As his five-year term comes to an end, Nepal Rastra Bank (NRB) Governor Maha Prasad Adhikari reflected on the central bank’s efforts to maintain economic stability amid global and domestic challenges.
Appointed on April 6, 2020, Adhikari’s tenure coincided with multiple economic disruptions, including the Covid-19 pandemic, the Russia-Ukraine war, and subsequent global supply chain shocks.
Speaking at a press conference on Friday, April 4, at the central bank’s headquarters in Baluwatar, Kathmandu, Adhikari said the NRB had responded effectively by revising monetary policies in a timely and strategic manner.
“The Rastra Bank implemented various concessional fiscal and monetary policies to cushion the impact of the pandemic,” Adhikari said. “We adopted a flexible approach to ensure credit flow to banks and financial institutions even in difficult times.”
He noted that these policies contributed significantly to business continuity, investment promotion, and overall economic recovery.
Governor Adhikari also emphasized the central bank’s success in keeping inflation within target ranges and reducing external sector pressure through policy reforms. He said that regulatory oversight of banks and financial institutions had been tightened, and risk mitigation strategies were applied to safeguard financial stability.
Highlighting the rapid expansion of digital finance, Adhikari said digital transactions—such as mobile banking, QR payments, and internet banking—had grown substantially over the last five years.
“Electronic transactions have doubled in the fiscal year 2023/24 compared to 2020/21,” he said. “This growth has helped expand digital financial inclusion.”
To support this digital transformation, NRB has introduced key technological and policy reforms, with an emphasis on enhancing cybersecurity and aligning with international regulatory standards.
During his tenure, 116 policy measures were introduced to improve institutional performance and modernize the financial sector. He said NRB had placed special focus on transforming the banking system through digitization, while ensuring the cybersecurity of financial institutions remained a top priority.
On the occasion, Adhikari also unveiled a book detailing major initiatives and accomplishments of the central bank over the past five years.
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