Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: Dr. Bishwa Nath Paudel has been appointed as the 18th Governor of Nepal Rastra Bank, following a cabinet meeting chaired by Prime Minister KP Sharma Oli on Tuesday evening. The decision, announced late Tuesday, marks a significant step in addressing Nepal’s economic challenges, with Paudel pledging to prioritize investor protection and financial sector reforms.
Dr. Paudel, former Vice-Chairman of the National Planning Commission, outlined his vision to bolster the supervisory capacity of the banking and financial sectors while reducing regulatory burdens. “We need fewer regulations but stronger oversight to drive economic growth,” Paudel said. He emphasized making the economic system transparent and accountable, with a focus on resolving issues in Nepal’s volatile stock market to protect millions of investors. His policies aim to balance flexibility for financial institutions with robust mechanisms to ensure transparency.
The appointment followed a recommendation from a three-member committee led by Finance Minister Bishnu Prasad Paudel, which shortlisted Dr. Paudel alongside acting Governor Nilam Dhungana and former Secretary Dinesh Bhattarai. Paudel’s candidacy gained traction after he resigned from the recommendation committee, prompted by government assurances of his appointment. The committee was subsequently reconstituted with former Governor Mahaprasad Adhikari and economist Posh Raj Pandey.
Public reactions on X highlight cautious optimism about Paudel’s leadership. One user noted, “Dr. Paudel’s focus on stock market stability and transparency could rebuild trust, but execution is key.” The appointment comes at a critical juncture, with Nepal facing inflationary pressures and financial sector instability. Paudel’s experience at the National Planning Commission is expected to guide his efforts in steering the central bank toward sustainable economic policies.
The cabinet’s swift decision, finalized in a rescheduled meeting on Tuesday evening, reflects the urgency of stabilizing Nepal Rastra Bank’s leadership. As Paudel assumes office, stakeholders await concrete actions to address the stock market’s challenges and enhance the financial sector’s resilience, critical for Nepal’s economic recovery and growth.
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