KATHMANDU, Oct 14: The Nepal Rastra Bank (NRB) is gearing up to launch coins with the denominations of Rs 5, marking a significant addition to the country's coinage.
The NRB's Currency Management Department, Mint Division, has already initiated the production process for 150 million of these new coins.
Thaneshwar Acharya, the head of the division, shared that the government has granted approval for the issuance of coins featuring the cow symbol. He further stated, "We will commence the tender process following the Dashain festival."
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Previously, the central bank issued coins with the denominations of Rs 1 and Rs 2, but these denominations are no longer widely utilized for shopping in the market. Consequently, the decision to introduce Rs 5 coins has been made to better meet the needs of the public. The NRB believes that the Rs 5 coin will be sufficient to address the demand for the next five years.
Acharya emphasized that the issuance of coins is not a profitable endeavor for the NRB. Any potential losses incurred are accepted to cater to the everyday needs of the general population. He explained, "People commonly believe that possessing a coin will enable them to purchase items like bottled water or milk, and cover public bus fares. Hence, in terms of making everyday purchases, higher denomination coins are necessary."
In addition to Rs 5 coins, the NRB is also planning to introduce Rs 20 and Rs 50 coins in the near future. This decision is driven by the fact that currency notes tend to deteriorate within a few years, whereas coins can have a lifespan of 20 to 30 years.
To cater to the demand for gold and silver coins, especially during festive seasons like Tihar, the NRB has released silver coins adorned with a cow print. It is believed that the presence of gold and silver coins in the household, especially during Dhanteras in Tihar, attracts the goddess Lakshmi. As a result, the NRB has introduced silver cow print coins, available in two variants: 10 grams and 25 grams, priced at Rs 10,600 and Rs 4,000, respectively.
Acharya explained, "This is a new product—a pure silver coin featuring a cow motif designed with the spirit of Lakshmi Puja in mind. We have already begun distributing these coins to the general public. Additionally, we have minted coins with depictions of Lakshmi, Gajalakshmi, and Ganesha."
The NRB has also launched gold coins weighing 10 grams, 5 grams, and 2.5 grams, all of 9.99 carats purity. The price of these gold coins will be determined based on a comparison between the price of gold set by the Federation of Nepal Gold and Silver Dealers' Association and the international market price.
