Kathmandu. Finance Minister Dr. Swarnim Wagle has said that the government has not interfered with the autonomy of the Rastra Bank and the Governor. He said this while responding to the questions raised by the lawmakers on the bill to amend the Nepal Rastra Bank Act, 2058 in the Finance Committee on Friday.
He said that the government would not unnecessarily interfere in the monetary policy, circulars and decisions made by the NRB. He also urged the government not to put pressure on the NRB through the Finance Secretary. He said that the post of Governor of Nepal Rastra Bank is powerful. He said that the Finance Secretary will only serve as a bridge to coordinate between fiscal and monetary policy.
Stating that it was an established practice that the monetary policy should come as per the spirit of the government’s budget, he said that provision would be made in the budget itself.
He said, “It is not that the Finance Secretary will interfere unnecessarily in the Rastra Bank. Now there is an attempt to create a narrative that the government interferes too much, but in reality, it is not so. I have said in the statement that from what means the budget of the government came and it is written in the budget itself that the monetary policy will come in a way that will help this budget. This is our established practice. There is a fiscal and monetary policy coordinator and the bridge to coordinate it is the finance secretary. He will go there and break it, veto it, overturn the governor, that has not happened yet, it does not happen. But if he goes to the government’s completely against and says that he will bring it, then there is a brake to be put on it. ‘
He said that there could be interference if the monetary policy is completely contrary to the government’s policy.
