Today is 2024-05-22     Time is 08:32:59pm

New Bank and Financial Institution Act (BAFIA) in Nepal

The national banking system of Nepal is regulated by Nepal Rastra Bank (NRB) which functions as the government’s central bank. Due to having regulatory power, NRB controls foreign exchange; supervises, monitors, and governs operations of banking and non -banking financial institutions; determines interest rates for commercial loans and deposits; and also determines exchange rates of foreign currencies.  As the government’s bank, NRB maintains all government income and expenditure accounts, issues Nepali bills and treasury notes, as well as loans to the government, and determines monetary policy. There are many new provisions brought by New BAFIA 2073.

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