Lawmakers have proposed increasing the number of deputy governors at Nepal Rastra Bank (NRB) to three.
Lawmakers from the Rastriya Swatantra Party (RSP), Nepali Communist Party (NCP), and the Rastriya Prajatantra Party (RPP) registered an amendment proposal to the Nepal Rastra Bank Act in the House of Representatives.
Currently, the act stipulates that there shall be two deputy governors at NRB. The lawmakers have proposed that the third deputy governor be an expert appointed from outside the central bank’s internal service.
The amendment proposal was registered by lawmakers Sushil Khadka from the RSP, Ramesh Malla from the NCP, and Khushbu Oli from the RPP.
Lawmakers have also proposed making the central bank more inclusive, suggesting that the board should also include representation for women.
Altogether 18 lawmakers have registered amendments to the bill.
Currently, one of the two deputy governor positions at NRB is vacant. Under the existing Nepal Rastra Bank Act, the Cabinet appoints two deputy governors from among the special-class officers of NRB based on merit, upon the recommendation of the governor. The term for a deputy governor is five years.
This means that, under the current law, only individuals with long service and experience within the central bank are eligible to become deputy governors.
However, the lawmakers are seeking to include a provision to bring in an external candidate for the proposed third position, a provision that was not included in the original bill tabled by the government.
"Increase the number of deputy governors from two to three," states the amendment registered by RSP lawmaker Khadka. "The additional deputy governor should be brought from outside the Rastra Bank service."
Similarly, RPP lawmaker Oli has proposed that the third deputy governor should be an individual who has worked as a university professor, as the chief executive of an 'A' class commercial bank or financial institution, or in an executive-level at an international organization, or any equivalent or higher-ranking position.
