Kathmandu, Baisakh 5
The process of appointing the 18th Governor of Nepal Rastra Bank has taken a new turn. Following a court order, former Chief Secretaries Rajendra Kishor Kshetri and Rabindra Pande have been declared ineligible for the governor post, further shrinking the list of candidates.
Meanwhile, it is reported that the ruling parties—Nepal Communist Party (UML) and Nepali Congress—have reached an agreement that the governor position will go to Congress. Accordingly, Congress has already prepared a list of potential candidates.
According to some media outlets and sources close to Congress leader Sher Bahadur Deuba, there is talk of a consensus between Prime Minister KP Sharma Oli and Deuba to appoint Dr. Gunakar Bhatt, the Executive Director of Nepal Rastra Bank, as the new governor. Some Congress leaders have even claimed that Dr. Bhatt is being prepared for the position.
Legal hurdle: Bhatt’s chances weaken
However, legal obstacles under the Nepal Rastra Bank Act appear to seriously hinder Dr. Bhatt’s appointment as governor. The Act clearly states that an executive director cannot be directly appointed as governor.
Earlier, Dr. Yubaraj Khatiwada failed to become governor because he was not a deputy governor, while Bijayanath Bhattarai was appointed instead.
This time as well, the government has formed a recommendation committee for the appointment, chaired by Finance Minister Bishnu Prasad Paudel, with members Bishw Paudel and Bijayanath Bhattarai. According to the Act, the committee is mandated to recommend the name of one of the deputy governors.
This means one of the current deputy governors—Nilam Dhungana or Bam Bahadur Mishra—must be included among the three recommended names.
Where did Bhatt go wrong?
If Dr. Bhatt wanted to become governor, he should have resigned before the committee’s formation and then been recommended as an expert. However, since he has not yet resigned, he is deemed ineligible for the post under the law.
Former Executive Director Dr. Prakash Shrestha, aware of this legal provision, resigned earlier. UML had also considered Dr. Shrestha as a potential candidate if it got to appoint the governor.
Conclusion
The appointment of the Nepal Rastra Bank governor is caught between political consensus and legal constraints. Although the political atmosphere seems favorable, analysts suggest Dr. Bhatt’s chances are slim due to legal barriers. This situation likely paves the way for other candidates to gain stronger consideration in the appointment process.
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