After much deliberation the Joint Session of the Parliament unanimously agreed on adopting the recommendations of the Joint Committee on the Royal Monetary Authority (RMA) Bill today.
The Joint Committee was formed to review the Bill and the 11 points of contention. The 11 points of contention were on the appointment of the members, election and appointment of governor and chairman among others. Before adopting the Bill the Finance Minister said it is vital to review and amend the Bill with the change in time and the development taking place.
While casting votes on enacting the Bill all the 66 members present during the Joint Sitting agreed upon the adoption of the Bill.
The Act states that the governor of the central bank will not be the Finance Minister but he or she will be appointed by His Majesty the King on recommendation of the Prime Minister.
The governor will also be the chairperson of its seven member board. The governor must be with recognised experience and with qualification in financial and economic matters.
The Act also states that the governor should not be a member of any political party.
The Act states that henceforth the board shall determine the salaries, allowances and benefits of the employees of the authority. Source: BBS
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