The Nepal Rastra Bank (NRB; ) was established April 26, 1956 A.D. (Nepali Date: Baisakh 14, 2013 B.S.) under the Nepal Rastra Bank Act, 1955, to discharge the central banking responsibilities including guiding the development of the embryonic domestic financial sector. As of now, the NRB is functioning under the new Nepal Rastra Bank Act, 2002. functions of NRB are to formulate required monetary and foreign exchange policies so as to maintain the stability in market prices, to issue currency notes, to regulate and supervise the banking and financial sector, to develop efficient payment and banking systems among others. The NRB is also the economic advisor to the government of Nepal. As the central bank of Nepal, it is the monetary, supervisory and regulatory body of all the commercial banks. development banks, finance companies and micro-finances institutions. The central office is located in Baluwatar, Kathmandu and it has eight provincial offices, located at Biratnagar, Janakpur, Birgunj, Pokhara, Siddharthanagar, Nepalgunj, Surkhet and Dhangadhi. NRB formulates and implements monetary policy. Nepal Rastra Bank also oversees foreign exchange rates and the country's foreign exchange reserves. The NRB is one of the principal owners of the Nepal Stock Exchange. It is a member of the Asian Clearing Union. The incumbent governor of Nepal Rastra Bank is CA Maha Prasad Adhikari while Dr. Gunakar Bhatta is the spokesperson. History of Nepal Rastra Bank The central bank of Nepal, Nepal Rastra Bank, was in fact established only after 19 years of establishment of the first bank of Nepal in 1937, Nepal Bank Ltd. Before 1956, Nepal did not have its own foreign currency reserve but rather maintained it in central bank of India. For getting the foreign currency amounts required to bear the expenses of Nepali Embassy in London and health treatment expenses of King Tribhuvan, an application had to be submitted to the Reserve Bank of India. One of the problems that distressed Nepalese economy was the circulation of two types of currency, Nepalese and Indian simultaneously. Nepal had a dominant use of Indian rupee. Exchange rates between the Indian and Nepali currency were fixed by local traders. Seeing this as a dependence to India, King Mahendra , the son of King Tribhuvan established a central bank on April 26, 1956 in order to reduce dependence on India, replace Indian currency being circulated in the market and strengthen the countries' sovereignty by making Nepal independent