Nepal Rastra Bank (Third Amendment) Bill Introduced in Parliament

Finance Minister Dr. Swarnim Wagle has registered the Nepal Rastra Bank (Third Amendment) Bill 2083 in the House of Representatives. The bill aims to strengthen the stability of the financial sector and clarify regulations related to digital currencies. It highlights the need for legal reforms to make Nepal Rastra Bank more autonomous, accountable, and transparent.

May 26, Kathmandu – The Nepal Rastra Bank (Third Amendment) Bill 2083 has been tabled in parliament. Finance Minister Dr. Swarnim Wagle formally submitted the bill in the House of Representatives. The bill is brought forward with the objective of supporting Nepal’s sustainable economic development by maintaining price and exchange stability and reinforcing the overall stability of the financial sector.

According to Finance Minister Dr. Wagle, the bill is designed to address changes in national and international economic and financial spheres, the expansion of the financial system, increased use of digital technology, and evolving roles of the central bank. It seeks to make certain provisions of the current act clearer, more organized, and timely. Key areas covered by the bill include clarifying the bank’s objectives, provisions regarding the appointment and removal of the Governor and directors, mechanisms to maintain financial stability, regulations related to digital currencies, and strengthening regulatory authority. The bill emphasizes the necessity of legal reforms to operate Nepal Rastra Bank with greater autonomy, accountability, transparency, and effectiveness, as stated by Finance Minister Wagle in the bill’s objectives and rationale.