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Nepal Rastra Bank in Fifty Years Part I

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Nepal Rastra Bank in Fifty Years Part I Front Cover Inside Page “While expressing our unflinching faith in multi- party democracy, we would like to mention that economic and institutional reforms will continue. Efforts at reforms in the utilisation of public expenditure and public service delivery will be made more effective. Banking discipline will be restored. Measures will be adopted towards the effective implementation of the poverty reduction strategy and the anti-corruption drive. Sustainable development is now our national agenda.” – His Majesty King Gyanendra Bir Bikram Shah Dev Nepal Rastra Bank in Fifty Years Nepal Rastra Bank Kathmandu, Nepal July 2005 © 2005 Nepal Rastra Bank Central Office Baluwatar, Kathmandu Nepal Website: http://www.nrb.org.np All rights reserved. The statements, findings, interpretations, opinions, and conclusions in the articles contained in this publication are those of the authors themselves and do not necessarily reflect those of the Nepal Rastra Bank. Cover Design : Mr. Sundar Shrestha Interior Design : Mr. Amar Ratna Bajracharya Editorial Assistance : Mr. Sanu Bhai Maharjan Printed at : Sajha Prakashan, Pulchowk, Lalitpur. His Majesty King Gyanendra Bir Bikram Shah Dev Her Majesty Queen Komal Rajya Laxmi Devi Shah Governor Bijaya Nath Bhattarai Foreword On the auspicious occasion of the 59th birthday towards qualitative improvement in the ongoing celebrations of His Majesty King Gyanendra Bir expansion of the financial system based on market- Bikram Shah Dev and also to mark the Golden oriented healthy competition have definitely added new Jubilee Year of the establishment of the Nepal Rastra milestones in developing and nurturing a financial Bank (NRB), this publication, ‘Nepal Rastra Bank in system that would surely contribute to the sustainable Fifty Years’, has been brought out incorporating growth of the economy with overall macroeconomic articles outlining the accomplishments of the NRB stability. As the Bank celebrates its Golden Jubilee, a over the past five decades as well as the underlying publication cursorily capturing its evolutionary process issues and agenda for the future. of the Bank itself and that of the domestic financial In the course of the past 50 years, since His Late system is a timely and pertinent effort. Majesty King Mahendra inaugurated the Bank on This compendium of comprehensive research April 26, 1956, the institution has gone through articles is an endeavor to cater to the needs of both fundamental transformation in its objectives, academic and general readers having interest in the functions and other organizational and managerial central banking functions. This publication features. Constantly remaining at the centre of the incorporates important topics dealing with the Nepalese financial system, Nepal Rastra Bank by now overall functions and responsibilities of the central has emerged as one of properly institutionalized bank in the context of the evolving features and central banks of the South Asian region. During the challenges of the Nepalese financial system. I am early period of the Bank’s establishment, its role had confident that these writings by the respective experts been focused on increasing the circulation of the on the subjects would not only enlighten the readers Nepalese currency throughout the Kingdom, about the depth and breadth of the subject matter developing the domestic banking system and but would also facilitate informed policy/decision- stabilizing the exchange rates of the Nepalese making for improving the health of the Nepalese currency. Since then, the domestic financial system financial system and accelerating the pace of has broadened, deepened, diversified and witnessed economic development in Nepal. qualitative changes in the product and service This publication would not have taken its present deliveries. From a single banking institution then, the form without the commendable efforts undertaken system has now almost 200 institutions, with services by Mr. Lekh Nath Bhusal, Deputy Governor and largely diversified and, at the same time, integrating Coordinator, Nepal Rastra Bank Golden Jubilee our economy with the global one. Establishment of Anniversary 2005, Programme Implementation the banks with foreign participation, convertibility Committee, and Mr. Tula Raj Basyal, Executive of Nepalese currency in the current account Director and Coordinator, Publications Sub- transactions, initiation of the practice of the Committee, along with the members of the Sub- formulation and dissemination of the monetary Committee. I would like to thank all the contributors policy on an annual basis, formulation and for the depth and diversity of the ideas and analyses implementation of intensive regulatory and reflected in the publication. I would also like to supervisory system and norms of the international express my profound gratitude to all past and present standards and Nepal’s accession to the World Trade employees of Nepal Rastra Bank for guiding the Organization are same of the tenets of the Bank to establishment to this milestone. assimilate it with the global financial fraternity. I am particularly rejoiced to bring out this historic To capture this dynamic environment and ensure publication on the auspicious occasion of His domestic financial health and stability as a part of the Majesty’s 59th Birthday Celebrations, so happily ongoing reform in the financial system, a new NRB coinciding with the Bank’s Golden Jubilee Annual Act, 2002 was enacted which has provided more Events. autonomy, authority and accountability to the core central banking functions. Since then, the supervisory, oversight and regulatory functions of the Bank have July 7, 2005 (Bijaya Nath Bhattarai) been enhanced considerably. The latest initiatives Governor Content Foreword xi Content xiii Acronyms xv PART I RESOURCE MANAGEMENT AND ORGANIZATION DEVELOPMENT Human Resource Management .................................................................................................... 1 - Deputy Governor Lekh Nath Bhusal Corporate Leadership ........................................................................................................................ 9 - Bhola Ram Shrestha Organizational Development and Corporate Planning .......................................................... 34 - Lila Prakash Sitaula NRB Reengineering ............................................................................................................................. 53 - Dr. Binod Atreya Financial Management ........................................................................................................................ 82 - Radheshyam Shrestha and Bhuban Kadel Information Technology .................................................................................................................... 98 - Parbat Kumar Karki and Saurav Das Manandhar PART II FINANCIAL SYSTEM Development Finance ........................................................................................................................ 113 - Krishna Kumar Pradhan Supervision Framework ..................................................................................................................... 137 - Surendra Man Pradhan Payments System ................................................................................................................................... 145 - Sushil Ram Mathema Financial Sector Development ............................................................................................................. 157 - Dr. Dandapani Paudel Legal Framework ................................................................................................................................... 167 - Bhaskar Mani Gnawali Financial System and Economic Development .......................................................................... 176 - Narayan Prasad Poudel Financial Sector Reform .................................................................................................................... 202 - Bhishma Raj Dhungana Financial Sector and Development Planning ............................................................................ 224 - Dr. Bhubanesh Pant Money, Foreign Exchange and Capital Markets ....................................................................... 251 - Shree Prasad Paudel PART III MACROECONOMY Monetary Policy ....................................................................................................................................... 279 - Dr. Yuba Raj Khatiwada Economic Research .............................................................................................................................. 296 - Deependra Bahadur Kshetry Foreign Exchange ................................................................................................................................. 308 - Ram Prasad Adhikary Inflation ...................................................................................................................................................... 327 - Ravindra Prasad Pandey Currency Management ....................................................................................................................... 346 - Vishnu Nepal Domestic Debt Management ............................................................................................................. 363 - Gokul Ram Thapa International Relations ......................................................................................................................... 378 - Rameswori
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