Kathmandu [Nepal], August 21 – Nepal’s Finance Minister Dr Swarnim Wagle has said the government is not considering demonetisation, ruling out any immediate plan to withdraw existing currency notes from circulation.
Wagle made the remarks while addressing a “Citizen, Policy and Leadership Dialogue” organised by the Rastriya Swatantra Party (RSP) at its party office in Baneshwor.
Responding to a participant who asked why the government was not introducing demonetisation, Wagle said the government had considered the question but did not believe such a move would be appropriate at present.
He said the government had not made any plans for demonetisation and indicated that the measure had not produced strong results in countries that had implemented it.
The minister’s comments come amid public discussions about whether Nepal should follow countries that have previously withdrawn or replaced high-value currency notes to address issues such as illicit financial activity.
However, Wagle maintained that Nepal currently sees no need for such a policy, signalling that the government intends to continue with the existing currency system.