Nepal Rastra Bank Act Amendment Bill Report Passed Unanimously by Finance Committee

The report of the committee formed to study the bill to amend the Nepal Rastra Bank Act, 2058 has been passed unanimously by the Finance Committee of the House of Representatives.

The report was endorsed during the Finance Committee meeting held on Wednesday after Committee Chair Dr. Krishna Hari Budhathoki requested members to approve it.

During the meeting, Chair Budhathoki said the report had been prepared based on suggestions and advice received from committee members during the clause-by-clause discussion of the bill.

He said the committee had reached unanimous decisions on the provisions of the bill and that members had expressed a positive view toward moving the amendment process forward unanimously.

According to Budhathoki, the meeting also focused on verifying whether the report contained only matters decided by the committee during its meetings or whether any additional content had been included.

He informed committee members that they could submit any additional suggestions or views they considered necessary in writing to the Finance Committee Secretariat for official record.

Chair Budhathoki said the amendment to the Nepal Rastra Bank Act should contribute to structural improvements that could support the country's economic progress.

He highlighted that discussions on the bill had particularly focused on how the leadership of Nepal Rastra Bank should be selected and how the leadership should carry out its responsibilities.

“While amending the Nepal Rastra Bank Act, the objective should be for the country to make economic progress. The issues of how leadership is selected structurally and how the leadership performs its responsibilities have come up prominently,” Budhathoki said.

He further requested committee members to place any additional views on record and unanimously endorse the report.

According to the committee chair, the process of amending the Nepal Rastra Bank Act could bring structural changes to the country's economic framework. He noted that the committee had held significant discussions, particularly on the selection of the central bank's leadership and its performance and responsibilities.

The unanimous passage of the report marks another step forward in the legislative process for amending the Nepal Rastra Bank Act, 2058.