Newly appointed Governor of Nepal Rastra Bank Biswo Nath Poudel took the oath of office and secrecy before Chief Justice Prakash Man Singh Raut on Wednesday.

A Cabinet meeting held on Tuesday appointed Poudel to the position. A months-long tug-of-war between the ruling Nepali Congress and CPN-UML parties over the appointment of the central bank governor ended with the appointment.

Following the oath, he assumed the office at the central bank’s headquarters in Baluwatar.

He is the 18th governor of the central bank.

Poudel earlier served as vice-chairman of the National Planning Commission for 14 months. He then contested the general elections from Chitwan-3 on a Nepali Congress ticket in 2022. (He lost to Hari Dhakal of the Rastriya Swatantra Party.)

On Tuesday afternoon, a Cabinet meeting, based on the recommendation of a search committee led by Deputy Prime Minister and Finance Minister Bishnu Poudel, decided to appoint Poudel as the new governor, said government spokesperson Prithvi Subba Gurung. With the governor’s appointment, the crisis of confidence between Congress and the UML is expected to ease.