The Nepalese rupee (Nepali: रूपैयाँ, symbol: रू, Rs.; code: NPR) is the official currency of the Federal Democratic Republic of Nepal. The Nepalese rupee is subdivided into 100 paisa. The issuance of the currency is controlled by the Nepal Rastra Bank, the central bank of Nepal. The Nepalese rupee was introduced in 1932, when it replaced the Nepalese mohar at the rate 2:1. Prior to 1994, the Nepalese rupee (रू) was pegged to the Indian rupee (₹) at the rate रू1.45 = ₹1, however since then it has been pegged at the rate रू1.60 = ₹1 currently.
In an exclusive interview with Dhaka Tribune's Mehedi Hasan, Managing Director of Banking Finance and Insurance Institute of Nepal (BFIN) Dr Binod Atreya spoke about Nepal’s banking system and the state of the country’s financial institutions