Appointment of Nepal Rastra Bank Deputy Governor Unlikely at Tuesday’s Cabinet Meeting

Dragon Media Correspondent

The government is unlikely to appoint a deputy governor to the vacant position at Nepal Rastra Bank during Tuesday’s meeting of the Council of Ministers.

According to publicly reported information citing a source at the Office of the Prime Minister and Council of Ministers, the possibility of a deputy governor being appointed at Tuesday’s meeting is considered very low. Several executive directors of the central bank have been discussed as potential candidates for the post.

Both deputy governor positions at Nepal Rastra Bank had previously become vacant. The government appointed Kiran Pandit to one of the positions in the final week of Chaitra, while the second position has remained vacant.

Finance Minister Dr. Swarnim Wagle had earlier indicated that the remaining appointment would be completed within three months. More than four months have now passed without a decision.

Wagle recently held a collective meeting at the Finance Ministry with executive directors of Nepal Rastra Bank. Eighteen executive directors were reportedly present at the meeting. However, no formal decision has yet been announced regarding who will be recommended or appointed to the vacant deputy governor position.

The deputy governor plays an important role in the implementation of monetary policy, regulation and supervision of banks and financial institutions, foreign exchange management and the central bank’s overall administrative decision-making process.

The banking sector is therefore closely watching the appointment. Until the government makes a formal decision, discussions surrounding potential candidates and the timing of the appointment remain speculative.