g]kfn /fi6« a}+s

;dfrf/
jif{ $% cª\s & r}t @)&& dfr{–clk|n @)@!

8]k'6L ueg{/df ltlD;gf / ld> lgo'Qm

g]kfn /fi6« a}+ssf] 8]k'6L lglDt z'esfdgf;d]t JoQm ug'{eof] . sfo{sf/L lgb]{zs e'jg s8]nn] :jfut
ueg{/df sfo{sf/L lgb]{zsåo 8f=gLnd l/Qm ePsf] 5f]6f] cjlwd} a}+sn] gofF dGtJo /fVb} 8]k'6L ueg{/åonfO{ ;kmn
9'Ëfgf ltlD;gf / adaxfb'/ ld> lgo'Qm 8]k'6L ueg{/ kfPsf]df pxfFn] v'zL JoQm sfo{sfnsf] lglDt z'esfdgf lbg'eof] . ;f]
x'g'ePsf] 5 . ug'{eof] . pQm cj;/df glthfd'vL / cj;/df g]kfn /fi6« a}+s sd{rf/L ;+3sf
ueg{/ dxfk|;fb clwsf/Lsf] ;+:yfsf] ul/dfk|lt ;dlk{t /x]/ cl3 sfo{afxs cWoIf ?b|k|;fb ltlD;gf, g]kfn
l;kmfl/;df g]kfn ;/sf/ -dGqLkl/ifb\_ n] a9\g pxfFn] 8]k'6L ueg{/åonfO{ ;'emfj ljQLo ;+:yf sd{rf/L ;+3, g]kfn /fi6« a}+s
@)&& kmfu'g @% ut] pxfFx¿nfO{ 8]k'6L lbg'eof] . ;ldltsf jl/i7 pkfWoIf /fhgk|;fb /]UdL
ueg{/df lgo'Qm u/]sf] xf] . gjlgo'Qm 8]k'6L sfo{qmddf 8]k'6L ueg{/åo / g]kfn /fli6«o sd{rf/L ;+u7g, g]kfn
ueg{/åo 8f=ltlD;gf / ld>n] kmfu'g @^ 8f=ltlD;gf / ld>n] cf–cfˆgf] gofF /fi6« a}+s ;ldltsf cWoIf /]zdaxfb'/
ut] g]kfn /fi6« a}+s, afn'jf6f/df cfof]lht lhDd]jf/Lk|lt g]kfn ;/sf/ / ueg{/ aN5f}+8Ln] gjlgo'Qm 8]k'6L ueg{/åonfO{
sfo{qmddf ueg{/ clwsf/L;dIf kb clwsf/Lk|lt wGojfb JoQm ub}{ cfk"mx¿df awfO{ tyf ;kmn sfo{sfnsf] z'esfdgf
tyf uf]kgLotfsf] zky lng'eof] . ;f]xL v'zL / lhDd]jf/Laf]w Ps}k6s dx;'; JoQm ug'{ePsf] lyof] .
lbg pxfFx¿n] cfˆgf] kb axfnL ;d]t ePsf] wf/0ff /fVg'eof] . pxfFx¿n] a}+sn] ;f]xL lbg ueg{/ clwsf/Ln] 8]k'6L
ug'{eof] . 8f=ltlD;gf a}+ssf] klxnf] dlxnf nlIft u/]sf p2]Zo xfl;n ug{ bQlrQ ueg{/åo 8f= gLnd 9'Ëfgf ltlD;gf /
8]k'6L ueg{/;d]t x'g'x'G5 . eP/ nfUg] k|lta4tf hgfpFb} cfufdL adaxfb'/ ld>nfO{ ljefu tyf sfof{nosf]
;f] cj;/df ueg{/ clwsf/Ln] lbgdf ;d]t ;a} kIfaf6 ;xof]u ldNg] lhDd]jf/L;d]t tf]Sg'ePsf] 5 . h;cg';f/
gjlgo'Qm 8]k'6L ueg{/åo 8f=ltlD;gf ljZjf; JoQm ug'{eof] . 8]k'6L ueg{/ ltlD;gfcGtu{t df}lb|s tyf
/ ld>nfO{ awfO{ lbFb} ;kmn sfo{sfnsf] sfo{qmddf e'QmfgL k|0ffnL ljefusf ljb]zL ljlgdo gLlt ;d"xtk{m ljb]zL
 gof“ lgo'lQm g]kfn /fi6« a}+s ;dfrf/

ljlgdo Joj:yfkg ljefu, /fi6« C0f dxfzfvf /xg] u/L lhDd]jf/L tf]lsPsf] 5 . cg';Gwfg ljefu, ;xfos ;]jf ;d"xtk{m
Joj:yfkg ljefu, lgodg tyf ;'kl/j]If0f o;} u/L, 8]k'6L ueg{/ ld>nfO{ ;+:yfut of]hgf tyf hf]lvd Joj:yfkg
;d"xtk{m a}+s tyf ljQLo ;+:yf lgodg lgodg tyf ;'kl/j]If0f ;d"xtk{m a}+s ljefu, d'b|f Joj:yfkg ljefu, ;DklQ tyf
ljefu, a}+lsª Joj:yfkg ;d"xtk{m a}+lsª ;'kl/j]If0f ljefu, ljsf; a}+s ;'kl/j]If0f
ljefu / e'QmfgL k|0ffnL ljefu tyf ;xfos ljefu, ljQ sDkgL ;'kl/j]If0f ljefu / ;]jf Joj:yfkg ljefu / a}+lsª Joj:yfkg
;]jf ;d"xtk{m hgzlQm Joj:yfkg ljefu, n3'ljQ ;+:yf ;'kl/j]If0f ljefu, df}lb|s ;d"xtk{m a}+ssf k|b]zl:yt sfof{nox¿sf]
ljQ Joj:yfkg ljefu / ;"rgf k|ljlw tyf ljb]zL ljlgdo gLlt ;d"xtk{m cfly{s lhDd]jf/L tf]lsPsf] 5 .

8]k'6L ueg{/åosf] /fi6« a}+s ofqf

@)%$ dª\l;/ @@ ut] ;xfos lgb]{zssf]
¿kdf a}+s ;]jfdf k|j]z ug'{ePsf 8f=ltlD;gf
@)^) df pk–lgb]{zs, @)^^ df lgb]{zs x'Fb}
@)&$ ;fndf sfo{sf/L lgb]{zsdf kbf]Gglt
x'g'eof] . ;f] cjlwdf pxfF a}+ssf] lj/f6gu/
sfof{no, kf]v/f sfof{no, ljb]zL ljlgdo
Joj:yfkg ljefu, a}+s ;'kl/j]If0f ljefu,
cfly{s cg';Gwfg ljefu, cfGtl/s n]vfk/LIf0f
ljefu / /fi6« C0f Joj:yfkg ljefudf
ljleGg lhDd]jf/Ldf /xg'eof] . pxfFn] lqe'jg
ljZjljBfno / ci6]«lnofl:yt jf]nf]guª
ljZjljBfnoaf6 cy{zf:qdf :gftsf]Q/
ug'{ePsf] 5 . pxfFn] d]jf/ ljZjljBfno,
/fh:yfg, ef/taf6 ljBfjfl/lwsf] pkflw;d]t kbf]Gglt x'g'eof] . ;f] cjlwdf pxfF a}+ssf] 8]k'6L ueg{/ ld>n] lqe'jg
xfl;n ug'{ePsf] 5 . jL/u~h sfof{no, a}+s ;'kl/j]If0f ljefu, ljZjljBfnoaf6 Joj:yfkgdf :gftsf]Q/,
ld>n] @)%( ;fpg @& ut] ;xfos a}+lsª ljefu, a}+s tyf ljQLo ;+:yf lgodg sfg'gdf :gfts / g]zgn u|fh'P6 OlG6Ro"6
lgb]{zssf] ¿kdf a}+s ;]jfdf k|j]z ug'{ePsf] ljefu, e'QmfgL k|0ffnL ljefu, ljb]zL ljlgdo ckm kf]ln;L :6l8h, hfkfgaf6 ;fj{hlgs
xf] . pxfF @)^% df pk–lgb]{zs, @)&! df Joj:yfkg ljefudf ljleGg lhDd]jf/Ldf gLltdf :gftsf]Q/ pkflw xfl;n ug'{ePsf]
lgb]{zs x'Fb} @)&^ df sfo{sf/L lgb]{zsdf /xg'eof] . 5.
2
 gLltut Joj:yf g]kfn /fi6« a+}s ;dfrf/

df}lb|s gLltsf] cw{jflif{s ;dLIff ;fj{hlgs

k'g/fjnf]sg ug]{ Joj:yf ul/g] cw{jflif{s
;dLIffdf pNn]v 5 .
@)&^ k'; d;fGtdf ;lqmo ju{df
/x]sf shf{nfO{ C0fLn] @)&* c;f/
d;fGtleq lnlvt sfo{of]hgf k]; u/]df
a}+s tyf ljQLo ;+:yfn] ;f]sf] ljZn]if0f
u/L aSof}tf Aofhsf] Go"gtd kfFr k|ltzt
c;'npk/ u/L Ps k6ssf] nflu shf{
k'g;{+/rgf tyf k'g/tflnsLs/0f ug{ ;Sg]
Joj:yf ldnfOg] a}+sn] hgfPsf] 5 . b;
d]ufjf6eGbf ;fgf hnljB't\ cfof]hgfsf]
ljz]if k'g/shf{df kx'Fr k'¥ofpg cfjZos
Joj:yf ul/g] ;dLIffdf pNn]v 5 .
cfly{s jif{ @)&&÷&* sf] df}lb|s ;hutf ckgfpg' kg]{ a}+ssf] 7x/ 5 .
gLltsf] cw{jflif{s ;dLIff ;fj{hlgs ul/Psf] cfGtl/s pTkfbg j[l4, /f]huf/L l;h{gf ljleGg k|of]hgsf nflu C0f lwtf]
5 . @)&& kmfu'g @ ut] cfof]lht er'{cn / pBdzLntf ljsf;df ljQLo ;fwgsf] d"No cg'kft tf]sL k|jfx ePsf shf{df
kqsf/ ;Dd]ngdf ueg{/ clwsf/Ln] ;f] pknAwtfnfO{ ;xhLs/0f u/L cfly{s sf]le8n] l;h{gf u/]sf] c;xh kl/l:yltsf]
;dLIff ;fj{hlgs ug'{eof] . j[l4nfO{ 6]jf k'¥ofpg rfn' cfly{s jif{sf] ;dodf rfn' cfly{s jif{sf] df}lb|s gLltdf
ul/Psf] lgofdsLo ;xhLs/0fnfO{ oyfjt\
;dLIffdfk{mt a}+sn] sf]le8–!( sf] df}lb|s gLltsf] sfo{lbzfnfO{ oyfjt\ /fVb}
/flvPsf] 5 . cfly{s lqmofsnfk ;fdfGo
;ª\qmd0fsf] 36\bf] b/;Fu} cfly{s ultljlw df}lb|s Pjd\ ljQLo pkfodf cfjZos
xF'b} uP;Fu} C0f lwtf] d"No cg'kft ;DaGwL
lj:tf/ x'g yfn]sfn] cf=j=@)&&÷&* df Joj:yfdf k'g/fjnf]sg ul/g] hgfOPsf]5 .
6]«G8 cfly{s j[l4 xfl;n x'g] cg'dfg u/]sf]
5 . k]6«f]lnod kbfy{sf] d"Noj[l4 / a9\bf] a}+s tyf ljQLo ;+:yfn] tf]lsPsf
cfly{s j[l4;Fu} ;dli6ut dfudf lj:tf/ If]q / ju{df k|jfx ug'{kg]{ shf{ nlIft
eO{ d'b|f:kmLltdf bjfj l;h{gf x'g;Sg] If]q / ju{n] k|fKt u/] gu/]sf] ;DaGwdf
ljz]if cg'udg u/L pQm C0f b'?kof]u ug]{
;dLIffdf pNn]v 5 . tyflk rfn' cfly{s
C0fLdfly x'g] sf/jfxLnfO{ yk k|efjsf/L
jif{df tf]lsPsf] ;Ldfleq} d'b|f:kmLlt /xg]
agfOg] ;dLIffdf pNn]v 5 . ;fy}, ljB'tLo
cg'dfg a}+sn] u/]sf] 5 .
e'QmfgL sf/f]af/ k|f]T;flxt ug{ sf/f]af/sf]
kl5Nnf dlxgfdf a9\bf] qmddf ;Ldfdf ;dofg's"n k'g/fjnf]sg ul/g] /
b]lvPsf] cfoftn] afXo If]q Joj:yfkgdf So"cf/ sf]8nufotsf ljB'tLo sf/f]af/sf]
bjfj l;h{gf x'g ;Sg] eP tfklg ljk|]if0fsf] k|j4{gsf nflu cfjZos yk gLltut
j[l4b/ eg] ;sf/fTds b]lvPsf] a}+sn] Joj:yf ul/g] /fi6« a}+sn] hgfPsf] 5 .
hgfPsf] 5 . kl5Nnf] ;dodf b]lvPsf] ljB'tLo sf/f]af/sf] k|j4{gsf nflu ljQLo
cfly{s lqmofsnfksf] lj:tf/, shf{ k|jfx ;fIf/tfdf ul/g] lglZrt vr{x¿nfO{
/ cfoftsf] j[l4sf sf/0f d"No / afXo ;dfof]hg ul/Psf] a}+sn] ;dLIffdf ;+:yfut ;fdflhs pQ/bfloTj cGtu{t
If]q :yfloTjdf kg{;Sg] bafanfO{ b[li6ut hgfPsf] 5 . u0fgf ug{ ;lsg] Joj:yf ul/g] ;dLIffdf
ub}{ df}lb|s Joj:yfkg ug'{kg]{ lgisif{ a}+sn] pNn]v 5 .
lgsfn]sf] 5 . df}lb|s gLltn] to u/]sf] clgjfo{
kqsf/ ;Dd]ngdf cfly{s
gub cg'kft, j}wflgs t/ntf cg'kft /
sf]le8sf] c;/nfO{ ;Daf]wg cg';Gwfg ljefusf sfo{sf/L lgb]{zs
ug{ cfly{s k'g?Tyfgdf 6]jf k'¥ofpg] a}+s b/nfO{ oyfjt\ /flvPsf] 5 . sf]le8– Pjd\ k|jQmf 8f=u'0ffs/ e§n] er'{cn
p2]Zon] nfu" ul/Psf ljQLo ;xhLs/0f !( n] l;h{gf u/]sf] c;xh kl/l:yltsf] kqsf/ ;Dd]ngsf] ;xhLs/0f ug'{ePsf]
/ lgofdsLo nrstf ;DaGwL Joj:yfaf6 ;dodf pQm b/df ul/Psf] ;dfof]hgnfO{ lyof] . cf=j=@)&&÷&* sf] df}lb|s gLlt
ljQLo :yfloTj k|efljt x'g glbg] tkm{ cfly{s lqmofsnfk ;fdfGo x'b} uP;Fu} ut ;fpg @ ut] ;fj{hlgs ul/Psf] lyof] .
3
 ljljw g]kfn /fi6« a}+s ;dfrf/

sfg'g dxfzfvfåf/f cGt/lqmof sfo{qmd cfof]hgf

g]kfn /fi6« a}+s, sfg'g dxfzfvfn]
ueg{/ dxfk|;fb clwsf/Lsf] k|d'v cfltYodf
@)&& kmfu'g !$ ut] sf7df8f}+df Ps lbg]
cGt/lqmof sfo{qmd cfof]hgf u¥of] .
g]kfn /fi6« a}+s;Fu ;DalGwt sfg'g
sfof{Gjogsf qmddf p7]sf k|Zgx¿sf]
;DaGwdf pQm cGt/lqmof cfof]hgf
ul/Psf] xf] . sfo{qmddf ueg{/ clwsf/Ln]
a}+ssf] lg0f{o k|lqmofdf a}+s;Da4 sfg'gL
Joj:yfnfO{ ;"Id 9Ën] cWoog /
ljZn]if0f ug{ ;'emfj lbg'eof] . pxfFn] sfg'g
dxfzfvf;Fu sfg'gL /fo dfUgsf lglDt
ljefu÷sfof{non] ljefuLo wf/0ff :ki6
emNsg] u/L lglZrt 9fFrf tof/ ug'{kg]{
cfjZostfdf hf]8 lbg'eof] .
sfo{qmdsf] klxnf] ;qdf sfg'g
dxfzfvfsf lgb]{zs yfg]Zj/ cfrfo{n] …g]kfn ljifos sfo{kq k|:t't ug'{eof] . o; qmddf a}+ssf ljleGg ljefu÷sfof{nosf sfo{sf/L
/fi6« a}+ssf] sfo{ ;~rfng;Fu ;DalGwt pxfFn] /fi6« a}+ssf] ljwfoLsL clwsf/ lgb]{zs / lgb]{zs, sd{rf/L o'lgogsf
sfg'gL Joj:yf / ;f] Joj:yf sfof{Gjogdf
/ sfo{k|s[lt, cbfntL k|lqmof, a}+ssf k|ltlglwnufotsf] ;xeflutf lyof] .
b]lvPsf ;d:of tyf ;dfwfgsf pkfox¿Ú
ljifos sfo{kq k|:t't ug'{eof] . sfo{kqdf sfdsf/jfxL;Fu ;DalGwt d'2fx¿af/] sfo{qmddf sfg'g dxfzfvfsf
a}+s;Fu ;DalGwt sfg'gL Joj:yf, sfg'gL hfgsf/L lbg'eof] . pk–lgb]{zs /fdz/0f kf]v/]nn] :jfut
/fosf k|lqmof, lg0f{o k|lqmof, gLltut sfo{qmdsf] bf];|f] ;qdf sfo{kqdfly dGtJo /fVb} sfo{qmdsf] p2]Zoaf/] k|sfz
lgb]{zgnufotsf ljifo ;d]l6Psf] lyof] . 5nkmn ePsf] lyof] . o; qmddf ;xefuLsf kfg'{ePsf] lyof] . ;xfos lgb]{zs ;'dg
o;} u/L, sfg'g dxfzfvfsf tk{maf6 cfˆgf] ljefu÷sfof{nosf cfrfo{n] ;~rfng ug'{ePsf] ;f] sfo{qmddf
pk–lgb]{zs l8NnL/fd Gof}kfg]n] …g]kfn /fi6« sfdsf/jfxL;Fu ;DalGwt sfg'gL ljifodf ;xfos lgb]{zs x]d/fh clwsf/Ln] wGojfb
a}+s;Fu ;DalGwt d'2fM ljifo / ljj]rgfÚ lh1f;f / ;'emfj /fVg'ePsf] lyof] . sfo{qmddf 1fkg ug'{ePsf] lyof] .

Jofjxfl/s lj1fg;DaGwL tflnd ;DkGg

a}+s;{ k|lzIf0f s]Gb|n] @)&& kmfu'g &
/ * ut] sfe|]sf] w'lnv]ndf dWod:t/Lo
clws[tx¿sf lglDt …Jofjxfl/s lj1fgÚ
ljifos tflnd sfo{qmd cfof]hgf u¥of] .
sfo{qmddf cGt/j}olQms ;DaGw,
:jMr]tgf, of]u, Wofg, ;sf/fTds lrGtg
/ tgfj Joj:yfkgsf ljifodf k|lzIf0f vgfnn] …z/L/sf] k|lt/Iff k|0ffnLsf nflu tyf lgb]{zs cfgGb kf}8\ofnn] ;dfkg
lbOPsf] lyof] . sfo{qmdsf] klxnf] lbg of]u tyf ;sf/fTds lrGtg / tgfj dGtJo /fVg'eof] . s]Gb|sf ;xfos lgb]{zs
g]kfn k|zf;lgs k|lzIf0f k|lti7fgsf Joj:yfkgÚ ljifodf jftf{ k|:t't ug'{eof] .
cWoog lgb]{zs ljgf]bs'df/ lji6n] g/]zs'df/ clwsf/Ln] sfo{qmd ;~rfng
;f] cj;/df hgzlQm Joj:yfkg ug'{ePsf] lyof] .
:jMr]tgf / cGt/j}olQms ;DaGwaf/] ljefusf lgb]{zs a'4/fh zdf{n] sfo{qmdsf]
k|lzIf0f lbg'eof] . p2]Zoaf/] k|sfz kfb}{ sfo{qmd z'ef/De sfo{qmddf ljleGg ljefu÷sfof{nosf
sfo{qmdsf] bf];|f] lbg g]kfn of]u ug'{eof] . sfo{qmddf s]Gb|sf pk–lgb]{zs låtLo >]0fLsf &* hgf clws[tx¿sf]
k|lti7fgsf of]u k|lzIfs 8f= afns[i0f nIdLgf/fo0f tfd|fsf/n] :jfut dGtJo ;xeflutf lyof] .
4
 ljljw g]kfn /fi6« a+}s ;dfrf/

ueg{/ clwsf/Låf/f 41st SAARCFINANCE Governors'

Group Meeting and Symposium df ;xeflutf
ueg{/ dxfk|;fb clwsf/Ln] l/ha{
a}+s ckm Ol08ofåf/f @)&& kmfu'g !&–
!* df cfof]lht '41st SAARCFINANCE
Governors' Group Meeting and
Symposium' sfo{qmddf ;xeflutf
hgfpg'eof] .
er'{cn dfWodåf/f cfof]lht
pQm sfo{qmd cGtu{t kmfu'g !& ut]
41st SAARCFINANCE Governors'
Group Meeting / kmfu'g !* ut]
SAARCFINANCE Governors'
Symposium ;~rfng ul/Psf] xf] . pQm
sfo{qmddf ;fs{ d'n'ssf s]Gb|Lo a}+ssf
ueg{/x¿aLr ljQLo k|0ffnLsf] ;fOa/
;'/Iff, ;'kl/j]IfsLo k|ljlwnufotsf sf lglDt g]kfn /fi6« a}+sn] k|:tfj k|jrg lbg'eof] . o; qmddf s]Gb|Lo a}+ssf]
ljifodf 5nkmn ePsf] lyof] . u/]sf] 'Prospect of Central Bank Digital ;fOa/ ;'/Iffsf] ljifodf ;xefuLx¿aLr
Currency (CBDC)' ljifonfO{ cfufdL 5nkmn ePsf] lyof] .
pQm a}7sdf SAARCFINANCE
jif{ ;+o'Qm ¿kdf cWoog ug]{ lg0f{o;d]t ;f] cj;/df l/hj{ a}+s ckm Ol08ofn]
Collaborative Study ;DaGwdf
'Comparison of Financial Sector
ul/Psf] lyof] . ;fs{kmfOgfG;sf] cWoIftf clk|n !, @)@!
Regulatory Regimes in the SAARC sfo{qmdsf] bf];|f] lbg ;~rflnt b]lv nfu" x'g] u/L dfNbLE; dlg6/L
Region' ljifodf >LnÍfsf] s]Gb|Lo SAARCFINANCE Governors' cyf]l/6LnfO{ x:tfGt/0f u/]sf] lyof] .
a}+ssf tk{maf6 k|:t'lt lbOPsf] lyof] . Symposium df l/hj{ a}+s ckm Ol08ofsf ;f] cj;/df l/hj{ a}+s ckm Ol08ofsf
;f]xL a}7sdf ueg{/ clwsf/Ln] g]kfnsf] 8]k'6L ueg{/ 8f= Pd8L kfqfn] :jfut dGtJo sfo{sf/L lgb]{zs cf/ ;'a|dlgogn] ;dfkg
Macro Surveillance Indicators (MSI) af/]
/ ueg{/ zlQmsfGt bf;n] pb\3f6g dGtJo dGtJo /fVg'ePsf] lyof] . sfo{qmddf g]kfn
hfgsf/L lbFb} sfo{qmd ;kmntfsf] lglDt /fVg'ePsf] lyof] . ;f] cj;/df Bank for /fi6« a}+ssf tkm{af6 sfo{sf/L lgb]{zsx¿
z'esfdgf lbg'eof] .
International Settlement sf Jermy Prenio 8f= g]lkmn dftlË df:s], 8f= u'0ffs/
;f] sfo{qmddf Collaborative Study n] Suptech and Central Banking ;DaGwL e§nufotsf] ;xeflutf lyof] .

ljB'tLo e'QmfgLsf] ;Ldfdf j[l4

g]kfn /fi6« a}+sn] ljB'tLo lyof] . OG6/g]6 a}+lsª -dr]{G6 k]d]G6_ / /fh:j, hl/jfgf, b:t'/ jf ;]jf z'Nssf]
dfWodaf6 x'g] e'QmfgL sf/f]af/sf] ;Ldf OG6/g]6 a}+lsª -PsfpG6 6«fG;km/_ af6 e'QmfgL ug{, ljB't, b"/;~rf/, vfg]kfgL,
a9fPsf] 5 . e'QmfgL k|0ffnL ljefun] k|ltlbg @) nfv ¿k}ofF;Dd sf/f]af/ ug{
@)&& kmfu'g !( ut] Ps kl/kq hf/L ub}{ ;lsg]5 . o;cl3 o:tf] ;Ldf !) nfv aLdf lk|ldod, ;fdflhs ;'/Iff eQfsf] /sd
o:tf] ;Ldf a9fOPsf] hgfPsf] 5 . ¿k}ofF lyof] . e'QmfgL ug{, lzIf0f ;+:yf, xf]6n÷/]:6'/fFsf]
ljefusf] kl/kq cg';f/ df]afOn tyflk, s'g} JolQmsf] gfddf a}+s lan /sd e'QmfgL ug{, lwtf]kq sf/f]af/
a}+lsªaf6 k|ltlbg b'O{ nfv ¿k}ofF;Dd tyf ljQLo ;+:yfdf /x]sf] Pp6f vftfaf6
sf/f]af/ ug{ ;lsg]5 . o;cl3 df]afOn ;f]xL JolQmsf] gfddf ;f]xL ;+:yfdf /x]sf] /sdsf] e'QmfgL ug{ eg] tf]lsPsf] ;Ldfn]
a}+lsªsf] sf/f]af/ ;Ldf Ps nfv ¿k}ofF csf]{ vftfdf /sdfGt/ ug{, ;/sf/L s/, afwf gkfg]{ ;d]t ljefun] :ki6 kf/]sf] 5 .
5
 ljljw g]kfn /fi6« a}+s ;dfrf/

8]k'6L ueg{/åo lzjfsf]6L / >]i7sf] labfO{

g]kfn /fi6« a}+ssf 8]k'6L ueg{/åo
lrGtfdl0f lzjfsf]6L / lza/fh >]i7n] kfFr
jif]{ kbfjlw k"/f ug'{ePsf] 5 .
@)&& kmfu'g !* cfof]lht Ps
sfo{qmdsf aLr pxfFx¿sf] labfO{ ul/Psf]
xf] . sfo{qmddf ueg{/ dxfk|;fb clwsf/Ln]
8]k'6L ueg{/åo lzjfsf]6L / >]i7nfO{ bf];Nnf
cf]9fO{ dfofsf] lrgf] k|bfg ug'{eof] .
;f] cj;/df ueg{/ clwsf/Ln] a}+s
;]jfdf /xFbf 8]k'6L ueg{/åon] k'¥ofpg'ePsf]
of]ubfgsf] rrf{ ub}{ cjsfz hLjgsf]
lglDt z'esfdgf ;d]t lbg'eof] . pxfFx¿sf]
IfdtfnfO{ eljionfO{ /fHon] pkof]u ug]{
ljZjf; ueg{/ clwsf/Ln] JoQm ug'{eof] .
sfo{qmddf 8]k'6L ueg{/ lzjfsf]6Ln]
cfˆgf] sfo{sfndf th'{df ePsf gLltut
Joj:yf / ltgsf] sfof{Gjogaf/] rrf{ cg'ejaf/] rrf{ ug'{ePsf] lyof] . lzjfsf]6L sfo{qmddf a}+ssf pkTosfl:yt
ug'{eof] . o;} u/L, 8]k'6L ueg{/ >]i7n] / >]i7nfO{ g]kfn ;/sf/n] @)&@ kmfu'g !( ljleGg ljefu÷sfof{nosf clwsf/Lx¿sf]
;xfos lgb]{zsb]lv 8]k'6L ueg{/;Ddsf] ;]jf ut] 8]k'6L ueg{/df lgo'Qm u/]sf] lyof] . pkl:ylt lyof] .

cWoIf d/fl;gLåf/f ueg{/ clwsf/L;dIf zky u|x0f

g]kfn a}+s lnld6]8sf gjlgjf{lrt
cWoIf dw's'df/ d/fl;gLn] ueg{/
dxfk|;fb clwsf/L;dIf @)&& kmfu'g !!
ut] kb tyf uf]kgLotfsf] zky lng'ePsf]
5 . zky u|x0fkl5 ueg{/ clwsf/Ln]
cWoIf zdf{nfO{ ;kmn sfo{sfnsf] lglDt
z'esfdgf lbg'eof] .
g]kfn a}+s lnld6]8 ;~rfns
;ldltsf] kmfu'g !) ut] a;]sf] a}7sn]
d/fl;gLnfO{ cWoIf rog u/]sf]
lyof] . dxfn]vf lgoGqs;d]t /xg'ePsf
d/fl;gLnfO{ o;cl3 cy{ dGqfnon]
;~rfns ;ldltsf] ;b:odf lgo'Qm u/]sf]
lyof] . pxfFsf] sfo{sfn rf/ jif{sf] x'g]5 .
a}+s tyf ljQLo ;+:yf ;DaGwL P]g, @)&#
sf] bkmf !$ -%_ df ;~rfnsn] cfk"mdWo]
ax'dtaf6 5fg]sf] JolQm ;~rfns pQm P]gsf] bkmf !@& df a}+s tyf /fi6« a}+s;dIf kb tyf uf]kgLotfsf] zky
;ldltsf] cWoIf x'g] Joj:yf 5 . ljQLo ;+:yfsf ;~rfns ;ldltsf cWoIfn] lng'kg]{ Joj:yf 5 .
6
 ljljw g]kfn /fi6« a+}s ;dfrf/

wgu9Ldf of]u lzlj/ ;DkGg

wgu9L sfof{non] @)&& kmfu'g !%
ut] tgfj Joj:yfkg ;DaGwL Ps lbg] of]u
lzlj/ sfo{qmd cfof]hgf u¥of] . sfof{nosf
sf=d'=lgb]{zs ;'zLn 1jfnLsf] ;+of]hsTjdf
ljleGg of]ufEof;nfO{ ;d]6]/ pQm of]u
lzlj/ cfof]hgf ul/Psf] xf] .
;f] cj;/df wgu9L sfof{nosf
;xfos lgb]{zs Pjd\ g}gfb]jL of]u s]Gb|sf
of]u k|lzIfs k]|d rGb 7s'/L / kt~hln
of]u ;ldlt, g]kfnsf pk–lzIfs efg'eQm
e§/fO{n] of]u k|lzIf0f lbFb} o;sf] dxTjaf/]
rrf{ ug'{ePsf] lyof] . of]u lzlj/df
sfof{nosf sd{rf/Lx¿sf] ;xeflutf lyof] .

wgu9L sfof{nodf 1fg cfbfgk|bfg sfo{qmd

wgu9L sfof{non] @)&& kmfu'g pk–lgb]{zs /fs]z k|hfktLn] …g]kfn ;f] cj;/df pk–lgb]{zs k|hfktLn]
!$ ut] 1fg cfbfgk|bfg sfo{qmd /fi6« a}+sdf ;'kl/j]If0f;DaGwL b[li6sf]0fÚ /fi6« a}+sn] cjnDag u/]sf] ;'kl/j]If0f /
cfof]hgf u¥of] . sfo{qmddf sfof{nosf ljifodf jftf{ k|:t't ug'{eof] . lg/LIf0f;DaGwL gLltut Joj:yf, :ynut
tyf u}/:ynut ;'kl/j]If0fsf ljlw,
k|lqmofaf/] hfgsf/L lbg'eof] . ;fy}, :ynut
lg/LIf0fdf ckgfOPsf] hf]lvddf cfwfl/t
;'kl/j]If0f / u}/:ynut ;'kl/j]If0fsf] s]N;
/]l6ªnufot cGo ;'kl/j]IfsLo k2ltsf
af/]df ;d]t pxfFn] k|:t'lt lbg'ePsf] lyof] .
wgu9L sfof{nosf sd{rf/Lx¿sf]
;xeflutf /x]sf] ;f] sfo{qmd k|wfg ;xfos
8Da/bQ e§n] ;~rfng ug'{ePsf] lyof] .

wgu9Lsf] lqgu/ xf6df So"cf/ sf]8sf] ;'?cft

wgu9Ll:yt lqgu/ s[lif pkh
xf6ahf/df @)&& kmfu'g $ b]lv So"cf/
sf]8 ;]jf ;~rfngdf NofOPsf] 5 .
g]kfn /fi6« a}+s, wgu9L sfof{nosf
lgb]{zs z'efifrGb| l3ld/]n] pQm
;]jfsf] z'ef/De ug'{eof] . df5fk'R5«] a}+s
lnld6]8sf] k|of;df lqgu/ xf6df So"cf/
sf]8 ;]jf ;'?cft ul/Psf] xf] .
sfo{qmddf lgb]{zs l3ld/]n] So"cf/
sf]8 ;]jf;Fu} pkef]Qmfdf l8lh6n ;]jfsf]
kx'Fr lj:tf/ x'g] ljZjf; JoQm ug'{eof]
7
 ljljw g]kfn /fi6« a}+s ;dfrf/

l;4fy{gu/sf O{–l/S;fdf So"cf/ sf]8

¿kGb]xLl:yt l;4fy{gu/ gu/ If]qdf
;~rflnt O{–l/S;fx¿df So"cf/ sf]8af6
e'QmfgL sfo{sf] ;'?cft ePsf] 5 . @)&&
kmfu'g ^ ut] cfof]lht Ps sfo{qmdsf
aLr l;4fy{gu/ sfof{nosf lgb]{zs ;'bLk
km'ofnn] ;f] sfo{sf] z'ef/De ug'{ePsf] xf] .
zfOg /];'Ëf 8]enkd]06 a}+s / O{–l/S;f
rfns ;+3sf] ;xsfo{df l;4fy{gu/ If]qsf
O{–l/S;fdf So"cf/ sf]8 ;]jfsf] ;'?cft
ul/Psf] xf] . ;f] cj;/df lgb]{zs k'mofnn]
g]kfndf l8lh6n e'QmfgL k|0ffnLnfO{ ;/n
/ ;xh agfO{ ;j{;fwf/0fsf] kx'Fr;Dd
k'¥ofpgsf nflu /fi6« a}+sn] So"cf/ sf]8
e'QmfgLnfO{ cleofgsf] ¿kdf lj:tf/ g]kfn /fi6« a}+s, l;4fy{gu/ sfof{nosf pQm ;]jfsf] z'ef/De ug'{eof] . glan
u/]sf] hfgsf/L lbFb} of] ;]jfdf cfa4 x'g ;xfos lgb]{zs /d]zs'df/ Gof}kfg], O{– a}+ssf] kxndf ;f] ahf/df So"cf/ sf]8
;a}nfO{ cfXjfg ug'{eof] . l/S;f rfns ;+3sf klblwsf/L, O{–l/S;f k|ljlwsf] yfngL ul/Psf] hgfOPsf] 5 .
O{–l/S;f rfns ;+3sf cWoIf rfnsnufotsf] pkl:ylt lyof] . ;fy}, kfNkfsf] tfg;]g ahf/df
xl/axfb'/ g]kfnLn] e}/xjfdf ;~rflnt ;a} o;}aLr, l;4fy{gu/–* l:yt dfofb]jL kmfu'g !% ut] :yfgLo Joj;foL, s[ifs,
O{–l/S;fx¿df qmdzM So"cf/ sf]8 e'QmfgL t/sf/L tyf kmnk"mn ahf/df klg So"cf/ k]zfsdL{nufot !!* hgfnfO{ So"cf/ sf]8
;]jf lj:tf/ ul/g] hfgsf/L lbg'eof] . sf]8dfk{mt x'g] e'QmfgL sfo{sf] cf/De ePsf] ljt/0f ul/Psf] 5 . g]kfn a}+s lnld6]8sf]
sfo{qmddf zfOg /];'Ëf 8]enkd]06 a}+ssf 5 . sfof{nosf lgb]{zs ;'lbk k'mofnn] k|of;df tfg;]gdf So"cf/ sf]8 ljt/0f
k|d'v sfo{sf/L clws[t k|sfz kf}8]n, kmfu'g !) ut] cfof]lht sfo{qmdsf aLr ul/Psf] lyof] .

l;4fy{gu/ sfof{nodf cGt/lqmof sfo{qmd ;DkGg

l;4fy{gu/ sfof{non] @)&& kmfu'g
!! ut] gub/lxt sf/f]af/sf] k|j4{g / ;kmf
gf]6 gLltsf] sfof{Gjogdf s]lGb|t /x]/ Ps
lbg] cGt/lqmof sfo{qmd cfof]hgf u¥of] .
sfof{nosf lgb]{zs ;'bLk k'mofnsf]
pkl:yltdf cfof]lht sfo{qmddf a}+s
tyf ljQLo ;+:yfsf k|b]z÷zfvf k|d'v;Fu}
cGo ;+:yfsf k|ltlglwsf] ;xeflutf
lyof] . ljB'tLo e'QmfgL sf/f]af/sf]
;xhLs/0fsf lglDt a}+s tyf ljQLo ;+:yfn]
v]Ng'kg]{ e"ldsf, ljB'tLo e'QmfgL sf/f]af/df
;/sf/sf] gLlt, /fi6« a}+ssf] ;kmf gf]6 gLlt
ljifodf pQm cGt/lqmof sfo{qmd s]lGb|t
lyof] . cfof]hgf, n'lDagL k|b]zsf k|d'v 8f= k'?iff]Qd ;d]t ;xefuLx¿aLr 5nkmn ePsf]
lqkf7Lnufotn] ljB'tLo e'QmfgL sf/f]af/sf]
sfo{qmddf lgb]{zs k'mofn;Fu} g]kfn lyof] . sfo{qmddf n'lDagL k|b]zl:yt a}+s
a}+s;{ P;f]l;P;g, n'lDagL k|b]zsf ;+of]hs ljifodf cf–cfˆgf] wf/0ff /fVg'eof] .
tyf ljQLo ;+:yfsf k|b]z÷zfvf k|d'vx¿sf]
/fd/fh pkfWofo, pk–;+of]hs lji0f'k|;fb g]kfn /fi6« a}+sn] cleofgs} ¿kdf
1jfnL, g]kfn nfOe:6s ;]G6/ OGgf]e];g cl3 a9fPsf] So"cf/ sf]8 k|j4{gsf] ljifodf ;xeflutf lyof] .
8
 ljljw g]kfn /fi6« a+}s ;dfrf/

af/fdf ljQLo r]tgf clej[l4 sfo{qmd

ljifodf jftf{ k|:t't ug'{eof] . sfo{qmddf
jL/u~h sfof{nosf ;xfos lgb]{zs cldif
zdf{n] ;SsnL / gSsnL gf]6 5'6\ofpg]
ljlwsf] k|of]ufTds cEof;dfk{mt hfgsf/L
lbg'eof] .
sfo{qmddf af/fu9L ufpFkflnsfsf
cWoIf b]jbQ a5f/ yf?n] sfo{qmd
;fGble{s /x]sf] rrf{ ub}{ u|fdL0f
e]udf ljQLo r]tgf clej[l4 sfo{qmdnfO{
jL/u~h sfof{non] @)&& kmfu'g tyf ljQLo ;+:yf, ;xsf/L ;+:yfsf lj:tf/ ug'{kg]{ cfjZostfdf hf]8 lbg'
@* ut] af/f lhNnfl:yt af/fu9L k|ltlglw, :yfgLo ljBfnosf lzIfs, eof] . jL/u~h sfof{nosf sf=d'=lgb]{zs
ufpFkflnsf–^, u8xndf ljQLo r]tgf ljBfyL{nufotsf] ;xeflutf lyof] . 808k|;fb v/]nn] ljQLo r]tgf sfo{qmdsf]
clej[l4 sfo{qmd cfof]hgf u¥of] . ;f] cj;/df ueg{/sf] sfof{nosf dxTjaf/] rrf{ ub{{} ;xefuLx¿nfO{ wGojfb
jL/u~h sfof{nosf sf= d'= lgb]{zs pk–lgb]{zs 8f= efujt cfrfo{n] ljQLo 1fkg ug'{eof] .
808k|;fb v/]nsf] ;efkltTj / af/fu9L k|0ffnLsf] kl/ro, a}+s tyf ljQLo ;+:yfsf] jL/u~h sfof{nosf sf=d'=;xfos
ufpFkflnsfsf cWoIf b]jbQ a5f/ yf?sf] lhDd]jf/L, ljQLo ;dfj]zLs/0f, ljQLo lgb]{zs lbg]zk|;fb ;fxn] :jfut dGtJo
k|d'v cfltYodf pQm sfo{qmd cfof]hgf ;zQmLs/0f, ljQLo u|fxssf] ;+/If0f, ;kmf /fVb} sfo{qmdsf] cf}lrToaf/] k|sfz
ul/Psf] xf] . sfo{qmddf :yfgLo a}+s gf]6 gLlt, cfw'lgs a}+lsª ;]jfnufotsf kfg'{ePsf] lyof] .

c5fddf tYofÍ ;Íng;DaGwL uf]i7L ;DkGg

wgu9L sfof{non] @)&& kmfu'g
@) ut] c5fdsf] ;fFk]mau/df …cfly{s
tYofÍsf] dxTj, pkfb]otf / tYofÍ
;Íngsf ;d:ofx¿Ú ljifos Ps lbg]
uf]i7L cfof]hgf u¥of] .
sfof{nosf lgb]{zs z'efifrGb|
l3ld/]sf] cWoIftfdf cfof]lht sfo{qmddf
;/sf/L lgsfo, a}+s tyf ljQLo ;+:yf,
c5fd pBf]u jfl0fHo ;+3, xf]6n
tyf ko{6g Joj;foL ;+3, z}lIfs
;+:yfnufotsf ;/f]sf/jfnf lgsfosf
k|ltlglwsf] ;xeflutf lyof] .
;f] cj;/df wgu9L sfof{nosf
pk–lgb]{zs ;'zLn 1jfnLn] …cfly{s ljifodf :ki6 kfg'{eof] . lgsfosf k|ltlglwnfO{ cfu|x ug'{eof] .
tYofÍsf] dxTj, pkfb]otf / tYofÍ sfo{qmddf ;xefuLx¿n] ;d]t sfo{qmddf wgu9L sfof{nosf
;Íngsf ;d:ofx¿Ú ljifodf jftf{ k|:t't cfly{s tYofÍ ;Íngsf ljifodf cfˆgf pk–lgb]{zs dw';"bg bjf8Ln] :jfut
ug'{eof] . o; qmddf pxfFn] /fi6« a}+sn] wf/0ff / lh1f;f /fVg'ePsf] lyof] . ;f]
;Íng ug]{ tYofÍsf If]q, tYofÍ ;Íngdf cj;/df lgb]{zs l3ld/]n] ;xefuLx¿nfO{ dGtJo /fVb} sfo{qmdsf] p2]Zodfly k|sfz
k|of]u ul/g] 9fFrf, tYofÍ ;Íngsf] ;do wGojfb lbFb} a}+sn] dfu u/]sf tYofÍ kfg'{eof] eg] k|wfg ;xfos 8Da/bQ e§n]
;Ldf, tYofÍdf x'g'kg]{ z'4tfnufotsf pknAw u/fO{ ;xof]u ug{ ;/f]sf/jfnf sfo{qmd ;~rfng ug'{ePsf] lyof] .
9
 cg'lzIf0f÷tflnd g]kfn /fi6« a}+s ;dfrf/

jL/u~hdf cg'lzIf0f ;DkGg

;/sf/L sf/f]af/ lgb]{lzsf, @)&^ sf]
sfof{Gjogsf ;DaGwdf Ps lbg] cg'lzIf0f
sfo{qmd cfof]hgf u¥of] . a}lsª ljefusf
sfo{sf/L lgb]{zs g/]z zfSosf] k|d'v
cfltYo / jL/u~h sfof{nosf lgb]{zs
8f= /fhgs[i0f kGtsf] ;efkltTjdf pQm
sfo{qmd cfof]hgf ul/Psf] xf] .
sfo{qmddf sfo{sf/L lgb]{zs zfSo,
jL/u~h sfof{non] @)&& kmfu'g >]i7, jL/u~h sfof{nosf pk–lgb]{zs k|b]z n]vf lgoGqs xl/k|;fb pkfWofo,
^ ut] …;DklQ z'4Ls/0f lgjf/0f tyf ljgo l;Ub]n / ;xfos -;"=k|=_ ljj]z a}lsª ljefusf ;xfos lgb]{zs ;kmn
cftÍjfbL lqmofsnfkdf ljQLo nufgL kf]v/]nsf] Kofgnn] ;Daf]wg u/]sf] lyof] . >]i7n] ;/sf/L sf/f]af/ lgb]{lzsf, @)&^
lgoGq0fÚ ;DaGwL cg'lzIf0f sfo{qmd ;f] cj;/df lgb]{zs kGtn] sfof{Gjog ;DaGwdf sfo{kq k|:t't
cfof]hgf u¥of] . sfo{qmdsf] p2]Zoaf/] k|sfz kfg'{eof] ug'{ePsf] lyof] . ;f] cj;/df jL/u~hl:yt
sfof{nosf lgb]{zs 8f= /fhgs[i0f eg] pk–lgb]{zs l;Ub]nn] :jfut dGtJo jfl0fHo a}+ssf k|ltlglwx¿sf] ;xeflutf
kGtsf] ;efkltTjdf cfof]lht sfo{qmddf /fVg'eof] . jL/u~h sfof{nosf ;xfos lyof] . ;f] cj;/df jL/u~h sfof{nosf
ljQLo hfgsf/L OsfO{sf pk–lgb]{zs lgb]{zs cldz zdf{n] sfo{qmd ;~rfng sf=d' pk–lgb]{zs s[i0fs'df/ >]i7n] :jfut
:j¿k >]i7n] ;DklQ z'4Ls/0f lgjf/0f ug'{eof] eg] sf=d'= pk–lgb]{zs lht]Gb|gfy dGtJo /fVg'eof] eg] sf=d' pk–lgb]{zs >L
tyf cftÍjfbL lqmofsnfkdf ljQLo emfn] wGojfb 1fkg ug'{ePsf] lyof] . lht]G›gfy emfn] wGojfb 1fkg ug'{eof] .
nufgL lgoGq0fÚ ljifodf sfo{kq k|:t't o;} u/L, jL/u~h sfof{non] ;xfos lgb]{zs k|bLk aflgofFn] sfo{qmd
ug'{eof] . o;} u/L, OsfO{sf ;xfos a}+lsª ljefusf] ;dGjodf kmfu'g & ut] ;~rfng ug'{ePsf] lyof] .
-;"=k|=_ ljj]z kf]v/]nn] uf]–PPdPn
k|0ffnLsf] sfof{Gjog ;DaGwL sfo{kq
k|:t't ug'{ePsf] lyof] .
sfo{qmddf jL/u~hl:yt a}+s
tyf ljQLo ;+:yf / cGo ;"rs ;+:yfsf
^% hgf k|ltlglwsf] ;xeflutf lyof] .
;xefuLn] /fv]sf lh1f;fdfly ljQLo
hfgsf/L OsfO{sf pk–lgb]{zs :j¿k

a}+s;{ k|lzIf0f s]Gb|åf/f b'O{ j6f tflnd ;DkGg

a}+s;{ k|lzIf0f s]Gb|n] @)&& kmfu'g ;];gdf ;~rflnt pQm tflnddf tgfj sfo{qmd cfof]hgf u¥of] . pQm tflnddf
(–!! df 'Organizational Behaviour' Joj:yfkg, ;fË7lgs ;DaGw, :jMk|]/0ff, ljleGg ljefu÷sfof{nosf @( hgf
ljifos tLg lbg] tflnd sfo{qmd cfof]hgf g}lts cfr/0f, ;fdflhs lzi6frf/ ;xfos lgb]{zsx¿sf] ;xeflutf lyof] .
u¥of] . nufotsf ljifodf g]kfn k|zf;lgs
!& j6f ;];gdf ;~rflnt pQm
sf7df8f}+df ;~rflnt k|lzIf0f k|lti7fgsf k|lzIfsx¿n] k|lzIf0f
pQm tflnddf a}+ssf] ljleGg lbg'ePsf] lyof] . tflnddf /fi6« a}+ssf d'Vo sfd sf/afxL;Fu
ljefu÷sfof{nosf ;xfos:t/sf #) hgf o;} u/L, s]Gb|n] kmfu'g !^–@! df ljifodf cfGtl/s lj1 k|lzIfsx¿åf/f
sd{rf/Lsf] ;xeflutf lyof] . cf7j6f kf]v/fdf 'Central Banking' ljifos tflnd jftf{ k|:t't ul/Psf] lyof] .
10
 d"n wf/ g]kfn /fi6« a+}s ;dfrf/

;+:yfut ;fdflhs pQ/bfloTj / g]kfnsf] ljQLo If]q

;+:yfut ;fdflhs pQ/bfloTjsf] Joj:yf 5 . ;fy}, jflif{s @) k|ltzteGbf  8f= efujt cfrfo{
cjwf/0ff a9L nfef+z -gub jf af]g;_ ljt/0fsf] pk–lgb]{zs
s'g} klg Jofj;flos lqmofsnfksf] k|:tfj ug]{ a}+s tyf ljQLo ;+:yfx¿n] @) cg'bfg vr{ jf To:tf If]qdf ;+nUg
cfwf/e"ld ;dfh xf] . ;dfhaf6} Joj;fo k|ltzteGbf dflysf] k|:tfljt nfef+zsf] tyf lqmofzLn ;+:yfx¿sf] ef}lts
l;h{gf x'G5 / ljsl;t x'G5 . Joj;fosf] @% k|ltztn] x'g] /sd ;+:yfut ;fdflhs ;+/rgf lgdf{0f, ;fwg vl/b ;~rfng
;kmntf tyf c;kmntf, 3f6f tyf gfkmf pQ/bfloTj cGtu{t vr{ ug'{kg]{ klg vr{ cflbdf lbOg] k|ToIf cg'bfg
;a} ;dfh¿kL jt{gaf6} Joj;fo¿kL bLk Joj:yf ul/Psf] 5 . vr{ .
hNb5 . ;dfhsf JolQmx¿n] g} x/]s a}+s tyf ljQLo ;+:yfx¿n] -$_ lbuf] ljsf; nIo M g]kfnsf] lbuf] ljsf;
Joj;fonfO{ ;kmn agfpF5g\ . ;dfhdf ;+:yfut ;fdflhs pQ/bfloTj sf]ifaf6 nIo, @)!^–@)#) -Sustainable
a;f]af; ug]{ JolQmx¿sf] b[li6sf]0f / lgDgadf]lhdsf If]qx¿df vr{ ug{ ;lsg] Development Goals, 2016-2030)
Jojxf/n] g} s'g} klg ;+:yf jf sDkgL klg Joj:yf ul/Psf] 5 M n] klxrfg u/]sf !& j6f If]qx¿df
;kmn jf c;kmn aGg] x'G5 t;y{ ;dfh tf]lsPsf nIox¿sf] k|flKtdf ;xof]u
-!_ ;fdflhs kl/of]hgfx¿df x'g] vr{ M
Jofj;flostfsf] k|f0f xf] . x'g] u/L ul/g] cGo k|ToIf tyf ck|ToIf
lzIff, :jf:Yo, b}jL k|sf]k Joj:yfkg,
Jofj;flos ;kmntfsf] cfwf/e"ld vr{x¿ klg o; sf]ifcGtu{t ePsf]
jftfj/0f ;+/If0f -kmf]xf]/ d}nf ;Íng
;dfh eP kl5 ;dfhk|lt klg ;f] sDkgLsf] vr{ dflgg] Joj:yf ul/Psf] 5 .
ug]{ kmf]x/bfgL -Dustbin/Container
s'g} g s'g} bfloTj jf st{Jo x'g cfpF5 . -%_ ;fdflhs sfo{ M n3'ljQ ljQLo ;+:yfn]
cflb_, ;f+:s[lts k|j4{g, b'u{d
cfˆgf] gfkmfsf] s]xL c+z ;dfhsf nflu cfˆgf] ;+:yfdf sfo{/t sd{rf/Lx¿sf
of]ubfg ug'{k5{ eGg] cjwf/0ffn] ;+:yfut If]qdf k"jf{wf/ ;'wf/, ;fdflhs ¿kn]
lk5l8Psf ju{sf] cfocfh{g Ifdtf nflu Child Day Care Centre sf]
;fdflhs pQ/bfloTjnfO{ hgfpF5 . Joj:yf ubf{ nfUg] vr{ klg o;
clej[l4, ljQLo ;fIf/tf, u|fxs
;j{;fwf/0faf6 lgIf]k ;Íng ;+/If0f;DaGwL sfo{qmd, ofq' k|ltIffno sf]ifaf6 ug{ ;lsg] Joj:yf ul/Psf]
tyf ;f] lgIf]knfO{ shf{sf] ¿kdf k|jfx lgdf{0f, ;8s aQL, ;fj{hlgs 5 . o;} u/L Jofj;flos ¿kdf :yfkgf
ug{ Ohfht kfPsf a}+s tyf ljQLo zf}rfno lgdf{0f h:tf ;fdflhs ePsf afx]ssf cgfyfno, afndlGb/
;+:yf;d]t ;dfhk|lt pQ/bfoL x'g'kb{5 sfo{ cflbdf ug]{ k|ToIf tyf ck|ToIf / j[4f>dnfO{ lbOPsf] cg'bfg tyf
eGg] cjwf/0ffsf ;fy g]kfn /fi6« a}+sn] vr{ o;cGtu{t ul/g] vr{df u0fgf ul/Psf vr{x¿ klg o; sf]ifaf6 vr{
o;;DaGwL gLltut Joj:yf u/]sf] ul/g] Joj:yf ul/Psf] 5 . vr{ ug]{ ug{ kfOg] Joj:yf 5 .
5 . h;cg';f/ a}+sx¿n] cfˆgf] gfkmfsf] kl/of]hgf 5gf]6 ubf{ ;DalGwt If]qdf -^_ sf]le8–!( / o;sf] /f]syfd M o;} u/L
lglZrt k|ltzt /sd ;dfhsf nflu vr{ sfo{ ul//x]sf ljlzi6Ls[t ;+:yfaf6 sf]le8–!( sf] k|sf]knfO{ ;fdgf ug{sf
ug'{kg]{ x'G5 . a}+s tyf ljQLo ;+:yfx¿sf
;fj{hlgs ;"rgfdfkm{t\ k|:tfj dfu nflu ;d]t o; sf]ifaf6 vr{ ug{
nflu hf/L ul/Psf] PsLs[t lgb]{zgsf]
u/L 5gf]6 ug'{kg]{ Joj:yf;d]t ul/Psf] ;lsg] / ;f] vr{ ;+:yfut ;fdflhs
lgb]{zg g+= ^ df ;+:yfut ;fdflhs
5. pQ/bfloTjdf u0fgf x'g] Joj:yf
pQ/bfloTj;DaGwL Joj:yf 5 h;nfO{ oxfF
-@_ ljQLo ;fIf/tf M a}+s tyf ljQLo ul/Psf] 5 . h;cg';f/ ;+:yfdf sfo{/t
k|:t't ul/Psf] 5 M
;+:yfn] ljQLo ;fIf/tf;DaGwL ljljw sd{rf/Lsf] nflu sf]le8–!( h:tf
;+:yfut ;fdflhs pQ/bfloTj;DaGwL dxfdf/LhGo /f]uaf6 ;'/lIft /fVg,
sfo{qmd tyf nlIft tflndx¿
gLltut Joj:yf /f]syfd ug{ tyf pkrf/ ubf{ nfUg]
;~rfng u/L dlxnf tyf ;fdflhs
a}+s tyf ljQLo ;+:yfx¿n] cfˆgf] jflif{s ¿kn] lk5l8Psf ju{nfO{ ljQLo -jf:tljs lan adf]lhdsf]_ vr{sf
gfkmfsf] Ps k|ltzt /sd ;+:yfut ;]jf ;DaGwdf ;fIf/ agfO{ ljQLo ;fy} n3'ljQ ljQLo ;+:yfsf] @)&&
;fdflhs pQ/bfloTj;DaGwL sfo{df vr{ ;]jfk|ltsf] kx'Fr clej[l4sf nflu c;f/ d;fGtdf ;+:yfut ;fdflhs
u/L o; If]qdf ljQLo If]q klg lqmofzLn ;fdflhs pQ/bfloTj sf]ifsf] kfFr pQ/bfloTj sf]ifdf afFsL /x]sf] ;Dk"0f{
x'g'kg]{ Joj:yf ul/Psf] 5 . ;f] Ps k|ltzt k|ltzt /sd vr{ ug'{kg]{ Joj:yf /sd @)&& ;fpg d;fGtleq g]kfn
/sd jflif{s ¿kdf 5'6\ofO{ ;+:yfut ul/Psf] 5 . ;/sf/n] :yfkgf u/]sf] sf]/f]gf ;+qmd0f
;fdflhs pQ/bfloTj sf]ifdf hDdf /f]syfd, lgoGq0f / pkrf/ sf]ifdf
ug'{kg]{ / ;f] sf]ifdf hDdf ePsf] /sd csf]{ -#_ k|ToIf cg'bfg vr{ M clt ljkGg hDdf ug'{kg]{ Joj:yf ul/Psf] lyof] .
cfly{s jif{df vr{ ug]{ Joj:yf ldnfpg'kg]{ ju{sf nflu lzIff tyf :jf:Yodf
afFsL k[i7 !% df
x'g] vr{ a]xf]l/lbg] u/L ul/g] k|ToIf
11
 ;fdlosL g]kfn /fi6« a}+s ;dfrf/

ljQLo :yfloTj
k[i7e"ld :j:y, :yfoL, ljZjfl;nf] tyf k|lt:kwL{  k[y' zdf{ lagf8L
;du|df ljQLo :yfloTj Ps km/flsnf] ljQLo If]qn] ;|f]t tyf ;fwgsf] k|efjsf/L ;xfos lgb]{zs
ljt/0f tyf afF8kmfF8 u/L cy{tGqnfO{
cjwf/0ff xf] h;n] ljQLo If]qsf] k"jf{wf/,
rnfodfg agfpg ;xof]u ub{5 . g]kfnsf] ;Gbe{df ljQLo :yfloTjsf] cj:yf
;+:yf tyf ahf/ cflb ;a} kIfnfO{
;d]6\5 . ljQLo :yfloTj s'g} Pp6f ;dodf ljQLo If]qdf cl:y/tf b]vf k/]df g]kfn /fi6« a}+s P]g @)%*, sf] bkmf $-!_
sfod x'g'kg]{eGbf klg lg/Gt/ eO/fVg' ljQLo dWo:tstf{sf] e"ldsfdf ljZjf; sf] v08 -v_ df a}+ssf] p2]ZocGtu{t
kg]{ ljifo xf] . To;}n] o; ljifonfO{ 36\b} uO{ ;|f]t / ;fwgsf] kx'Frdf ;d:of ljQLo :yfloTj;DaGwL lgDgadf]lhdsf]
ljZje/ dxTjk"0f{ dflgPsf] 5 / lgofds cfpg] ub{5 . kmn:j¿k a]/f]huf/L, cfly{s gLltut Joj:yf /x]sf] M
lgsfox¿ o; ljifonfO{ lg/Gt/ cg'udg dGbL, d"No cl:y/tf h:tf ;d:ofx¿ æljQLo ;]jfsf] kx'Fr clej[l4 / a}+lsª tyf
ul//x]sf x'G5g\ . cfpg ;S5g\ . t;y{ ljQLo If]qdf ljQLo If]qsf] :yfloTj sfod u/L a}+lsª
cl:y/tf b]lvPsf] v08df cy{tGqnfO{ tyf ljQLo k|0ffnLk|lt ;j{;fwf/0fsf]
;fdfGotof ljQLo :yfloTjn]
lgs} 7"nf] ef/ kg]{ ePsf] x'Fbf lgofds ljZj;gLotf clej[l4 ug]{ .Æ
ljQLo ;+:yfx¿n] ljQLo pks/0fx¿sf]
lgsfox¿n] ljQLo If]qsf] :yfloTj sfod
dfWoodaf6 ;xh ¿kdf ljQLo /fVg x/;Dej k|of; ul//x]sf x'G5g\ . o;}sf] cwLgdf /xL g]kfn /fi6«
dWo:tstf{sf] e"ldsf lgjf{x ug{ a}+sn] ljQLo :yfloTj sfod ug{sf lglDt
;Sb5g\ . ljQLo :yfloTjsf] dfkg ug{sf ;do ;dodf gLlt, lgod tyf kl/kqx¿
nflu ljeLGg ;"rsfÍx¿sf] ;xof]u lng] hf/L ug]{ u/]sf] .
d"ne"t ¿kdf ljQLo :yfloTj ul/G5 . o; ;DaGwdf cGt/f{li6«o d'b|f
sfod x'Fbf lgDg tLgj6f cj:yf /xG5g\ M sf]ifn] ljQLo ;'b[9tf kl/;"rsx¿ g]kfnsf] ;Gbe{df ljQLo :yfloTjsf]
!= k|efjsf/L tyf ;xh ¿kdf (Financial Soundness Indicators) lgwf{/0f ;"rsfÍx¿ x]g{ Financial Stability
u/]sf] 5 . o:tf ;"rsx¿sf] dfWodaf6 Oversight Committee tyf Financial
artstf{x¿af6 nufgLstf{;Dd
ljQLo If]qdf cfpg ;Sg] ;Í6nfO{ k|If]k0f Stability Sub-committee u7g ul/Psf]
;|f]t k'Ug] .
u/L Iflt Go"gLs/0fsf k|of; ug{ ;lsG5 . 5 eg] ljQLo :yfloTj OsfO{n] ljQLo
@= eljiodf b]vf kg{ ;Sg] ljQLo ;"rsx¿sf] lg/Gt/ cg'udg ub}{ cfPsf]
hf]lvdx¿sf] dfkg ug]{ ;+oGqsf] ljQLo :yfloTjsf ;"rsfª\sx¿ 5 . g]kfndf ;d]t cGt/fli6«o d'b|f sf]ifn]
ljsf; eO;s]sf] tyf o:tf cGt/f{li6«o d'b|f sf]ifn] ljQLo If]q ;'emfPsf] ljQLo ;'b[9tf kl/;"rsx¿s}
hf]lvdsf] c;/ Go"gLs/0f ug{ :yfloTj dfkg ug{sf nflu hf/L u/]sf] ;]/f]km]/f]df /xL ljQLo :yfloTj dfkg ug]{
ljQLo If]q tof/ /x]sf] . ljQLo ;'b[9tf kl/;"rsx¿sf nflu ul/Psf] 5 .
#= eljiodf b]vf kg{ ;Sg] cfly{s Financial Soundness Indicators
tYofª\sdf ljQLo :yfloTj
tyf cGo hf]lvdx¿sf] c;/ ljQLo Compilation Guide hf/L u/]sf]
5 . ;f] dfu{bz{gsf cg';f/ art tyf @)&& k'; d;fGt;Ddsf] cj:yf x]g]{ xf] eg]
If]qdf cfPdf ljQLo If]qn] ;xh} ;f]
lgIf]k ;Íng ug]{ ljQLo ;+:yfx¿sf ljQLo :yfloTjsf ;"rsfÍx¿ ;Gtf]ifhgs
hf]lvdx¿ ;f]rg ug{ ;Sg] cj:yf .
nflu k'FhL kof{Kttf, t/ntf, cfo cj:yfdf /x]sf 5g\ .
ljQLo :yfloTjsf] cfjZostf
tyf cfDbfgL, ;DklQsf] cj:yf t/ntfsf] ptf/ r9fjx¿ a}+lsª
ljZjsf cy{tGqx¿sf] cj:yf x]g]{ xf] eg] -Assets Quality) tyf ahf/ hf]lvdsf] If]qdf eO/fVg] ljifo xf] . a}+lsª If]qsf]
ljQLo If]qsf] ljsf;n] ;du| cy{tGqs} ;+j]bgzLntf -Sensitivity to the t/ntfn] ;du| cy{tGqnfO{ rnfodfg
ljsf;df 6]jf k'¥ofPsf] b]lvG5 . l:y/ ljQLo Market Risk) dfkg ug'{kg]{ / ;f]sf] agfpg d2t ug]{ x'Fbf g]kfn /fi6«
If]qn] ;du| cy{tGqsf] lbuf] ljsf;sf nflu ljleGg ;"rsx¿ ;d]t hf/L u/]sf] a}+sn] t/ntfsf] ;Gbe{df ljutb]lv g}
nflu ;|f]t / ;fwgx¿sf] Joj:yfkg, kx'Fr 5 . o;} u/L, ;f]xL dfu{bz{gn] u}/a}+lsª tbf?stfsf ;fy gLlt lgodx¿ agfpg]
tyf nufgLsf] jftfj/0fsf] l;h{gf u/L ljQLo ;+:yfx¿sf nflu ;d]t ljleGg u/]sf] 5 . t/ntfsf ;"rsfÍx¿ x]g]{ xf]
hf]lvdnfO{ k|;f]rg;d]t ub{5 . To;sf/0f ju{df ;"rsx¿af/] ;'emfj lbPsf] 5 . eg] xfnsf] cj:yfdf t/ntf kof{Kt /x]sf]
12
 ;fdlosL g]kfn /fi6« a+}s ;dfrf/
b]lvG5 . ;d]t Wofg k'¥ofpg' kg]{ b]lvG5 M ;antfsf] ljsf; eO{ ljQLo If]qsf
k'FhL kof{Kttfn] hf]lvd axg tyf ;f]rg • a}+lsª If]qsf] ljsf;;Fu} a}+s tyf ;|f]tx¿ pTkfbgd"ns If]qdf k|jfx x'g]
sfo{ ug]{ ePsf] x'Fbf g]kfn /fi6« a}+sn] ljQLo ;+:yfx¿sf] ;+VofTds j[l¢ x'Fbf / o;af6 cy{tGq rnfodfg x'g uO{
k'FhL kof{Kttfsf] ;DaGwdf sfod ug'{kg]{ s]xL ljs[ltx¿ b]vf k/]sf] / c:j:y ljQLo :yfloTjdf d2t k'Ug] x'Fbf ljQLo
Go"gtd ;Ldf tf]s]sf] 5 . k'; d;fGtsf] k|lt;kwf{ a9]sf] x'Fbf a}+s tyf ljQLo kx'FrnfO{ km/flsnf] kfg{ cfjZos
tYofÍdf Core Capital to Risk Weighted ;+:yf ufEg] tyf ufleg] Joj:yfnfO{ /x]sf] .
Assets !!=%^ k|ltzt /x]sf] 5 eg] Total k|f]T;fxg ul/g] gLlt a}+såf/f
• cfpFbf lbgdf ;du| ljQLo If]q tyf
Capital to Risk Weighted Assets !#=*^
ckgfOPsf] ;Gbe{df ;f] gLltn]
d"ne"t ¿kdf ljQLo ;'b[9Ls/0f u/L ;f]sf pks/0fx¿df gjLgtf Nofpg
k|ltzt /x]sf] 5 h'g cg'kft Go"gtd ^ cfjZos b]lvPsf] 5 . gjLgtd
a}+ssf] hf]lvd axg ug{ ;Sg] Ifdtf
k|ltzt tyf !! k|ltztsf] kl/lwcGtu{t ljlw tyf pkfox¿n] ubf{ ljQLo
ljsf;dfkm{t ljQLo :yfloTjdf d2t
/x]sf] . k'Ug] x'Fbf ufEg] tyf ufleg] k|j[ltnfO{ pks/0fx¿sf] ljsf; eO{ ;an tyf
;DklQsf] cj:yf -Assets Quality) yk k|efjsf/L agfpg cfjZos ;'/lIft ta/jf6 sf/f]jf/ ug{ tyf
n] a}+lsª If]qn] nufgL u/]sf] cj:yfnfO{ /x]sf] . ljQLo If]qdf ljZjf; a9\g] x'Fbf ;du|
emNsfpFb5 . k'; d;fGtsf] tYofÍdf Non • ljQLo kx'Frsf] cj:yf cem km/flsnf] ljQLo If]qnfO{ :yfloTj k|bfg ug{
Performing Loans to Total Loans !=*$ ePdf ;j{;fwf/0fdf ljQLo :jtGqtf d2t k'Ub5 .
k|ltzt /x]sf] 5 eg] Total Loan Loss Liquidity Ratios
provision to Total Laon @=#! k|ltzt
/x]sf] 5 . o;n] ;du| a}+lsª If]qsf] Cash & Bank Balance/Total Deposit 10.47
;DklQsf] cj:yf Joj:yfkg ug{ ;lsg] Total Liquid Assets/Total Deposit 26.78
cj:yfdf /x]sf] emNsfpF5 eg] s]xL
Capital Adequacy Ratios
hf]lvd cfOk/]sf] v08df shf{ gf]S;fgL
Joj:yfn] lgis[o shf{nfO{ wfGg ;lsg] Core Capital/Risk Weighted Assets 11.56
cj:yf /x]sf] b]lvG5 .
Total Capital/ Risk Weighted Assets 26.78
To;} u/L cGo ;"rsfÍdf Total
Assets Quality
deposit to Gross Domestic Product tyf
Total credit to Gross Domestic Product Non Performing Loan/ Total Loan 1.84
qmdzM !!#=&# tyf (&=@! / Credit to
Total Loan Loss Provision /Total Loan 2.31
Core Capital and Domestic Deposit
Ratio-CCD Ratio &$=($ /x]sf] 5 . Financial Access
ljQLo kx'Frsf] cj:yf x]g]{ xf] eg] a}+s tyf Number of institutions 144
ljQLo ;+:yfsf] ;+Vof !$$, s'n zfvf
;ª\Vof !),!*& / k|ltzfvf hg;ª\Vof Number of Branches+ 10,187
@,($% /x]sf] cj:yf 5 . Population Per branch+ 2,945
oL ;Dk"0f{ ;"rsfÍx¿ x]bf{ Others
g]kfndf xfn;Dd ljQLo If]qdf :yfloTj
sfod eO/x]sf] eGg ;lsg] cj:yf 5 . Total Deposit/GDP 113.73
-x]g'{;\ tflnsf _ Total Credit/GDP 97.21
casf] af6f] Credit to Core Capital and Domestic
74.94
g]kfn /fi6« a}+ssf] d'Vo p2]ZodWo] Ps Deposit Ratio-CCD Ratio
ljQLo :yfloTj sfod ug]{ /x]sf] ;Gbe{df +Including microfinance Institutions
ljBdfg ;d;fdlos lgDg ljifox¿df Source: Nepal Rastra Bank Monthly Statistics, for the month of Poush
13
 ljQLo r]tgf g]kfn /fi6« a}+s ;dfrf/

cf]vn9'Ëf, /fd]5fk / sfe|]df ljQLo r]tgf;DaGwL sfo{qmd

ueg{/sf] sfof{nosf] ;dGjodf pBdzLntfsf] ljsf;, cfocfh{g, art, ;/f]h k|;fO{+n] a}+s tyf ljQLo ;+:yfaf6
@)&& kmfu'g dlxgfdf cf]vn9'Ëf, /fd]5fk shf{, nufgLsf ;}4flGts / Jofjxfl/s k|jfx x'g] ljQLo ;]jfsf] kl/ro lbFb}
/ sfe|]sf ljleGg :yfgdf ljQLo r]tgf kIfaf/] ;xefuLx¿nfO{ hfgsf/L art, cfocfh{g, shf{ lng] k|lqmofsf]
clej[l4 sfo{qmd ;DkGg ePsf 5g\ . lbg'eof] . ;fy} v]n ljlwaf6 ;d]t ljQLo hfgsf/L lbFb} cfˆgf] a}+saf6 ;x'lnot
b/sf shf{ lnP/ Joj;fo ljsf; ug{
:yfgLo ;d'bfonfO{ cfXjfg ug'{eof] .
sfo{qmddf j8f ;b:o s[i0fdfof dfemLn]
cfˆgf] If]qdf ljQLo ;fIf/tf sfo{qmdsf]
cfof]hgfk|lt cfef/ k|s6 ug'{ePsf]
lyof] . b'a} sfo{qmddf :yfgLo dlxnf,
s[ifs, ljBfyL{nufotsf] ;xeflutf
lyof] .
o;} u/L, vfDt]n ljsf; d~rn]
kmfu'g !$ ut] sfe|] lhNnfsf] gdf]a'4–
$ l:yt hgs pdflj, es'08]a];Ldf
ljQLo r]tgf clej[l4 sfo{qmd cfof]hgf
u¥of] . gdf]a'4 gu/kflnsfsf d]o/ 6LkL
ltdlN;gfsf] k|d'v cfltYodf cfof]lht
sfo{qmddf sIff !! / !@ sf ljBfyL{ /
lzIfsx¿sf] ;xeflutf lyof] .
;f] cj;/df gu/ k|d'v ltdlN;gfn]
o;} qmddf pTk|]/0ff enfovs{n]
kmfu'g * ut] cf]vn9'Ëfsf] rDkfb]jL–@,
k'nfk'df ljQLo r]tgf clej[l4 sfo{qmd
cfof]hgf u¥of] . b'O{ j6f ;qdf ljeflht
pQm sfo{qmdsf] klxnf] ;q cf}krfl/s
sfo{qmd / bf];|f] ;q Jofjxfl/s cEof;df
s]lGb|t lyof] .
;f] cj;/df g]kfn /fi6« a}+s, ueg{/
sfof{nosf ;xfos lgb]{zs lji0f'bQ
kf08]on] ljQLo ;fIf/tfsf] kl/ro, dxTj
/ cfjZostfaf/] ;xefuLx¿nfO{ hfgsf/L
lbg'eof] . sfo{qmddf j8f cWoIf k'nfdLn] r]tgfsf ljleGg ;Gb]z k|jfx ul/Psf]
ljQLo ;fIf/tfsf] dxTjaf/] pNn]v :yfgLo:t/df pBdzLntfsf] ljsf;sf]
lyof] . lglDt ljQLo ;fIf/tf ckl/xfo{ /x]sf]
ub}{ pQm sfo{qmdsf] cfof]hgfaf6 :yfgLo
;j{;fwf/0fnfO{ ljQLo ;]jfsf] pkof]uk|lt ;f]xL ;+:yfn] kmfu'g ( ut] pNn]v ub}{ o:tf sfo{qmdnfO{ lj:tf/
hfu?s agfPsf] wf/0ff /fVg'eof] . /fd]5fksf] vfF8fb]jL–!, sf]yk]df ljQLo ub}{ n}hfg'kg]{ cfjZostf cf}+Nofpg'eof] .
bf];|f] ;qcGtu{tsf] sfo{qmddf r]tgf clej[l4 sfo{qmd cfof]hgf u¥of] . sfo{qmddf a}+ssf lgb]{zs gf/fo0fk|;fb
pTk|]/0ff enfovs{sf k|lzIfsåo sfo{qmddf /fli6«o jfl0fHo a}+s lnld6]8, kf]v|]nn] ljQLo ;fIf/tfsf] kl/ro,
nIdLk|;fb l3ld/] / w|'j v8\sfn] /ftdf6f zfvf, l;Gw'nLsf k|aGws dxTj / cfjZostfaf/] cfˆgf] k|:t'lt
14
 ljQLo r]tgf g]kfn /fi6« a+}s ;dfrf/
/fVg'eof] . ueg{/sf] sfof{nosf
pk–lgb]{zs 8f= efujt cfrfo{n]
pBdzLntfsf] ljsf;, cfocfh{g, art,
shf{, nufgL, l8lh6n a}+lsª tyf aLdfsf
;}4flGts / Jofjxfl/s kIf;Fu} /fi6«
a}+ssf] ;kmf gf]6 gLltsf ;DaGwdf jftf{
k|:t't ug'{eof] . sfo{qmddf l;6L PS;k|];
dlg 6«fG;km/sf gfoa dxfk|aGws Zofd
nfld5fg]n] x'08L sf/f]af/nfO{ lg?T;flxt
t'Nofpg'kg]{ cfjZostfdf hf]8 lbg'eof] .
o;} u/L, ;f] d~rn] kmfu'g !%
ut] gdf]a'4–@ km"njf/L, afFemkf]v/Ldf
ljQLo r]tgf clej[l4 sfo{qmd cfof]hgf
u¥of] . j8fWoIf ;~hLj 9sfnsf]
;efkltTj / ueg{/sf] sfof{nosf

lgb]{zs gf/fo0fk|;fb kf]v|]nsf] k|d'v

cfltYodf cfof]lht sfo{qmddf ;xsf/L
;+:yfsf ;b:o / :yfgLo ;j{;fwf/0fsf]
;xeflutf lyof] .
sfo{qmddf ueg{/sf] sfof{nosf
pk–lgb]{zs 8f= efujt cfrfo{n] ljQLo
;fIf/tfsf ljljw kIfaf/] hfgsf/L
lbg'eof] . ;f] cj;/df lgb]{zs kf]v|]nn]
ljQLo ;fIf/tfsf] dxTj pNn]v ub}{
;xefuLsf] lh1f;fsf] hjfkm lbg'ePsf]
lyof] .

;+:yfut ;fdflhs pQ/bfloTj === === ===

o;sf ;fy} o; sf]ifaf6 vr{ ug{ s]xL u/L, ;~rfns ;ldltsf ;b:ox¿nfO{ v'nfpg' kg]{;d]t Joj:yf 5 .
kIfdf lgif]w;d]t ul/Psf] 5 . h;cg';f/ JolQmut jf /fhg}lts nfe x'g] u/L vr{ lgisif{
;+:yfsf] a|f08 k|j4{g x'g] u/L ul/g] vr{ ug{ gkfOg] Joj:yf ul/Psf] 5 .
o; sf]ifaf6 Joxf]g{ gkfOg] t/, ;+:yfut o;} u/L, a}+s tyf ljQLo ;+:yfsf] a}+s tyf ljQLo ;+:yfnfO{ ;+:yfut
;fdflhs pQ/bfloTjdf u/]sf] vr{df ;~rfns ;ldltn] ;+:yfut ;fdflhs ;fdflhs pQ/bfloTjsf] bfo/fdf NofO{
;+:yfsf] gfd ;f}hGosf] ¿kdf pNn]v ug{ pQ/bfloTjsf nflu o; Joj:yfcg';f/ ;dfhk|ltsf] bfloTj af]w u/fpgdf of]
kfOg] Joj:yf ul/Psf] 5 . klxrfg x'g] If]qx¿, ;f] If]qdf vr{sf nflu Joj:yf lgs} dxTjk"0f{ b]lvG5 . o;af6
a}+s tyf ljQLo ;+:yfn] ;+:yfut k|fKt x'g] k|:tfj d"NofÍg ug]{ k|lqmof, sf]ifsf] vf;u/L ;fdflhs ;]jf k|j4{gsf ;fy}
;fdflhs pQ/bfloTjdf vr{ ubf{ Ps} ;~rfng tyf Joj:yfkg k|lqmofnufotsf
ljQLo ;fIf/tfsf If]qdf ul/g] vr{af6
ef}uf]lns If]q tyf ljifo -h:t}M lzIff, laifox¿ ;d]6L 5'§} sfo{ljlw agfO{ nfu"
:Jff:Yo cflb_ df dfq ;Lldt geO{ cfˆgf] ug'{kg]{ Joj:yf ul/Psf] 5 . ;fy}, ;+:yfn] ljQLo ;]jfsf] dfu kIfsf] lj:tf/ x'g uO{
sfo{If]qleqsf ;a} ef}uf]lns If]q tyf o:tf] sf]ifsf] Joj:yf tyf ;f]af6 ePsf] ljQLo kx'Fr clej[l4 x'g uO{ cGttf]uTjf
ljifox¿df Gofof]lrt 9Ën] vr{ ug]{ Joj:yf vr{ ;DaGwL hfgsf/L cfˆgf] jflif{s ljQLo lbuf] tyf ;dfj]zL ljsf; ;Dej x'g hfg]
ldnfpg' kg]{ Joj:yf klg ul/Psf] 5 . o;} ljj/0fsf] n]vf;DaGwL l6Kk0fLcGtu{t s'/fdf ljZj:t x'g ;lsG5 .
15
 hgzlQm Joj:yfkg g]kfn /fi6« a}+s ;dfrf/

;?jf÷kb:yfkg
hgzlQm Joj:yfkg ljefun] tyf ;]jf Joj:yfkg ljefu, hubLz s'df/ d'b|f Joj:yfkg ljefu -6S;f/ dxfzfvf_
@)&& kmfu'g !% sf] lg0f{ofg';f/ ljleGg ljQ Joj:yfkg ljefu / clDasf g]kfn / a}+lsª ljefusf ;ljg yfkfnfO{ cfly{s
ljefu÷sfof{nosf @% hgf clws[t låtLo a}+lsª ljefudf kb:yfkg x'g'ePsf] 5 . cg';Gwfg ljefudf ;?jf ul/Psf] 5 .
-pk–lgb]{zs_ x¿sf] ;?jf tyf kb:yfkg hgzlQm Joj:yfkg ljefun] o;} u/L, cfGtl/s n]vfk/LIf0f
u/]sf] 5 . kmfu'g @^ sf] lg0f{ofg';f/ ljleGg ljefusf ;[hgf ah|frfo{ ljsf; a}+s
h;cg';f/ a}+lsª ljefusf ljefu÷sfof{nosf %@ hgf ;xfos ;'kl/j]If0f ljefu, a}+lsª ljefusf ch'{g
Clif/fd a/fn ;+:yfut of]hgf tyf lgb]{zsx¿sf] ;?jf u/]sf] 5 . h;cg';f/ ;'j]bL ljQLo hfgsf/L OsfO{, a}+s;{
hf]lvd Joj:yfkg ljefu, a}+s tyf ljQLo a}+s ;'kl/j]If0f ljefusf O{daxfb'/ If]qL k|lzIf0f s]Gb|sf g/]zs'df/ clwsf/L
;+:yf lgodg ljefusf ;'wf >]i7 /fi6« / ljQLo hfgsf/L OsfO{sf /jLGb| e§/fO{ n3'ljQ ;+:yf ;'kl/j]If0f ljefu, d'b|f
C0f Joj:yfkg ljefu, ;DklQ tyf ;]jf ;+:yfut of]hgf tyf hf]lvd Joj:yfkg Joj:yfkg ljefusf z/b k|wfg a}+s
Joj:yfkg ljefusf ab|Lk|;fb vs'/]n ljefu, ljsf; a}+s ;'kl/j]If0f ljefusf tyf ljQLo ;+:yf lgodg ljefu, ljb]zL
a}+s tyf ljQLo ;+:yf lgodg ljefu, /ljk|sfz dhu}of a}+lsª ljefu, a}+s ljlgdo Joj:yfkg ljefusf O{Zj/L n'OF6]n
a}+lsª ljefusf n'dfsfGt e§/fO{ ljsf; ;'kl/j]If0f ljefusf s'j]/ yfkf ;DklQ a}+lsª ljefu, ljQ Joj:yfkg ljefusf
a}+s ;'kl/j]If0f ljefu, ljQ Joj:yfkg tyf ;]jf Joj:yfkg ljefu, n3'ljQ df]xgWjh v8\sf n3'ljQ ;+:yf ;'kl/j]If0f
ljefusf c?0fs'df/ zfx ljQ sDkgL ;+:yf ;'kl/j]If0f ljefusf /fddl0f zdf{ ljefu, wgu9L sfof{nosf uf]kfnk|;fb
;'kl/j]If0f ljefu, ;+:yfut of]hgf tyf hgzlQm Joj:yfkg ljefu, ;DklQ tyf >]i7 hgzlQm Joj:yfkg ljefu, ;+:yfut
hf]lvd Joj:yfkg ljefusf /jLGb| dxh{g ;]jf Joj:yfkg ljefusf pdfsfGt of]hgf tyf hf]lvd Joj:yfkg ljefusf
a}+s tyf ljQLo ;+:yf lgodg ljefu, yklnof n3'ljQ ;+:yf ;'kl/j]If0f ljefu, b]j/fh l3ld/] cfGtl/s n]vfk/LIf0f
cfGtl/s n]vfk/LIf0f ljefusf /fds'df/ a}+lsª ljefusf 3gZofd k'mnf/f ljQ ljefu, a}+lsª ljefusf s[i0faxfb'/ >]i7
s];L / cl:dtf uf]vf{nL qmdzM e'QmfgL sDkgL ;'kl/j]If0f ljefu, ljb]zL ljlgdo n3'ljQ ;+:yf ;'kl/j]If0f ljefu / a}+s
k|0ffnL ljefu / ljQLo hfgsf/L OsfO{, Joj:yfkg ljefusf sNkgfb]jL kf}8]n ;'kl/j]If0f ljefusf ;dL/ >]i7 ;+:yfut
a}+lsª ljefusf /rgf zdf{ k/fh'nL e§/fO{ n3'ljQ ;+:yf ;'kl/j]If0f ljefu / of]hgf tyf hf]lvd Joj:yfkg ljefudf
ljb]zL ljlgdo Joj:yfkg ljefu / d'b|f ljQ Joj:yfkg ljefusf kbd/fh hf]zL ;?jf x'g'ePsf] 5 .
Joj:yfkg ljefusf l;h{gf >]i7 cfly{s e'QmfgL k|0ffnL ljefudf ;?jf x'g'ePsf] a}+s ;'kl/j]If0f ljefusf
cg';Gwfg ljefudf ;?jf x'g'ePsf] 5 . 5. ;'zLns'df/ bf; ;DklQ tyf
o;} u/L, xfn} a9'jf ePsf o;} u/L, cfly{s cg';Gwfg ljefusf ;]jf Joj:yfkg ljefu, ljb]zL ljlgdo
!% hgf pk–lgb]{zsx¿sf] ljleGg dLgk|;fb kf]v|]n / n3'ljQ ;+:yf ;'kl/j]If0f Joj:yfkg ljefusf zf/bf sfsL{ d'b|f
ljefu÷sfof{nodf kb:yfkg ul/Psf] ljefusf o1k|;fb kf08]o d'b|f Joj:yfkg Joj:yfkg ljefu, ;'v]{t sfof{nosf
5 . h;cg';f/ 8f= /d]zk|;fb rf}nfufO{+ ljefu, ljQ sDkgL ;'kl/j]If0f ljefusf ;dL/s'df/ l;+x ljQLo hfgsf/L OsfO{,
ueg{/sf] sfof{no, lvnaxfb'/ >]i7 lvngfy bfxfn ljQLo hfgsf/L OsfO{, ljQLo hfgsf/L OsfO{sf k|zfGtjNne
;+:yfut of]hgf tyf hf]lvd Joj:yfkg ;+:yfut of]hgf tyf hf]lvd Joj:yfkg kGt a}+s ;'kl/j]If0f ljefu, d'b|f
ljefu, /fhs'df/ vqL n3'ljQ ;+:yf ljefusf cgf8fo/ ;'j]bL ljb]zL ljlgdo Joj:yfkg ljefusf zfGtf kf}8]n x'dfufO{
;'kl/j]If0f ljefu, aaL s];L d'b|f Joj:yfkg ljefu, ;+:yfut of]hgf tyf n3'ljQ ;+:yf ;'kl/j]If0f ljefu, e'QmfgL
Joj:yfkg ljefu, lbnaxfb'/ ;'Aaf hf]lvd Joj:yfkg ljefusf /]jtL/fh k|0ffnL ljefusf ;'hg kf]v|]n / hgzlQm
cfª\bDa] / /fd]Zj/ kf]v/]n cfGtl/s kf}8]n n3'ljQ ;+:yf ;'kl/j]If0f ljefu, Joj:yfkg ljefusf 1fg]Gb| ;'jfn a}+s
n]vfk/LIf0f ljefu, lji0f'k|;fb pkfWofo / a}+s tyf ljQLo ;+:yf lgodg ljefusf ;'kl/j]If0f ljefu, hgzlQm Joj:yfkg
w|'j kf]v/]n a}+lsª ljefu, k|Xnfb v8\sf h'unlszf]/ s'zjfxf sfg'g dxfzfvf, a}+s ljefusf pdf kx/fO{ a}+s tyf ljQLo ;+:yf
d'b|f Joj:yfkg ljefu, ljZjgfy Gof}kfg] tyf ljQLo ;+:yf lgodg ljefusf ;'hg lgodg ljefu, d'b|f Joj:yfkg ljefusf
;DklQ tyf ;]jf Joj:yfkg ljefu, vgfn ljQ Joj:yfkg ljefu, n3'ljQ s[i0f l;Ub]n / :j]tf ltldlN;gfnfO{ qmdzM
alatf 9'Ëfgf cfGtl/s n]vfk/LIf0f ;+:yf ;'kl/j]If0f ljefusf ;'/]z s];L ljsf; a}+s ;'kl/j]If0f ljefu / cfly{s
ljefu, e'jfgLk|;fb uf}td n3'ljQ ;+:yf ;+:yfut of]hgf tyf hf]lvd Joj:yfkg cg';Gwfg ljefudf ;?jf ul/Psf] 5 .
;'kl/j]If0f ljefu, lji0f'axfb'/ >]i7 ;DklQ ljefu, ljsf; a}+s ;'kl/j]If0f ljefusf o;} u/L, ljQ Joj:yfkg ljefusf
16
 hgzlQm Joj:yfkg g]kfn /fi6« a+}s ;dfrf/

d]l/gf >]i7 cfly{s cg';Gwfg ljefu, a}+lsª xfn} ;xfos lgb]{zsdf a9'jf s]Gb|, /]lgzf clwsf/L a}+lsª ljefu,
ljefusf cZn]iff v/]n a}+s ;'kl/j]If0f ePsf ;ft hgf sd{rf/L ljleGg cfsfzf ah|frfo{ hgzlQm Joj:yfkg
ljefu, a}+lsª ljefusf cfzf dfgGw/ ljefu÷sfof{nodf kb:yfkg ul/Psf] ljefu, /f]zg ;]9fO{ ;'v]{t sfof{no, ;'hn
n3'ljQ ;+:yf ;'kl/j]If0f ljefu, ;DklQ 5 . h;cg';f/ o'j/fh bxfn n3'ljQ 9'Ëfgf l;4fy{gu/ sfof{no, /fhg k|hfklt
tyf ;]jf Joj:yfkg ljefusf ljlgt ;+:yf ;'kl/j]If0f ljefu, pbo/fh kf}8]n ljQLo hfgsf/L OsfO{, dDtf /fjt d'b|f
h}g j}ufgL a}+s tyf ljQLo ;+:yf lgodg cfly{s cg';Gwfg ljefu, ljhof uf}td Joj:yfkg ljefu, lgh{n l3ld/] lj/f6gu/
ljefu, hgsk'/ sfof{nosf clgns'df/ kf]v/f sfof{no, l8NnLs'df/ yfkf d'b|f sfof{no, :d[tL e§ e'QmfgL k|0ffnL ljefu,
emf a}+s ;'kl/j]If0f ljefu, ;DklQ tyf Joj:yfkg ljefu, ;'/h rf}w/L ;DklQ ljj]s a'9fyf]sL l;4fy{gu/ sfof{no,
;]jf Joj:yfkg ljefusf bLk]z ag]kfnL tyf ;]jf Joj:yfkg ljefu, d~h's'df/L /jLgf e§ /fi6« C0f Joj:yfkg ljefu,
n3'ljQ ;+:yf ;'kl/j]If0f ljefu, jL/u~h Gof}kfg] /fi6« C0f Joj:yfkg ljefu / cfo'if dfgGw/ a}+s ;'kl/j]If0f ljefu /
sfof{nosf cldif zdf{ ljQLo hfgsf/L t'n;f cf]emf wgu9L sfof{nodf kb:yfkg hlugf >]i7 a}+lsª ljefudf kb:yfkg
OsfO{, hgsk'/ sfof{nosf clgn lzjfsf]6L x'g'ePsf] 5 . x'g'ePsf] 5 .
lj/f6gu/ sfof{no, d'b|f Joj:yfkg o;} u/L, ut kmfu'g @* b]lv o;} u/L, ;'lgtf kf}8]n hgzlQm
ljefusf ;l/tf b'jfn ljb]zL ljlgdo ;xfos lgb]{zs kbdf gofF lgo'lQm lbOPsf Joj:yfkg ljefu, d'ldxfª /fO{ hgsk'/
Joj:yfkg ljefu, cfGtl/s n]vfk/LIf0f #% hgfnfO{ ljleGg÷ljefu sfof{nodf sfof{no, ;Gtf]if u'Ktf ;'v]{t sfof{no, /]vf
ljefusf /fhg ;'j]bL / ljQ Joj:yfkg kb:yfkg ul/Psf] 5 . h;cg';f/ k|ltdf l3ld/] / Plnzf dfgGw/ cfly{s cg';Gwfg
ljefusf clgtf clwsf/L n3'ljQ ;+:yf clwsf/L cfly{s cg';Gwfg ljefu, ;[hgf ljefu, k"0f{axfb'/ df}/ftL g]kfnL ;'v]{t
;'kl/j]If0f ljefu / ;DklQ tyf ;]jf If]qL ueg{/sf] sfof{no, wd]{Gb| ltldlN;gf sfof{no, ljj]ss'df/ ;fx / /fhgs'df/
Joj:yfkg ljefusf ljj]scfgGb /f}lgof/ cfly{s cg';Gwfg ljefu, cflbTo kf]v|]n u'Ktf jL/u~h sfof{no, Zofd;'Gb/ k|;fb
ljsf; a}+s ;'kl/j]If0f ljefudf ;?jf a}+lsª ljefu, ;'lzn vgfn l;4fy{gu/ s]z/L / /fw]Zofd ;fx hgsk'/ sfof{no,
x'g'ePsf] 5 . sfof{no, cleif]s vgfn a}+s;{ k|lzIf0f ;[li6 ltjf/L d'b|f Joj:yfkg ljefu,
PlGhnf l3ld/] cfGtl/s n]vfk/LIf0f
a9'jf ljefu, /Ldf vgfn / /f]zgL sfsL{ ljQ
Joj:yfkg ljefu, Ozf >]i7 a}+lsª ljefu,
hgzlQm Joj:yfkg ljefun] nfu" x'g]u/L k|fljlws ;]jf -;xfos :t/_ / ;'hn ;'jfn ;DklQ tyf ;]jf Joj:yfkg
ljleGg ljefu÷sfof{nosf ;ft hgf sfof{no ;xof]uLtk{msf sd{rf/Lsf] a9'jf ljefu / k|bLkgf/fo0f l;+xnfO{ cfGtl/s
;xfosnfO{ k|wfg ;xfos -;xfos k|yd_ u/]sf] 5 . h;cg';f/ ;DklQ tyf ;]jf
n]vfk/LIf0f ljefudf kb:yfkg ul/Psf]
kbdf a9'jf u/]sf] 5 . ljefuåf/f @)&^ Joj:yfkg ljefusf ;~rf/ rfns cs'/
5.
kmfu'g !# ut] hf/L ;"rgf cg';f/, g]kfn >]i7 jl/i7 ;~rf/ rfns, gfoa ;~rf/
/fi6« a}+s, sd{rf/L ;]jf ljlgodfjnL, @)^*
sf] ljlgod %@ adf]lhd pxfFx¿sf] a9'jf
rfnsåo d'sGb g]kfn / gf/fo0f l;6f}nf
;~rf/ rfns kbdf a9'jf x'g'ePsf] 5 . cjsfz
ePsf] xf] . o;/L a9'jf x'g]df l;4fy{gu/ ;fy}, ljQ Joj:yfkg ljefusf ;DklQ tyf ;]jf Joj:yfkg
sfof{nosf bLks uf}td, lj/f6gu/ sfof{no ;xof]uL låtLo ;/:jtL ljefusf pk–k|wfg rfns jf;'b]j
sfof{nosf ;'hg /;fOnL, /u]Gb| ;fDaf, 8Ëf]n sfof{no ;xof]uL k|yd / lj/f6gu/
;fksf]6fn] @)&& kmfu'g % / n3'ljQ ;+:yf
;'zLnf sfsL{, emn]Gb| kf]v/]n, /d]z lg/f}nf sfof{nosf sfof{no ;xof]uL t[tLo
/ a}+s tyf ljQLo ;+:yf lgodg ljefusf nLnfb]jL 8f]ldgL sfof{no ;xof]uL ;'kl/j]If0f ljefusf sfof{no ;xof]uL
:d[tL a/fn x'g'x'G5 . låtLodf a9'jf x'g'ePsf] hfgsf/L hgzlQm k|yd dflxnf lu/Ln] kmfug' * b]lv a}+s
o;} u/L, lj/f6gu/ sfof{nosf Joj:yfkg ljefun] lbPsf] 5 . ;]jfaf6 cjsfz kfpg'ePsf] 5 . pxfFx¿
pk–;xfos df]gaxfb'/ du/ ;xfos kbdf a9'jf x'g'ePsf ;a} sd{rf/Ldf b'j}n] #) jif]{ ;]jf cjlwsf sf/0f cjsfz
a9'jf x'g'ePsf] 5 . g]kfn /fi6« a}+s ;dfrf/ xflb{s awfO{ kfpg'ePsf] hfgsf/L hgzlQm Joj:yfkg
;fy}, ljefun] kmfu'g !( b]lv 1fkg ub{5 . ljefun] lbPsf] 5 .
k|sfzs ;Dkfbg ;xof]uL
g]kfn /fi6« a}+s ueg{/sf] sfof{no, hg;Dks{ dxfzfvf ;Dkfbs lji0f'k|;fb k'mofn
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O{d]n M samachar@nrb.org.np, j]j;fO{6 M www.nrb.org.np gjLgf tfd|fsf/

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