March 18: The government has assigned the responsibilities of the acting governor of Nepal Rastra Bank to its Deputy Governor Chintamani Shivakoti. He was appointed as the acting governor of the central bank following the retirement of Governor Dr Chiranjivi Nepal.

Nepal’s five-year term expired on Tuesday (March 17). A meeting of the Council of Ministers had decided to assign the responsibilities of acting governor of NRB to Shivakoti. The Ministry of Finance sent a letter to the central bank informing about Shivakoti’s new role as the acting governor of NRB effective from Wednesday (March 18).

Shivakoti confirmed that he received a letter signed by Finance Minister  Yuba Raj Khatiwada that mentions his new appointment.

“I have received a letter to assume the responsibilities of the central bank as its acting governor until there is further arrangement,” Shivakoti told New Business Age.

The cabinet has so far failed to form a committee to recommend candidates to lead the central bank.

During normal circumstances, the government appoints a new governor of central bank one month before the retirement of the incumbent governor. However, this time, the government has not been able to appoint a new governor until the last day in office of the outgoing governor.

Finance Minister Khatiwada, who is also the spokesperson of the government, had earlier claimed that the government would appoint a new governor of NRB by March 18.