By Our Reporter

It has been over a month since the Nepal Rastra Bank, the central bank of the government has been without leadership since April 5 when the term of Governor Maha Prasad Adhikari expired. According to the Nepal Rastra Bank Act, 2002, a new governor must be appointed and publicly announced one month before the incumbent governor's term ends. But one month and 10 days after Adhikari's term ended, the government has not initiated a legal process to appoint a new governor thanks to the excessive political meddling in the appointment of the governor.

Over a month, numerous unwanted incidents unfolded when the process to appoint the governor began by forming a three-member committee to recommend the name of the new governor.

The committee led by Finance Minister Bishnu Paudel had initially Bijay Nath Bhattarai and Bishwo Paudel as its members. Bhattarai resigned stating that the governor was being recommended by bypassing the committee when Executive Director Dr. Gunakar Bhatta was proposed by NC for the post. Maha Prasad Adhikari was picked as a member of the recommendation committee in place of Bhattarai.  But when acting governor Nilam Dhungana denied accepting Bhatta's resignation and the case reached the Supreme Court, Bishwa  Paudel was picked as the candidate for the post by the Nepali Congress as the UML and NC agreed to share the key posts. Paudel eventually resigned leaving a post in the recommendation committee vacant again.

Of course, the process of appointing the new governor has turned into a political power-sharing deal, raising questions about the autonomy of the key institution.

Four cases relating on the governor appointment have reached the Supreme Court. First, the amendment to the criteria of the new government reached the Court and the latter quashed the amendment. Second, a case against Dr. Gunakar Bhatta was filed citing that he lacked qualifications for the post. Third, the appointment of Adhikari in the recommendation committee was challenged and fourthly, candidacy of Paudel has also been challenged. Interestingly, three of the four cases are filed by the same individuals.

Now when the recommendation committee is incomplete and Paudel's candidacy is challenged, it seems the country has to wait for more days to get the central bank's governor.