Nepal Rastra Bank or NRB, which is also known as the Central Bank of Nepal was established in 1956. This bank was formed in order to discharge the responsibilities of the Central Bank of Nepal which also had the responsibility to guide the development of the financial domestic sector. Ever since, there has been an enormous growth in activities of the Nepal Rastra Bank.
Nepal Rastra Bank (NRB) has branches spread across Nepal. Some of the branches of the bank are situated in Janakpur, Birgunj, Pokhara, Nepalgunj and Siddharathanagar. The head office is in Kathmandu, the capital city of Nepal.
According to the NRB Act of 2002, the Nepal preamble assigns primary functions to the Nepal Rastra Bank or NRB, which expects the bank to perform certain duties. Some of the duties assigned to the bank are:
- Formulate required monetary policies
- Foreign exchange policies, maintain the price stability
- To secure and strengthen the balance of payment for the required and the sustainable growth of the country
- To develop a healthy, secure and an efficient payment system
- To further the trust of the people on the Nepal Rastra Bank (NRB)
It is clear that the Nepal Rastra Bank of Nepal is taking various steps to improve the financial sectors with great care and responsibility. The NRB is undertaking a lot of actions, strategies and policies evident in the review and the evaluation of the monetary policies of the previous years as compared to the current years.
The activities carried out by the Nepal Rastra Bank (NRB) proves the dedication of the bank to meet the present and the future challenges related to the financial system more aptly and to bring the financial and banking system of Nepal at par with the world financial and banking system. Nepal Rastra Bank’s leadership and guidance contributes greatly to the growth of Nepal's Economy.
