NRB profit stands at Rs 2.01b

Kathmandu, July 28:

Nepal Rastra Bank (NRB), the central bank and monetary authority of the country, has registered a distributable profit of Rs 2.01 billion in the fifty year period since its inception.

The book containing financial statements of NRB in the past fifty years was released by governor Bijay Nath Bhattarai today at a function. After launching the book, the central bank governor Bhattarai said that the book is an effort of the central bank staff to clearly present financial data. The book has incorporated information since the establishment of the bank, in terms of financial statements.

In the initial period, the central bank only had Rs 5,157 under distributable profit but it reached to Rs 2.01 billion by the close of 2004-05, according to NRB.

Ashwini Kumar Thakur, executive director of NRB financial management department while presenting details of the financial progress of the central bank at the function said that NRB’s ‘assets and liabilities’ under Note Department registered Rs 54.9 million while under banking department, assets and liabilities amounted to Rs 51.4 million totalling to Rs 106.3 million. However, assets and liabilities both from Note Department and banking department has reached to over Rs 141.32 billion after fifty years, said Thakur.

During the past fifty years, NRB’s assets and liabilities as per balance sheets increased by 1,328 times, he informed. As per the book, during earlier times the balance sheet and accounts of NRB were used to be submitted to the King but that tradition came to an end.