KATHMANDU: The Nepal Rastra Bank (NRB) has been left without a governor as Maha Prasad Adhikari’s five-year term ended on Saturday. Although Adhikari formally bade farewell on Friday after presenting his tenure’s achievements, the process to appoint his successor has not ended.
NRB officials say that the chances of appointing a new governor by Monday are slim, as the recommendation committee has not been able to hold its meeting.
Prime Minister Oli had tried to appoint a new governor before he left for Bangkok for an official visit to Thailand and to participate in the 6th BIMSTEC Summit. Although Oli returned home on Saturday, a lack of consensus between the ruling Nepali Congress (NC) and CPN-UML has stalled the appointment.
The cabinet has formed a recommendation committee under Minister for Finance Bishnu Prasad Paudel, with former NRB Governor Bijaya Raj Bhattarai and Economist Dr Bishwa Paudel as members, to oversee the selection process.
The committee will have to recommend three names renowned in the field of economics, monetary, banking, finance, commerce, management, commercial law and from among the Deputy Governors. The cabinet will appoint one of them as the new governor.
According to the finance ministry sources, six candidates have expressed interest in the position. The applicants include NRB Deputy Governors Neelam Dhungana and Bam Bahadur Mishra, NRB board member Rabindra Pandey, former Chief Secretary Rajendra Kishor Chhetri, National Planning Commission member Dr Prakash Kumar Shrestha and banker Gyanendra Dhungana.
Regardless of what the law says, the recommendation committee cannot recommend names independently. It must forge a consensus among the ruling parties to make a three-member list.
Although the government was required to appoint a new governor at least one month before the incumbent’s term ends, the recommendation committee was formed rather late this time. The existing law allows the government to appoint a Senior Deputy Governor until the new Governor takes office as the Officiating Governor. However, no such decision has been taken.
