FM Wagle pushes NRB Act overhaul to strengthen central bank accountability
Summary
Finance Minister Dr Swarnim Wagle has called for amendments to the Nepal Rastra Bank Act to make the central bank more accountable, proactive and effective. He said Nepal’s fiscal and monetary policies must be better coordinated and backed reforms to strengthen NRB governance.
Key Points
- Finance Minister Dr Swarnim Wagle urged amendments to the Nepal Rastra Bank Act during clause-by-clause deliberations in the House Finance Committee.
- He said closer coordination between fiscal and monetary policy is essential in Nepal and compared them to two wheels of the same cart.
- Wagle supported keeping a minimum seven-member NRB Board and said the finance secretary’s role on the board would matter even more if direct government instructions to the central bank are removed.
- He argued for clearer eligibility rules for board members and said the NRB board should include experts from multiple fields to improve governance.
