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Nepal: High-Level Committee to Be Formed for Financial Stability
Source: nepalnews.com
Source Date: Sunday, August 15, 2010
Focus: Electronic and Mobile Government, ICT for MDGs
Country: Nepal
Created: Aug 16, 2010

The government is mulling to constitute a high-level committee in order to facilitate coordination between various finance related bodies.

Finance Ministry will be acting as coordinator of the proposed committee, which will comprise governor of the Central Bank, president of Security Board, Insurance Boards chief as other members. Similarly, Finance Secretary will be designated as member-secretary of the committee.

The Finance Ministry has already submitted the proposal about the constitution of the committee to the cabinet for the latters endorsement.

According to the ministry, the proposition of the committee is gravitated towards addressing the lack of coherence and understanding between the regulatory bodies in order to create a common perception regarding the countrys financial sector.

As the committee will be fully empowered to exercise its rights, the decision of the same will be implemented without any unwarranted let-ups, said the ministry.

The committee also aims to create coordination amongst the concerned agencies in respect to issue of public shares and, amend those acts and regulations which can create contradiction amongst the regulatory bodies in order to ensure financial stability.

It is said to be conceptualised to discuss and solve the anomalies between the Nepal Rastra Bank (NRB) and the Security Board on the issue of public shares apart from sketching new policies and strategies that are needed to foster financial stability in the country.
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