Who became New Governor of Nepal : 18th Governor Race in Nepal Rastra Bank

Nepal Rastra Bank (NRB) Governor Maha Prasad Adhikari's 5 year tenure is completed, several aspirants have intensified lobbying to get the coveted position. Governor Adhikari is completing his term on 2025 April 6.The cabinet has formed a Governor Recommendation Committee under Minister for Finance Bishnu Prasad Paudel to recommend candidates to succeed Governor Adhikari.

As per Article 15 of the Nepal Rastra Bank Act, 2001, the committee has to recommend three persons renowned in the field of economic, monetary, banking, finance, commerce, management and commercial law, and from among the deputy governors. “The Council of Ministers shall, out of the names recommended, one person to the Office of Governor,” it adds.

A high-level source at the Ministry of Finance told Himal Press that the government plans to initiate the selection process in the last week of March. Since a deputy governor must also be recommended while recommending candidates for Governor as per the Nepal Rastra Bank Act, 2001, the two deputy governors are automatic contenders for the position. Apart from them, several other candidates, including CEOs of various banks, former executive directors of NRB, incumbent secretaries and former finance secretaries are also in the race for the 18th governor.

NRB staffers say Deputy Governors Nilam Dhungana and Bam Bahadur Mishra are automatically in the race. Prabhu Bank CEO Ashok Sherchan, Nabil Bank CEO Gyanendra Prasad Dhungana, Office of the Investment Board Nepal’s former CEO Sushil Bhattra are also in the running for the position.

NRB Deputy Governors Nilam Dhungana and Bam Bahadur Mishra are automatically in the race. Prabhu Bank CEO Ashok Sherchan, Nabil Bank CEO Gyanendra Prasad Dhungana, Office of the Investment Board Nepal’s former CEO Sushil Bhattra are also in the running for the position.

With the Congress dominating the governor recommendation committee, there is a strong possibility to the governor's list. Although Dhungana's name has been recommended as a possible governor, there is an understanding that her name will be removed because she is close to former President Bhandari. If the Congress dominates, Nabil Bank CEO Gyanendra Dhungana is almost certain to become the 18th governor. NRB Executive Directors Prakash Kumar Shrestha and Gunakar Bhatta are also to be new Governor position.