CIM calls for appointment of competent leadership in NRB

KATHMANDU: As the Government of Nepal initiates the process of appointing a new governor for Nepal Rastra Bank (NRB), the Chamber of Industries Morang (CIM), a private sector representative body, has expressed its hope for leadership capable of implementing predictable policy reforms to drive economic and industrial development.

CIM has highlighted the economic and industrial downturn in recent years and emphasised the need for a governor with extensive knowledge of the economic and financial sectors. In a statement, the organisation stressed that critical issues such as monetary policy, inflation control, interest rate determination, and financial stability require a leader with practical experience and understanding.

The private sector has faced challenges due to NRB's past policies, which have alternated between extreme tightness and looseness, impacting economic and industrial activities. CIM has opined that new governor should possess expertise to improve Nepal's economic situation, accelerate business growth, and ensure sustainable prosperity by addressing the complexities of the country's industries and trade.

As the NRB serves as the economic adviser to the Government of Nepal, CIM President Rakesh Surana stated that the private sector expects the appointment of a competent governor who can tackle current economic challenges, foster industry and trade-friendly policies to enhance global competitiveness, strengthen monetary policy and the banking system to boost investment, and create new opportunities for economic growth. He added that such leadership would guide the economy towards stability and inspire public confidence.

Meanwhile, the government has formed a recommendation committee to appoint the NRB Governor. During a Cabinet meeting on 24 March, Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel was appointed to lead the committee.