Kathmandu. The Finance Committee meeting has discussed clause-wise the bill designed to amend the Nepal Rastra Bank Act, 2058.
During the discussion, Finance Minister Dr Swarnim Wagle said that extensive consultations with experts and stakeholders have been going on in course of formulating monetary policy. He further said that the NRB’s research department presents evidence and facts on the condition of the monetary and overall economy and consults with the experts and stakeholders including the chief executive officers of the banks and financial sectors while formulating the monetary policy. He said that although such a process of monetary policy making can be mentioned in the Act itself, it should not be construed as affecting the complete independence of the NRB.
“If it is specified in the Act, it does not mean that the concerned body should have a say in the formulation of monetary policy,” he said, “Therefore, this issue can be addressed to some extent in the Act.” Minister Wagle said that although it is not a big change to legally include the advice of experts in the monetary policy, there will be no problem in including it.
According to him, the governor and deputy governors of the NRB are on the board of directors and are directly involved in the monetary policy-making process. He said that there is also a practice of taking the opinion of experts in the related sectors on loan, exchange rate and balance of payment as per the need. Minister Wagle said that the International Monetary Fund (IMF) along with the Nepal Rastra Bank will also play an important role in the formulation of monetary policy. He said that the monetary and economic situation of Nepal will be discussed regularly in the process including the Article Four consultation with the IMF.
He also said that attention should be paid to include external and independent experts in the board of directors of the NRB. He said that while determining the structure of the board of directors, a person with expertise and experience in monetary economics and who can take the NRB forward in a new direction can be selected.
“The structure of the Board of Directors can be improved by looking at the expertise and experience of external experts,” Minister Wagle said, “A space can be created to bring in people with real expertise and experience in the monetary sector.” ’
प्रतिक्रिया दिनुहोस्
