KATHMANDU, MAR 25 - 2013
The Nepali rupee is set to be traded for the first time alongside other international currencies, with Thomson Reuters providing its platform for the same.
This means Nepali currency’s exchange rate against foreign currencies will appear on Thomson Reuters Dealing platform, which has clients from all over the world.
Twenty-one Nepali banks and the Nepal Rastra Bank have joined Thomson Reuters for the service. The service will enable the banks know how international currencies are being traded in real time. It will also help know how the Nepali banks are buying/selling foreign currencies, which is expected to ensure transparency in the domestic foreign exchange market. The banks are expected to use the service shortly after a few more banks join platform, according to Thomson Reuters.
Nepal Rastra Bank Governor Yubaraj Khatiwada inaugurated the platform on Sunday. Khatiwada said the platform will help Nepali banks get multiple counterparts at the same time, which will help them grab the opportunities arising from changes in the international financial market. “It will increase efficiency of those who are working in foreign exchange reserve management,” he said.
Bijaya Bahadur Shrestha, president of the Foreign Exchange Dealers’ Association of Nepal, said forex dealers will now be able to find all information about foreign exchange trade on their computer screens. “This will bring transparency in the foreign exchange market which will help in banks’ decision making,” he said.
Banks have to pay a charge of $1,200 per month for using the service.
A banker said as the platform also shows how domestic banks are trading foreign exchange, it will help the banks make right decisions while trading foreign currencies even in the domestic market.
Users of the platform can quickly and efficiently contact their trading counterparties across a highly secure and reliable network, find liquidity in instruments they are trading in and get a clear view of where the foreign exchange markets are heading, according to Thomson Reuters.
“Thomson Reuters Dealing serves the world’s largest processional trading community and we are delighted to welcome 21 Nepalese banks into the community,” said Sriram Ramnarayan, vice-president, financial and risk South Asia at Thomson Reuters.
“The availability of real time pricing information and automated trading processes
will open up new opportunities for Nepal’s banks and enable them to tap into global financial markets.”
According to Thomson Reuters, more than 18,000 trading professionals and over 5,000 organisations use the platform across 120 countries.
Source: The Kathmandu Post
The Nepali rupee is set to be traded for the first time alongside other international currencies, with Thomson Reuters providing its platform for the same.
This means Nepali currency’s exchange rate against foreign currencies will appear on Thomson Reuters Dealing platform, which has clients from all over the world.
Twenty-one Nepali banks and the Nepal Rastra Bank have joined Thomson Reuters for the service. The service will enable the banks know how international currencies are being traded in real time. It will also help know how the Nepali banks are buying/selling foreign currencies, which is expected to ensure transparency in the domestic foreign exchange market. The banks are expected to use the service shortly after a few more banks join platform, according to Thomson Reuters.
Nepal Rastra Bank Governor Yubaraj Khatiwada inaugurated the platform on Sunday. Khatiwada said the platform will help Nepali banks get multiple counterparts at the same time, which will help them grab the opportunities arising from changes in the international financial market. “It will increase efficiency of those who are working in foreign exchange reserve management,” he said.
Bijaya Bahadur Shrestha, president of the Foreign Exchange Dealers’ Association of Nepal, said forex dealers will now be able to find all information about foreign exchange trade on their computer screens. “This will bring transparency in the foreign exchange market which will help in banks’ decision making,” he said.
Banks have to pay a charge of $1,200 per month for using the service.
A banker said as the platform also shows how domestic banks are trading foreign exchange, it will help the banks make right decisions while trading foreign currencies even in the domestic market.
Users of the platform can quickly and efficiently contact their trading counterparties across a highly secure and reliable network, find liquidity in instruments they are trading in and get a clear view of where the foreign exchange markets are heading, according to Thomson Reuters.
“Thomson Reuters Dealing serves the world’s largest processional trading community and we are delighted to welcome 21 Nepalese banks into the community,” said Sriram Ramnarayan, vice-president, financial and risk South Asia at Thomson Reuters.
“The availability of real time pricing information and automated trading processes
will open up new opportunities for Nepal’s banks and enable them to tap into global financial markets.”
According to Thomson Reuters, more than 18,000 trading professionals and over 5,000 organisations use the platform across 120 countries.
Source: The Kathmandu Post
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