Central bank Governor Paudel discloses assets amid transparency push

KATHMANDU: Nepal Rastra Bank Governor Bishwanath Paudel has publicly disclosed his asset details, revealing substantial holdings in real estate, shares, and precious metals, as part of a move toward greater transparency in public office. The disclosure, made public on Wednesday, includes properties, bank savings, and significant investments in multiple companies, sparking discussions about the wealth of high-ranking officials in Nepal’s financial sector.

According to the declaration, the governor owns two houses—one in Sainbu, Lalitpur, and another in Gaindakot, Nawalparasi—both registered in the name of his wife. The Sainbu property includes land valued at 155 million rupees, while the Gaindakot land is valued at 60 million rupees. The governor stated that these properties were acquired through a combination of inheritance and personal earnings, emphasizing their legitimate origins.

In addition to real estate, the governor reported significant investments in shares, totaling 136.8 million rupees in his name across various companies. His wife holds shares worth 3.75 million rupees. The couple’s portfolio includes 244,176 promoter shares in Sanima Bank valued at 244.1 million rupees, 92,579 shares in Sanima Mai Hydropower worth 92.5 million rupees, and 188,000 shares in Sanima Middle Tamor Hydropower valued at 188 million rupees.

Further holdings include 186,834 shares in Globeco Pvt. Ltd. worth 93.4 million rupees, 500,000 shares in United Energy Hydropower valued at 50 million rupees, and 250,000 shares in Chitwan Energy worth 25 million rupees. The wife’s shares are exclusively in Globeco Pvt. Ltd., comprising 75,000 shares valued at 3.75 million rupees.

The governor also disclosed movable assets, including 45 tolas of gold, inherited from family, and diamond jewelry worth 15 million rupees, acquired through personal earnings. Bank accounts in his name include 13.2 million rupees in Sanima Bank, 2.59 million rupees in Nepal Investment Mega Bank, 4.73 million rupees in Prabhu Bank, 12,547 rupees in another Sanima Bank account, and a modest $66.78 in a Sanima Bank dollar account. Additionally, a Suzuki car valued at 4.4 million rupees is registered in his wife’s name. The governor clarified that he has no outstanding loans.

The disclosure comes at a time when Nepal’s central bank is under scrutiny to address economic challenges, including stabilizing financial markets and boosting growth. A business leader, speaking anonymously, commented, “This level of transparency from the governor sets a precedent, but it also raises questions about how such wealth aligns with public service roles.” The declaration aligns with Nepal’s push for accountability, as mandated under the Right to Information Act, which requires public officials to disclose assets to prevent corruption.

However, some analysts argue the disclosure could fuel public debate, given Nepal’s economic struggles. “With millions migrating due to lack of opportunities, seeing such wealth can stir unease, even if legally acquired,” an economic analyst said. The governor’s reported assets, totaling over 160 million rupees, have drawn attention on social media, with posts noting his significant shareholdings and gold reserves.

As the central bank prepares its monetary policy for the upcoming fiscal year, the governor’s financial transparency will likely remain under the spotlight, shaping perceptions of governance in a nation grappling with economic recovery.