As per the
agreement, the BoK, in collaboration with the Yonsei University of Korea and
the central bank of Nepal, will develop new macroeconomic forecasting model so
that the institutions like the NRB, National Planning Commission (NPC) and
Ministry of Finance could analyze the economic situation and predict the future
outcomes more accurately, said Nara Bahadur Thapa, executive director at the
NRB.
According to
him, the practice of model building, forecasting and policy simulation in Nepal
are at rudimentary stage although the NRB is constantly upgrading the macro models
by capturing new information available in the economy.
The Korean
central bank is extending its support under NRB-BoK collaboration on Knowledge
Partnership Programme.
To develop the
model, a Korean team will make a couple of trips to Nepal, and hold discussions
with the concerned stakeholders.
“By February
2018, the model development work will be completed,” said Thapa.
He also said
that the Korean central bank had been supporting Nepal in payment and settlement,
and has pledged to support in monitoring and regulation and economic research
framework.
“The Areas of
cooperation between the two banks would include capacity strengthening on model
building and forecasting, currency management, payment and settlement, and
banking sector regulation and supervision,” said Thapa.
He expressed
hope that the collaboration with the BoK would be highly useful to the NRB for
enhancing efficiency of the staff involved in model building and forecasting.
No comments:
Post a Comment