The study analyzed how money supply works in Nepal from 1965 to 2010. They found that high powered money plays a big role in changing monetary aggregates, but it's not easy to control. Traditional tools like CRR and Bank Rate didn't work well. Open market operations had some impact on high powered money. Money multipliers were affected by different ratios, but not by CRR. The study also showed that money supply is influenced by internal factors, suggesting changes are needed in the monetary policy framework.