By Our Reporter
Suspension of Rastra Bank governor Maha Prasad Adhikari by the government on charge of leaking sensitive information has drawn criticism not only from the opposition party but also within the ruling Nepali Congress as well as experts.
They argued that the removal of the governor at a time when the country was heading towards an economic crisis was not a good move. The CPN-UML has already made the suspension an election issue, and its chairman KP Sharma Oli had made a harsh personal comment at Finance Minister Janardhan Sharma for suspending governor Adhikari, who was appointed by the Oli-led government.
Likewise, Dr. Shekhar Koirala of NC termed the decision of suspension as an irresponsible act of the government.
It is said that Finance Minister Sharma and the governor were not on terms for a long, and the latter was suspended after the disclosure of a letter of Minister Sharma requesting to release suspicious money amounting to Rs. 40 million belonging to one Prithvi Bahadur Shah.
However, Minister Sharma outright rejected the allegation in a surprise press meet organized in Kathmandu on Monday. He said that he even did not know the person seeking the release of the money.
Of course, the enmity between Minister Sharma and the governor culminated in the latter’s suspension. Before suspending Adhikari on Friday, the government had formed a three-member panel. However, the government action came as a surprise.
Prime Minister Sher Bahadur Deuba has also defended the suspension during a meeting of the ruling five parties on Monday. When the issue was discussed in the meeting, Prime Minister Deuba said the governor was suspended when he did not cooperate with Finance Minister Sharma.
However, economic observers, as well as former finance ministers, argue that the suspension of the governor may affect the stability of the monetary market. They say the suspension aims at inviting economic anarchism in the country.
The government has formed a three-member investigation committee headed by former Supreme Court judge Purushottam Bhandari, who is also a relative of Finance Minister Sharma.
This is the second time a sitting governor has been suspended.
With Adhikari suspended, Nilam Dhungana Timilsina, the deputy governor, has been given the responsibility of acting governor.
Adhikari was appointed as Nepal’s 17th governor on April 6, 2020, after Chiranjivi Nepal completed his five-year tenure on March 17.
Before that, Adhikari was serving as chief executive officer of the Investment Board Nepal.
Three former UML finance ministers oppose suspension of governor
Three former finance ministers of the CPN-UML have strongly opposed the suspension of the NRB governor Maha Prasad Adhikari.
Organising a press conference on present economic issues on Sunday former finance ministers – Bishnu Paudel, Surendra Pandey and Dr. Yubaraj Khatiwada strongly condemned the suspension at a time when the national economy was heading into crisis.
Issuing a joint statement, the three former ministers said that the coalition government had suspended NRB governor Adhikari to cover up the inability and incompetence of Finance Minister Janardan Sharma and the present government.
“At a time when the country is headed toward an economic crisis, the government, instead, should have coordinated with all stakeholders to safeguard the economy,” read the joint statement.
The trio have claimed that the action taken against the NRB governor was premeditated and as per a plan and Prime Minister Sher Bahadur Deuba took the wrong decision on the advice of Finance Minister Sharma.
The three UML leaders accused Finance Minister Sharma of taking the move after being unable to fulfill the vested interests of some businessmen having a connection with the government bodies.
The private sector has also expressed its dissatisfaction over the suspension of NRB Governor Adhikari from his post.
Meanwhile, experts say that the SC may alter the government’s decision to suspend the chief of an autonomous body like NRB.
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