KATMANDU, March 19: Leaving behind half a dozen candidates who were in the race for Nepal Rastra Bank (NRB) governor, the Cabinet has appointed Prime Minister Sushil Koirala's Chief Economic Advisor, Chiranjibi Nepal, as the new governor of the central bank.
The meeting of the Council of Ministers held on Thursday decided to pick Nepal as the 16th governor of NRB from among the three candidates forwarded by a recommendations panel led by Minister of Finance Ram Sharan Mahat. The three-member panel had reportedly recommended Nepal along with current NRB Deputy Governors duo Gopal Prasad Kaphle and Maha Prasad Adhikari. The panel, however, had not made the names of the candidates public officially.
First NRB governor Himalaya Shumsher JB Rana and economist and former NRB board member Parthibeshwar Prasad Timilsina were the other members of the recommendations committee.
Nepal will now replace outgoing Governor Yubaraj Khatiwada, who took his retirement from NRB on Thursday after completing his five-year tenure. However, the new governor will be able to join office only on Sunday as Friday (Ghode Jaatra) and Saturday are public holidays.
Timilsina appointed as Acting Governor of NRB
More than half a dozen economists and former bureaucrats were in the race for the highly-coveted post of NRB governor even before the formation of the recommendations panel on February 24.
Newly appointed Governor Nepal, who is 54, was economic advisor at the Ministry of Finance under the erstwhile Khila Raj Regmi government. Economist Nepal is considered to have a good understanding of the country's fiscal and monetary policies. He had also served as chief advisor to the Federation of Nepalese Chambers of Commerce and Industry (FNCCI).
Nepal has a PhD in labor relations and economics from Banaras Hindu University and has also taught at Tribhuvan University and Kathmandu University. He was chairman of the Securities Board of Nepal (Sebon) from 2007 to 2009.
Talking to Republica, newly appointed Governor Nepal said his top priority at the central bank would be to increase the confidence of the public in the banking and financial system. “I will give continuity to appropriate policies introduced by my predecessors, to build up public confidence in the banking system,” he added.
