Nepalese Currency and Banking

TEFL Trainees / ESL Teachers

The official currency of Nepal is the Nepalese Rupee. One rupee in Nepal is equal to a hundred paisa. The Nepalese Rupee has a picture of its Excellency minted on its coins or printed in the notes. Nepal Rastra Bank controls and coordinates the issue of all currency in Nepal. The most commonly used symbol for a Rupee, is Rs or Rp.

The denomination system of the Nepalese is quite simple and is very much like the US dollar shilling system. The smallest unit in the Nepalese Rupee is called a paisa. One paisa is equivalent to a 100th part of a Rupee. The coins are usually found in a denomination of 10 paisa, 25 paisa, 50 paisa, 1 rupee and 2 rupees. The currency notes are also available in several denominations. The smallest is the 1-rupee note, which is followed by 2 ruppes, 5 rupees, 10 rupees, 20 rupees, 25 rupees, 50 rupees, 100 rupees; 500 rupees denomination currency notes with 1000 rupees being the largest denomination. It is a universally recognized currency and you can be converted it into any other currency in the world.

Nepal has a number of private and government banks with the highest authority being the Reserve Bank of Nepal. The banks are open from Monday to Friday at specific hours and have branches throughout the country. The banks also offer ATM service banks that can be used by tourist and inhabitants alike. There are three main kinds of exchange rates in Nepal: the Rastra Bank rate, black market rate and the private bank rate. It is advisable to be well aware of all kinds of exchange rates and chooses the required institutions carefully.

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