The monetary policy supposed to be announced on Friday postponed
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Kathmandu. With the change in government, the Prime Minister's Secretariat has cast a direct shadow over the Nepal Rastra Bank. Dr. Yubaraj Khatiwada, a former governor and former finance minister, has been appointed as the economic advisor to Prime Minister KP Sharma Oli.
With his appointment, sources claim that Dr. Khatiwada has gained direct influence over the Nepal Rastra Bank. The Nepal Rastra Bank was preparing to release its monetary policy for the fiscal year 2081/82 on Friday. However, with Dr. Khatiwada's sudden appointment as the Prime Minister's economic advisor on Thursday, the scheduled announcement of the monetary policy was abruptly halted.
However, sources from the Rastra Bank stated that there were still discussions remaining on the monetary policy at the board level, which is why it had to be put on hold. The Rastra Bank had started preparing the monetary policy after the government's budget announcement on May 29.
The Rastra Bank had completed all necessary procedures for the monetary policy, having solicited suggestions from the private sector, economic experts, and relevant stakeholders both online and physically.
For the first time, the Rastra Bank had also formed a committee to provide necessary advice and suggestions regarding the monetary policy and was preparing to release the policy within the first week of Shrawan. The bank had even scheduled a board meeting on Thursday morning to finalize the announcement of the monetary policy. However, the announcement was suddenly stopped.
With the change from the Prachanda-led government to a government led by the CPN-UML and Congress, the Ministry of Finance and the Rastra Bank are now under UML leadership. Vishnu Prasad Paudel, an UML vice-chairman, is the finance minister, and Mahaprasad Adhikari, a close associate of Prime Minister Oli and a former economic department official of UML, is the governor of the Rastra Bank.
Sources claim that with Dr. Yubaraj Khatiwada's appointment as the Prime Minister's economic advisor, he has directly influenced the Rastra Bank with the Prime Minister's approval.
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