Kathmandu, June 27 Nepal Rastra Baank (NRB) today signed a pact with Bank of Korea (BoK) to mobilise assistance from the latter in a bid to develop an economic forecast model. The Research Department of NRB will develop the model under the assistance of the central bank of South Korea. The agreement was signed between Prakash Kumar Shrestha, director of NRB and Jong Suk Won, deputy director general of BoK. The model will be developed within a year. “The practice of model building for forecasting and policy stimulation are at a rudimentary stage,” said Nara Bahadur Thapa, executive director at the Research Department of NRB. “The Research Department of the NRB will take assistance from the central bank of Korea to develop economic forecasting model and unveil it within a year,” he added. The deputy director general of BoK said that the central bank of Korea will share its expertise and tools used for economic forecasting model with NRB. “We will hold dialogues with NRB and develop a suitable, simple and perfect model,” Jong assured. In the agreement signing programme, BoK also informed that they will take support of the research consultants from Yonsei University of Korea to develop the economic forecasting model for NRB.