Banking News – The selection process for Nepal Rastra Bank’s 18th Governor has reached its final stage. With the tenure of Governor Maha Prasad Adhikari ending on April 6, 2025 (Chaitra 24, 2081), Nepal is set to appoint a new central bank chief. This has triggered an intense race among aspirants, with more than two dozen candidates actively lobbying for the position.

Among them, about half a dozen are considered strong contenders, while others are primarily engaged in self-promotion. The frontrunners include two Deputy Governors, members of the NRB Board of Directors, renowned economists, and former Investment Board officials—all seeking political backing to secure the position.

Economic Challenges Await the New Governor

Despite the intense competition, most candidates have yet to present a clear vision for Nepal’s economy. The country is currently on the Financial Action Task Force (FATF) Grey List, and its economy is facing significant challenges. As the government’s financial advisor, the NRB Governor plays a crucial role in steering policies that can help the nation overcome these economic hurdles.

Strained Relations with the Business Community

The tenure of the current governor has been marked by tensions with the business sector. Many industrialists and entrepreneurs have criticized NRB’s policies, particularly the working capital loan guidelines and the sharp rise in interest rates, which they argue have favored commercial banks over businesses. As a result, the business community is looking for a governor who can adopt balanced, growth-oriented policies.

Defining the Role of the Next Governor

The new governor’s policy direction will significantly impact Nepal’s economic stability, industrial growth, financial policy, and overall economic expansion. To address these concerns, Banking News hosted an interactive discussion titled: “The Next Governor: What Should They Be Like? What Should They Do?”

Insights from Key Economic Leaders

As part of the Governor Special Series of the Banking Debate, former Governor Dipendra Bahadur Kshetri and Bishnu Prasad Ghimire, President of the Nepal Land and Housing Developers’ Association, shared their insights. Additionally, discussions were held with Birendra Raj Pandey, Senior Vice President of the Confederation of Nepalese Industries (CNI); Deepak Shrestha, Vice President of the Nepal Chamber of Commerce; and Sunil KC, former President of the Nepal Bankers’ Association, focusing on what steps the next governor should take to strengthen the economy and address the challenges facing the banking sector.

The appointment of Nepal Rastra Bank’s next governor will be a defining moment for the country’s financial sector, determining the direction of economic policy in the coming years.