Dr. Paudel assumes office as new governor of central bank

KATHMANDU, MAY 21: Dr. Bishwonath Paudel, newly appointed Governor of Nepal Rastra Bank (NRB), officially assumed office today. He visited the central bank’s office in Baluwatar after taking the oath of office and secrecy from Chief Justice Prakash Man Singh Raut earlier on Wednesday.

Upon his arrival, Dr. Paudel was warmly welcomed by the bank’s staff. He formally began his tenure by signing off on a decision related to the design and printing of new banknotes. Specifically, he approved the printing of new NPR 500 and NPR 1,000 denominations.

Following the assumption of office, Dr. Paudel emphasized that monetary and fiscal policies are distinct domains. He expressed his commitment to prioritizing the supervision of banks and financial institutions, stating, “Formulating rules alone is not enough; we must also strengthen supervision.” He further noted the importance of improving the quality of loans.

Dr. Paudel also pledged to revise monetary policies in alignment with the government’s fiscal strategy. He stated that NRB would engage in meaningful consultations with stakeholders before making major policy decisions and affirmed that the central bank would operate in accordance with the Nepal Rastra Bank Act to uphold its autonomy.

Earlier in the day, Dr. Paudel took the oath of office from the Chief Justice and later met with Finance Minister Bishnu Paudel before heading to the NRB office to take charge.

His appointment was approved by the Cabinet meeting held yesterday.