South Asian News Network

Kathmandu, May 21: Newly appointed Governor of Nepal Rastra Bank (NRB), Dr Biswo Nath Poudel, has said that the NRB will prioritize the security of citizens’ deposits in banks and financial institutions and improvements in loan policies. The newly appointed Governor said this while taking charge of office at the NRB Central Office in Baluwatar today. He stated that the country’s central bank will pursue its works as per the policy of augmenting the government’s fiscal policy. Governor Poudel said he would carry out his responsibilities maintaining the autonomy of the central bank. “Monetary policy helps to ensure the success of whatever is determined by the fiscal policy. Regulation and supervision are another task,” he said, adding that instead of making many rules to tighten things up, we need to increase supervisory capacity and for this, the capacity of the central bank needed to be enhanced. Similarly, he mentioned that the central bank would make decisions only after coordinating with various stakeholders. “Policy making should be based on dialogue. I am not in favour of bringing a proposal on my own and saying let’s do this and that. We will proceed ahead after discussing with all the relevant stakeholders,” said Governor Poudel. On the issue of the acceptance of the resignation tendered by executive director of the central bank, Dr Gunakar Bhatt, Governor Poudel said that this is a matter of internal affairs of the central bank. As his first decision immediately after assuming office, the newly appointed Governor has signed the decision related to the printing of Rs 500 and 1000 denomination banknotes.