Nepal Rastra Bank (NRB), the central bank of Nepal, established in 1956 under the Nepal Rastra Bank Act 1955 is the monetary, regulatory and supervisory authority of banks and financial institutions. The new Nepal Rastra Nank Act 2002 which replaces the erstwhile act has ensured operational autonomy and independence to the bank. Key objectives of the central bank are to achieve price and balance of payments stability, manage liquidity, ensure financial stability, develop a sound payments system, and promote financial services. The board of directors, chaired by the governor, is the apex body of policy making. The governor also discharges his duty as the chief executive of the bank.