Kathmandu. CPN-UML lawmaker Dr. Pushpa Raj Kandel has proposed to extend the term of the Governor of Nepal Rastra Bank to five years. He said that if five years is not possible, then the term should be four years.
Speaking at a meeting of the Finance Committee on Wednesday discussing the report of the committee on the bill designed to amend the Nepal Rastra Bank Act, 2058 BS, lawmaker Kandel said that there was no uniformity in the discussions of the committee on the autonomy, coordination and government control of the NRB. He said that clear principles should be set whether to make the NRB autonomous, operate on the basis of coordination or keep it under the control of the Government of Nepal and the Ministry of Finance.
Saying that the provision of extending the tenure of the governor from three years to two years is not appropriate, Kandel argued that such a provision could affect the autonomous decision-making capacity of the governor. Kandel said that the tenure of the governor is four, five or more years while studying the practice of different countries of the world, Kandel said that it is an international practice that the tenure of the governor should be longer than the tenure of the political leadership.
Stating that there is a provision in India where the appointment can be for five years and in other countries also the term of four to eight years should be fixed for five years, he said.
