NRB to stop floating European currencies

December 27, 2001
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December 27, 2001

KATHMANDU: The Nepal Rashtra Bank (NRB) will stop floating six European currencies from January 1, 2002 when the Euro will fully replace them in the 15 nation Union, the central bank said in an announcement Thursday.

The NRB fixed the daily exchange rate of the German mark, Dutch guilder, French franc, Austrian shilling, Belgian franc and the Italian lira. The Bank will accept these currencies from commercial banks upto January 15 to be calculated on a fixed looking rate, the announcement said.