Preparation to amend the Nepal Rastra Bank Act

Kathmandu. Nepal Rastra Bank Act 2058 is going to be amended. In order to amend and update the Nepal National Bank Act in a timely manner, the government has drafted the 'Bill to Amend the Nepal National Bank Act, 2058'.

The Ministry of Finance has informed that the purpose and work of the central bank is to be amended in accordance with the internationally accepted concept regarding the role of the central bank, to provide more autonomy in the performance of the central bank.

According to the Ministry, in order to make the supervisory and regulatory work of Nepal Rastra Bank more effective and as mentioned in the budget statement of the financial year 2082 and 083, the Fourth Strategic Plan of Nepal Rastra Bank 92022 (20260) and the monetary policy, a draft has been prepared to amend the Nepal Rastra Bank Act.

By amending the Act, the autonomy of the Central Bank will be strengthened by amending the Act according to the current economic and financial environment, while the purpose and scope of the Central Bank will be clarified by amending the Act.

In the draft published by the Ministry of Finance, it is stated that the law is going to be amended to provide more clarity on the adoption and regulation of the concept of digital bank and digital currency, the promotion of risk-based supervision system, the strengthening of the inflation control system, the matching of the role of Nepal Rastra Bank according to the federal structure, the modernization of the balance sheet and reporting system according to international accounting standards, and the development of banks and financial institutions.