Nepal Rastra Bank (NRB), the central bank of Nepal, maintains relations with domestic and international financial institutions with a view to strengthen mutual cooperation and transfer knowledge and skills in our diverse fields of needs, including research and capacity development. Nepal acquired the membership of International Monetary Fund (IMF) and The World Bank on September 6, 1961. Nepal is also a prime member of Asian Development Bank (ADB) since 1968. Since then, NRB has been receiving assistance from these institutions that have made NRB capable and effective in achieving the objectives enshrined in the NRB Act.
Acknowledging that developing human resources capacity is necessary, NRB has maintained cordial relations with the international and regional training institutions, such as South East Asian Central Banks (SEACEN) Research and Training Center, South East Asian New Zealand and Australia (SEANZA), Asia Pacific Rural and Agricultural Credit Association (APRACA), Center for International Cooperation and Training in Agricultural Banking (CICTAB), among others. NRB is the founding member of SEACEN Center established in 1982. The association of NRB with SEANZA began in 1968. NRB joined APRACA as one of the focal associates in 1977. CICTAB, focused in agricultural banking, was structured in 1983 by Ministry of Agriculture, Government of India to act as a common platform for Bangladesh, Nepal, Sri Lanka and India. NRB along with other banking institutions from Nepal, are also members of CICTAB. The NRB officials have been benefited from these organizations through staff exchange programs, trainings and seminars, studies, workshops, and observation visits.
NRB places high priority for maintaining close cooperation and relations with the central banks around the globe. After the establishment of South Asian Association of Regional Cooperation (SAARC); SAARCFINANCE, a network of Governors and Finance Secretaries, was created by the Heads of States with the objectives of sharing experiences on the macroeconomic policy issues among the member countries. Every year Governors and Finance Secretaries of SAARC region meet together to discuss the financial opportunities and challenges inherited in the region and foster regional cooperation. Nepal unified with Asian Clearing Union (ACU) as a principal partner in 1974 to expedite payments for ACU transactions that bolster foreign exchange reserves management and simultaneously strengthen trade among the member nations. Every year Governors of ACU members meet together to discuss and foster trade relations among the member countries. NRB is committed to develop strong relations and cooperation with other central banks.
It is viewed that change dynamics in the financial system and the emerging risks of volatility of market demand for more cooperation and support among the central banks to be effective in achieving the mandated objectives. NRB, therefore, constituted International Relations Division (IRD) under the Office of the Governor, and a Technical Co-operation Unit (TCU) under the Corporate Planning Department to further consolidate and strengthen the mutual cooperation and partnership with the central banks, financial institutions and other training and research institutions.