Greenland, either through Digital Post or physical mail, to ensure widespread awareness about the deadline. Alongside this, a nationwide campaign featuring city posters, print, online and social media advertisements has been launched to encourage people to exchange their old banknotes before they become invalid.
Danmarks National bank stated that while many 1000-krone notes have already been returned, the exchange rate for older banknotes has been relatively low, prompting a targeted effort to increase their return.
"We are running the campaign and writing letters to ensure that everyone is thoroughly informed about which banknotes will become invalid after May 31 next year and what to do if they have any of those banknotes. We are launching the campaign now to ensure there is plenty of time to spend the banknotes or hand them in, and we have organised a campaign with a wide reach," said Camilla Penn, Head of Secretariat and Communications at Danmarks Nationalbank.