The Nepal Rastra Bank (NRB) was established in April 26, 1956 and is the central bank of Nepal. It supervises the banks and financial institutions (licensed by the Bank) in Nepal and guides monetary policy. Nepal Rastra Bank also oversees foreign exchange rates and the country's foreign exchange reserves and regulates the foreign exchange policy. The bank is one of the principal owners of the Nepal Stock Exchange.
The bank is engaged in the promotion of financial inclusion policy within the nation, and is also a member of the Alliance for Financial Inclusion. It made a Maya Declaration Commitment in 2013 to promote financial literacy, prepare a financial sector development strategy by the end of 2014, and improve mobile money services.
It is also a member of the Asian Clearing Union.
Nepal Rastra Bank was established in 1956 under the Nepal Rastra Bank Act, 1955, to discharge the central banking responsibilities including guiding the development of the embryonic domestic financial sector. Since inception, there has been a significant growth in both the number and the activities of the domestic financial institutions.
To reflect this dynamic environment, the functions and objectives of the Bank have been recast by the new NRB Act of 2002, the preamble of which lays down the primary functions of the Bank as:
- To formulate necessary monetary and foreign exchange policies to maintain the stability in price and consolidate the balance of payments for sustainable development of the economy of Nepal;
- To develop a secure, healthy and efficient system of payments;
- To make appropriate supervision of the banking and financial system in order to maintain its stability and foster its healthy development; and
- To further enhance the public confidence in Nepal's entire banking and financial system.
- To promote entire banking and financial system of the kingdom of Nepal system.
The Bank is eminently aware that, for the achievement of the above objectives in the present dynamic environment, sustained progress and continued reform of the financial sector is of utmost importance. Continuously aware of this great responsibility, NRB is seriously pursuing various policies, strategies and actions, all of which are conveyed in the annual report on monetary policy.
Vision
To become "A modern, dynamic, strong , credible and effective Central Bank".
Mission
To maintain macro-economic stability through sound and effective monetary, foreign exchange and financial sector policies.
Regional offices
It has seven regional offices, located at Biratnagar, Janakpur, Birgunj, Pokhara, Siddharthanagar, Nepalgunj, and Dhangadhi.
NRB Governors over the years
- Krishna Bahadur Manandhar (July 5, 2007 - January 15, 2009)
Acting Governor of Nepal Rastra Bank who signed on note.
Deputy Governors of Nepal Rastra Bank and their Tenure
Board of Directors
As per section 14 of Nepal Rastra Bank Act, 2002, the Board of Nepal Rastra Bank (NRB) comprises seven members: four ex officio members - the Governor (who is the Chairman), the Secretary, Ministry of Finance, two Deputy Governors, and three other Directors, who are appointed from amongst the persons renowned in the field of Economics, Monetary, Banking, Finance and Commercial Laws.
The Governor, Deputy Governors and other Directors are appointed by Government of Nepal, Council of Ministers for term of five years. Government may, reappoint the retiring Governor for another one term and the retiring other Directors for any term, if it is deemed necessary. The current members of the NRB Board are:
References
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