The process of appointing a new Governor for Nepal Rastra Bank (NRB) has been delayed after a key member of the selection committee resigned. Former Governor Vijayanath Bhattarai stepped down, citing inefficiency in the committee’s work.
Why Did the Committee Member Resign?
The recommendation committee, formed on Chaitra 10, was supposed to suggest a new Governor for NRB. However, even after a month, the committee failed to hold a single meeting. Frustrated by the lack of progress, Bhattarai submitted his resignation on Tuesday.
In an interview, Bhattarai expressed his disappointment:
- “There was no point in staying in the committee when no meetings were held.”
- “The committee’s credibility was at risk due to unnecessary delays.”
- “If political parties are deciding the appointment, why form a committee?”
What’s Next for the Governor Appointment?
With Bhattarai’s resignation, the selection process faces uncertainty. However, legal experts suggest that the government can appoint a new member to continue the process.
Key Details of the Appointment Process
Political Influence in the Appointment
Reports suggest that the appointment of the new Governor is being influenced by political negotiations. A recent agreement between Prime Minister KP Sharma Oli and Nepali Congress President Sher Bahadur Deuba indicates:
- The new Inspector General of Police (IGP) will be chosen by Prime Minister Oli.
- The NRB Governor will be selected based on Deuba’s recommendation.
Despite this agreement, the recommendation committee has not met, partly due to a pending Supreme Court case regarding age limits for appointments.
Legal Challenges and the Supreme Court’s Role
A writ petition in the Supreme Court challenges the removal of the 65-year age limit for NRB Governor appointments. The court has issued an interim order, but experts believe it won’t stop the appointment process.
Who Can Be the Next Governor?
According to the NRB Act, the Governor must have:
✔ Nepali citizenship
✔ High moral character
✔ Master’s degree in economics, finance, banking, law, or related fields
✔ Experience in senior government, banking, or academic roles
Possible Candidates
- Deputy Governors of NRB
- Senior banking executives
- Experienced economists
Conclusion
The delay in appointing a new Governor has raised concerns about transparency and efficiency. With political interference and legal hurdles, the process remains uncertain. The government must act swiftly to ensure stability in Nepal’s central banking system.
Key Takeaways
- A selection committee member resigned due to delays.
- Political negotiations influence the appointment.
- Supreme Court case may affect eligibility criteria.
- Deputy Governor Neelam Dhungana currently serves as interim head.