Neelam Dhungana Named Acting Governor of Nepal Rastra Bank

In a significant development for Nepal's financial sector, Dr. Neelam Dhungana Timsina has been appointed as the Acting Governor of Nepal Rastra Bank (NRB). The Ministry of Finance made the decision in line with Section 27 of the Nepal Rastra Bank Act, 2058 BS. The announcement was made on Monday by Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel.

Dr. Dhungana, the Senior Deputy Governor of NRB, will fill the void left by outgoing Governor Maha Prasad Adhikari, whose five-year term officially ended on April 6. Adhikari departed the central bank last Friday.

Though the law mandates the appointment of a new governor at least one month before the seat becomes vacant, the process has been delayed. To expedite the selection, a three-member Governor Appointment and Recommendation Committee has been formed, led by Finance Minister Paudel, with former NRB Governor Bijaya Nath Bhattarai and economist Dr. Biswo Poudel as members.

The committee is tasked with recommending three names—including at least one deputy governor—to the Council of Ministers. From this shortlist, one will be chosen as the next governor.

Dr. Dhungana, along with fellow Deputy Governor Bam Bahadur Mishra, is among the frontrunners for the top post. Both were appointed Deputy Governors on March 9, 2021. Other notable contenders include NRB Executive Directors Dr. Gunakar Bhatta and Dr. Prakash Kumar Shrestha, as well as prominent banker Gyanendra Dhungana.

As the race for the next governor unfolds, Dr. Neelam Dhungana Timsina will hold the reins of Nepal's central bank, marking a notable moment in her career and in the country's financial leadership landscape.