Nepal's central bank, Nepal Rastra Bank, is in the process of establishing a National Academy for Banking, Finance and Insurance for capacity-building of the sector, governor of the bank said here on Sunday.

Governor Bijaya Nath Bhattarai told reporters that the bank is also in the process of preparing drafts of laws and by-laws related with the banking and financial sector to cope with emerging challenges.

Highlighting the need of a long-term corporate planning for the central bank, he said the new strategic planning will enable the bank to play a greater role in responding to the emerging challenges in the national economy and banking and financial sector.

Changing structure of national and world economy and more specifically the emerging changes in the international financial architecture and universal banking practices have necessitated the adaptation of the strategy, he said.

The proposed planning will help the central bank to discharge its core responsibilities and contribute toward sound management of the macro economy, he said.

Source: Xinhua