Nepal Rastra Bank has finally found a competent personality to steer it, lead monetary arena through appropriate policies and push the country’s economy positively forward in an independent manner. As Dr. Biswo Poudel took oath as NRB governor the other day, investors appeared motivated expecting the Central Bank to stimulate credit in an impressive manner. The credit flow in the country, it might be recalled, has not increased for quite some time despite the low rate of interest. Various sectors of Nepali economy require fund and capital but the credit flow is very shy. The new governor has to do things for gaining public trust and investors’ confidence to augment the credit flow from the banking system. A huge amount of money is simply remaining idle in investible fund; ways to make it flow dynamically in the broad interest of the country’s economy should be immediately constructed. The new Governor has to contribute to the great plan devised by the government for taking the country out of the grey list of Financial Action Task Force (FATF). Impressing private sector and inspiring it to get engaged in more productive ways should also be prioritized. Lack of proper leadership in the monetary sector is responsible for not allowing Nepal to get the benefit from the high remittance receipt, good balance of payment and convincing reserve of foreign exchange. Pundits of economics do not get tired saying that the country’s economy should first get all the benefits it deserves from the positive indicators of the economy. It is only after that, they say, some steps should be taken for addressing other financial problems. Since Dr. Poudel has Berkeley Ph.D. background he knows all ins and outs of these issues he is expected to pursue a mature, cool, financial policy to drive NRB in the current digital era in which Nepal is seeking to do away with her Least Developed Background (LDC) and graduate to join the club of developing countries. The new governor has to navigate in today’s complex world of banking carefully understanding all risks and best utilizing the opportunities that lie ahead. The politics behind appointing NRB Governor should in no way be allowed to impact the performance of NRB governor. Conscious of this point, Dr. Poudel will exhibit professional skills and economic wisdom as he drives the NRB while responding to challenges of Nepali economy on the eve of the announcement of new Nepal budget for the fiscal 2082-83 B.S.. The dismal scenario of foreign aid caused by the changing geo-politics-realities also demands innovative creativity from the new governor in the arena of resource-mobilization.
