Nepal

NRB Governor Adhikari suspended

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KATHMANDU, APRIL 8The government has suspended Nepal Rastra Bank Governor Mahaprasad Adhikari.A source at the Office of the Prime Minister and Council of Ministers confirmed that the Cabinet meeting yesterday decided to investigate Governor Adhikari by forming an inquiry committee. "The government decided to suspend Adhikari because of allegations that he had leaked sensitive government information and had not executed his duties satisfactorily," the source told The Himalayan Times on condition of anonymity due to sensitivity of the matter.Adhikari was automatically suspended after the decision to form an investigation committee to probe various allegations against him, including leaking information to media regarding the finance ministry's recent decision to prohibit import of luxury goods.The Cabinet yesterday decided to go ahead with the inquiry.The governor has been automatically debarred from carrying out his duties as per Section 23 (1) of Nepal Rastra Bank Act 2002.The NRB Act has a provision whereby the governor, deputy governor and director can be removed from office on various grounds, including 'lack of capability to implement or cause to implement the functions which the bank (NRB) has to carry out in order to achieve the objectives of the bank under the Act; or if one has committed any act causing loss and damage to the banking and financial system of the country; or if one is found to have acted dishonestly or with malafide intention in any transaction related to the business of the Bank'.According to the NRB Act, an inquiry committee comprising retired justice of the Supreme Court as chairperson, and two persons designated by Nepal government from amongst renowned persons belonging to economic, monetary, banking, financial, commercial or management sectors as members shall submit its recommendation along with findings to the government within one month.According to sources, Adhikari has been handed the letter apprising him of the government's decision.It is alleged that the governor is facing charges due to his existing differences with Finance Minister Janardan Sharma.Minister Sharma had made a statement against 'some high-level NRB officials' this morning, at an event held in the capital.Meanwhile, with Adhikari's suspension, his deputy Neelam Dhungana will officiate as the acting governor of NRB.Adhikari was appointed governor of the central bank by the erstwhile Oli government in April of 2020, prior to which he served as the chief executive officer of the Investment Board Nepal.A version of this article appears in the print on April 9, 2022, of The Himalayan Times. .

This article first appeared/also appeared in https://thehimalayantimes.com 




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Category: Nepal


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