Tuesday, June 27, 2017

Bank of Korea to help NRB prepare model for economic forecasting

Central banks of Nepal and South Korea have signed a Memorendum of Understanding (MoU) for knowledge partnership programme including development of an economic forecast model.
The agreement was signed between NRB director Prakash Kumar Shrestha and deputy director general of Bank of Korea (BoK) Jong Suk Won for knowledge partnership programme between the two central banks amid a ceremony held in Kathmandu today.
The partnership would enable the Nepal Rastra Bank in the development of macroeconomic model for economic forecasts for Nepal. The model will be developed within a year.
According to executive director of the NRB Nara Bahadur Thapa, the partnership between the two central banks would help central bankers and policy makers of Nepal to develop macroeconomic model for economic forecasting as well as enhance the analytical capacity for policy making
"The practice of economic forecasting model and policy stimulation in Nepal is still at a rudimentary stage," he said, adding that the partnership of the NRB with the South Korean central bank would help NRB in enhancing the efficiency of its staffers in building capacity in macroeconomic model for economic forecasting.
After signing the MoU, deputy director general at the International Affairs Department of the BoK Jong Suk Won said that the South Korean central bank expects to prepare and handover the macroeconomic model for Nepal by 2017. "We will prepare a suitable and simple model for economic forecasting for the NRB with support of researchers from Yonsei University in South Korea,” he added.
South Korea has been helping Nepal in various sectors including hydropower, road, infrastructure, health and science since the two countries established diplomatic ties in 1969. South Korea is the fourth biggest source country for foreign direct investment of Nepal in the current fiscal year. Nepal received $104 million in 317 different projects – mainly in service and tourism industry – foreign direct investment, according to central bank data.
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.

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