President Bhandari lays foundation stone for NRB's Central Office Building

Kathmandu–President Bidya Devi Bhandari laid the foundation stone for Nepal Rastra Bank (NRB) Central Office's building at Baluwatar in Kathmandu today. Stating that NRB had been an effective monetary, regulatory and supervisory authority of the banks and financial institutions in the country, President Bhandari wished that the building should be built on time.

The old building of the central bank was affected by the Gorkha Earthquake in 2015. According to the NRB, the new office building would be very modern and would be built at a cost of Rs 2 billion on 61 ropani area in two years.

The building is going to be built by the budget released by the National Reconstruction Authority's (NRA) central implementation unit. Bhandari was hopeful that monetary policy to be issued by the NRB in future would help achieve the government's motto of 'Prosperous Nepal, Happy Nepali'.

The Head of the State underlined the need for increasing investment in agriculture, industry, hydro resources and tourism among others for rapid socio-economic transformation.

"The new building of this bank which carries a rich legacy should stand out among the overall banking system a reflection of perfect blend of modern as well as original structure," she said.

Similarly, Minister for Finance Dr Yuba Raj Khatiwada said that the country was still in the phase of re-structuring of the financial sector.

According to him, the government had accorded highest priority to distribution system based on social justice for economic growth.

Stating that the government was effortful for enabling conducive environment for foreign investment, he informed about launching campaign to implement e-banking and e-transaction in the country.

The Minister viewed that the Bank could play an important role for reducing inflation and trade deficit. Likewise, National Reconstruction Authority's (NRA) Chief Executive Director Sushil Gyewali shared that post-quake reconstruction process had picked a pace lately.

He underscored the need to hand over the skills and achievements Nepal gained in the realm of re-construction to new generation.

Governor of NRB Dr Chiranjivi Nepal shared that the Gorkha Earthquake on May 25, 2015 had caused damages to the NRB's central office building, Thapathali branch's offices and the like. NTB, according to him, had provided its service from the second day of the quake.