Parliamentary Committee Amends Nepal Rastra Bank Bill, Passes Eight Clauses
Summary
The Finance Committee of Nepal’s Federal Parliament has approved eight clauses of the Nepal Rastra Bank (Third Amendment) Bill, with key changes to the central bank’s objectives and foreign aid provisions. The bill now requires Cabinet approval for Nepal Rastra Bank to receive loans, grants, or technical assistance from international organizations.
Key Points
- The Finance Committee passed clauses 1 to 8 of the Nepal Rastra Bank (Third Amendment) Bill with amendments after clause-by-clause discussion.
- Clause 4 was revised to clarify the central bank’s objectives, including price stability and stability in the banking, financial, and external sectors.
- Provisions on government finance and quasi-fiscal operations were removed from clauses 6 and 7.
- Foreign aid provisions were changed so approval from the Council of Ministers, not the Ministry of Finance, will be required for international loans, grants, or technical assistance.
