Inflation in Nepal is mostly imported. That shapes what the central bank can do

The consumer price basket is dominated by food and by goods that cross the southern border, and the currency is pegged to the Indian rupee. Much of Nepal's inflation is therefore decided elsewhere. (‘Current Macroeconomic and’)

The peg brings stability and takes away a tool: the central bank cannot let the currency adjust, so it works through credit instead.

What the bank can do

Tighter policy slows lending, cools property and import demand, and protects reserves. It does little for the price of a sack of rice. The IMF's assessments describe the same constraint for other pegged economies. (‘World Economic Outlook’)