Shrestha, Siwakoti named deputy governors of NRBA Cabinet meeting on Wednesday appointed Shiba Raj Shrestha and Chintamani Siwakoti as deputy-governors of Nepal Rastra Bank (NRB).
A Cabinet meeting on Wednesday appointed Shiba Raj Shrestha and Chintamani Siwakoti as deputy-governors of Nepal Rastra Bank (NRB).
The posts had remained vacant after Gopal Prasad Kafle and Maha Prasad Adhikari retired on December 25, 2015. Shrestha and Siwakoti were among the four executive directors recommended by Governor Chiranjibi Nepal for the posts.
NRB officials said the delay in appointing deputy governors had been affecting regular work and policy initiatives, with the central bank even failing to hold management committee meetings. “Investment committee meeting, transfer of employees, promotion and new hiring, among others, were stalled in the absence deputy governors,” said a senior NRB official. “NRB’s board of directors was incomplete, preventing policy-level decisions.”
Prolonged absence of the deputy governors was also affecting the governor’s works. “The governor was unable to make international visits and the central bank could not represent itself in various important international forum,” said a source.
According to sources, Siwakoti was appointed from the quota of ruling CPN-UML and is believed to be close to Prime Minister KP Sharma Oli, whereas Shrestha was appointed from the Nepali Congress quota.
Siwakoti joined NRB in 1988 as head assistant and rose through the ranks to head the currency management department before being appointed as deputy governor. His area of specialization includes microfinance, public debt management and foreign exchange management, among others. Siwakoti has prioritised reconstruction of the NRB building which was severely damaged by the April 25 earthquake. He has done MBA in Financial Manage-ment from Southern New Hampshire University, USA.
Likewise, Shrestha joined NRB in 1990 as assistant director and worked with different departments, and was recently heading the human resource department. Shrestha has done his MBA from the School of Finance and Management, London, and has expertise in regulation and supervision.
After his appointment, Shrestha said he would work towards maintaining financial sector stability and installing good governance in banks and financial institutions.