May 24, 2024, Friday
Nepal 1:37:26 pm

First governor of Nepal Rastra Bank Rana passes away

The Nepal Weekly
February 7, 2023

Himalaya Shamsher Rana, the first Governor of Nepal Rastra Bank, has passed away at the age of 95. Rana died on Sunday morning while undergoing treatment at Norvic Hospital in Thapathali. Rana, suffering from respiratory problems for a long time, was admitted to the hospital few days ago for treatment. Rana, who was the first Finance Secretary and the first governor, made a significant contribution by initiating economic and policy work laying the foundations of the Nepalese economy. 

Rana also became the Secretary of the Ministry of Finance in 2007. While he was the finance secretary, the work of modernizing customs and setting up the Auditor General’s office for transparency of government expenditure was progressing. Similarly, the practice of publicizing the budget was started for the transparency of the government’s income and expenditure. Who replaced the Indian currency and increased the circulation of the Nepali currency contribution goes to Rana. After Rana, who was trusted by King Mahendra, was appointed the first Governor of Rastra Bank at the age of 29, the circulation of Nepali currency expanded. 

The then Governor Rana established a system of equal exchange rate between the currencies of the two countries after studying the exchange of money across the country. Even now, the same flat rate system is maintained. Although the exchange rate of the Nepalese currency with the Indian currency has changed at different times, the exchange rate of 100 Rupees equals 160 Nepalese rupees for the last three decades. After Rana retired as governor, he went to different countries to work in the United Nations. Beer producer Gorkha Brewery was also started on his initiative. Later Himalayan Bank was established on his own initiative.