Top
Hot
Popular
NEPSE Trading
Stock
Trading
Dipesh Ghimire
·

By Dipesh Ghimire

Who Are the 17 Governors of Nepal Rastra Bank ?

Who Are the 17 Governors of Nepal Rastra Bank ?

Nepal Rastra Bank (NRB), established on April 26, 1956 (Bikram Sambat 2013 Baisakh 14), is the central bank of Nepal. It has the authority to issue currency, guide monetary policy, and regulate the activities of banks and financial institutions, ensuring control as needed. The NRB also serves as the government's economic advisor and operates as an autonomous body, free from governmental interference.

Before the establishment of NRB, the Treasurer General used to sign currency notes on behalf of the kingdom. However, following the bank's inception, the tradition of having the Governor's signature on the currency notes began. Since its establishment, NRB has had 17 governors, with Mr. Maha Prasad Adhikari currently serving as the Governor.

The primary roles of NRB include:

  1. Currency Issuance: Eliminating dual currency systems (Nepalese and Indian Rupees) and standardizing Nepalese Rupees across the nation.

  2. Banking Development: Founding and regulating financial institutions.

  3. Economic Stability: Promoting monetary stability and facilitating economic growth.

  4. Public Service: Introducing banking access in rural areas and expanding financial services.

Governors of Nepal Rastra Bank

  1. Himalaya Shumsher Rana (1956–1961): The first Governor who introduced Nepalese Rupees nationwide, replacing the dual currency system.

  2. Laxmi Nath Gautam (1961–1965): Promoted banking development and ended the dual currency system.

  3. Pradyumna Lal Rajbhandari (1965–1966): Continued monetary reforms under King Mahendra's rule.

  4. Dr. Bhesh Bahadur Thapa (1966–1968): Introduced legal tender laws for Nepalese Rupees and began banking expansion.

  5. Dr. Yadav Prasad Pant (1968–1973): Initiated banking reforms and the introduction of Deputy Governor roles.

  6. Kul Shekhar Sharma (1973–1979): Focused on rural banking and agricultural financing.

  7. Kalyan Bikram Adhikari (1979–1984): Expanded commercial banking during King Birendra's reign.

  8. Ganesh Bahadur Thapa (1984–1990): Continued the circulation of Nepalese Rupees and initiated rural financial services.

  9. Hari Shankar Tripathi (1990–1994): Implemented key reforms in banking and foreign trade.

  10. Satyendra Pyara Shrestha (1994–1999): Launched financial reform programs.

  11. Dr. Tilak Bahadur Rawal (1999–2000): Advocated flexible monetary policies and initiated reforms despite controversies.

  12. Dipendra Purush Dhakal (2000–2001): Focused on institutional improvements and employee regulations.

  13. Bijayanath Bhattarai (2001–2006): The first Governor under the republican system, faced corruption allegations but was reinstated.

  14. Dipendra Bahadur Chhetri (2006–2009): Introduced Braille features on currency notes and strengthened rural banking.

  15. Dr. Yubaraj Khatiwada (2009–2015): Addressed governance issues in the financial sector and controlled unproductive investments.

  16. Dr. Chiranjibi Nepal (2015–2020): Advocated for financial access and initiated significant mergers in the banking sector.

  17. Maha Prasad Adhikari (2020–Present): Current Governor, appointed after the term of Dr. Nepal ended.

Each Governor has contributed uniquely to Nepal's monetary and banking system, ensuring stability and fostering economic growth. NRB continues to play a pivotal role in Nepal's economy, balancing regulation, innovation, and expansion in the financial sector.

Related Blogs

Nepal Appoints Dr. Bishwanath Paudel as New Nepal Rastra Bank Governor Amid Crucial Economic Challenges
Top

4 min read

Nepal Appoints Dr. Bishwanath Paudel as New Nepal Rastra Bank Governor Amid Crucial Economic Challenges

r. Bishwanath Paudel Nepal Rastra Bank Governor Appointment The Government of Nepal appointed Dr. Bishwanath Paudel as the 18th Governor of Nepal Rastra Bank, filling a leadership vacancy after over one and a half months. Dr. Paudel is an experienced economist with a Ph.D. in Economics from the University of California and has served as Vice-Chairman of Nepal’s National Planning Commission. He has international exposure from roles at the World Bank and International Labour Organization. His appointment followed political controversy but was cleared by the Supreme Court. The financial markets responded positively, with the NEPSE index rising nearly 50 points. Key challenges ahead include: Managing high liquidity but low credit growth in Nepal’s banking sector Tackling rising Non-Performing Loans (NPLs) Controlling inflation and maintaining price stability Strengthening banking regulations and governance Promoting financial inclusion and consumer-friendly banking services Dr. Paudel’s leadership is expected to bring monetary policy reforms, address banking sector weaknesses, and improve financial stability to support Nepal’s economic growth. Suggested English Search Keywords: “Bishwanath Paudel Nepal Rastra Bank Governor” “Nepal central bank new governor 2025” “Nepal Rastra Bank monetary policy reforms” “Nepal banking sector liquidity issues” “Non-performing loans Nepal banking” “Nepal financial market reaction 2025” “Nepal economic stability and inflation control” “Financial inclusion in Nepal”

Dipesh Ghimire

·

20 May, 2025

The Appointment of the Central Bank Governor: Challenges and Expectations
Top

3 min read

The Appointment of the Central Bank Governor: Challenges and Expectations

The Appointment of the Central Bank Governor: Challenges and Expectations Following the expiration of Governor Maha Prasad Adhikari’s term on Chaitra 6, Nepal Rastra Bank remained without a formal Governor for an extended period—a delay that not only signaled institutional paralysis but also breached the provisions outlined in the Nepal Rastra Bank Act, 2058. During this interim period, a Deputy Governor was temporarily tasked with leading the institution. Legally, the Governor is to be appointed by the Council of Ministers for a five-year term, based on recommendations from a selection committee established under the Act. The central bank is a cornerstone of economic governance, and its leadership demands deep expertise in macroeconomics and monetary policy. It is generally expected that the Governor should be a seasoned economist, capable of crafting and steering policy to maintain price stability and manage inflation. Globally, many central banks have moved toward inflation targeting, setting clear benchmarks to maintain economic balance. Nepal too must embrace this forward-looking approach. A prominent case is India’s RBI Governor Shaktikanta Das, who was ranked among the top central bankers worldwide by Global Finance magazine. His recognition was based on his success in managing inflation, ensuring currency stability, and guiding interest rate policies—areas in which any central bank leader must excel.

Dipesh Ghimire

·

19 May, 2025