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バム?バハドゥール?ミシュラ

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ネパール中央銀行　(Nepal Rastra Bank)

副総裁

Public Policy Program ('06)

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Please tell us about your career path so far. What is your area of specialization and how did you come to work in this area?

Mishra with NRB Governor Sri Maha Prasad Adhikari

At the outset, I would like to express my heartfelt thanks to the GRIPS Alumni Office for selecting me as Alumnus of the Month. Actually, my career path in banking started in a very unintentional manner. I was a student of science up to a Bachelor of Science (B.Sc.) degree. When I completed my Intermediate of Science (I.Sc.) in biology, I was desperate to become a medical doctor. Due to some personal reason, I couldn't enroll in the Bachelor of Medicine and Bachelor of Surgery (MBBS) program. Instead, I joined a Bachelor of Science (B.Sc.) program, majoring in the subject of Physics and Statistics, aiming to become a scientist. When I completed my B.Sc., by accident, I got a job in a commercial bank and started working for livelihood. That's the turning point of my thought and present career path building.

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I worked in two different commercial banks for almost eight years. By that time, I had completed my MBA, and my dream of becoming a scientist had been converted to a new dream of becoming a central banker. It was very tough to get a job at the central bank while working in a commercial bank. The work pressure in the commercial bank was massive and it was difficult to spare time to study. Due to my hard work, I managed to get the job in the central bank in 2002 in the capacity of Assistant Director (officer level III). My area of specialization in banking is Foreign Exchange Management, Banking Regulation and Supervision.

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You have just been appointed as Deputy Governor of the Nepal Rastra Bank. Congratulations! Please tell us about your main roles and responsibilities.

On a work trip in Chandragiri, 2018

Thank you so much for the wishes. As per Nepal Rastra Bank act, two Deputy Governors are appointed. We have seventeen departments in our Central Bank. Out of which, I have to look after eight main departments, including the Bank Supervision Department, the Economic Research Department and the Currency Management Department among others. The basic function of the Supervision Department is to inspect and supervise the banks and financial institutions in our country. The Economic Research Department is mainly responsible for the issuance of Monetary Policy and its implementation. The Currency Management Department is responsible for printing and minting paper currency and coins and the management of distribution channels in the country. Overseeing the combined functions of all these Departments is my main responsibility as a Deputy Governor. My main roles include the preparation of monetary policy, supervision functions of banks and financial institutions, printing and minting of currency and coins, being involved in the recruitment of human resource in the bank, and acting as a helping hand to the Governor of Nepal Rastra Bank in various policy-making actions.

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In your current capacity, what do you see as the main opportunities and challenges for Nepal over the course of the next five to ten years?

With classmates during a field trip in Hiroshima, 2006

In the short run, the formulation and implementation of effective monetary policy to foster economic growth is one of the major issues. It is also necessary to focus on the country's financial stability and economic growth hand in hand. With the rise of technology in today's world, the promotion of FinTech is crucial in order to bring the Nepali market in line with the international payment system. With the rise of mobile banking and online payments, Nepali people are slowly acclimatizing to the new era of electronic banking and e-commerce. Through the development and promotion of Financial Market Infrastructure, I think Nepal's payment system can be integrated into the international arena.

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With the family in Dhampus, a famous tourist destination

Moreover, I think it is very important to practice financial inclusion and work on increasing financial literacy in Nepal through different awareness programs, advertisements and commercials. As Nepal relies heavily on remittances, it is necessary to maintain its growth so that the external sector balance is maintained. The increase in remittances, production and exports also play a vital role in economic growth.

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Due to the ongoing COVID-19 pandemic, business continuity is a challenge as small businesses have been hit hard. They have been subsidized with the help of interest rate subsidy, refinance facility and subsidized loan facility. In spite of the obvious catastrophes caused by this pandemic, it has helped in the growth of e-commerce in Nepal, which is a positive outcome.

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In my opinion, these are the challenges and opportunities faced by Nepal over the course of the next five to ten years.

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What are some of the biggest challenges you face in your work? And what have been the most interesting or rewarding aspects of your career thus far?

Mishra and his wife in Odaiba, 2006

Speaking as an official from one of the least developed countries, the inherent challenges faced by the country are my own. Issues such as financial literacy and inclusion, economic growth, trade deficit, management of foreign exchange reserves, inclusivity in the workplace, etc. are the main obstacles I face at work. On a smaller scale, it has been challenging for me to go from managing a single department to managing employees across the bank.

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Working for my country and its people is the most rewarding aspect of my job. As a Deputy Governor of the Central Bank of Nepal, it is my duty to cater to the needs of the government and the citizens of my country, which I am accountable to.

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I am grateful to GRIPS as well, because studying there equipped me with vast knowledge of policy-making.

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What led you to GRIPS? What is the most important thing you got out of your studies here, and how has your experience at GRIPS prepared you for future endeavors?

Mishra in action during a Nepali dance performance at the GRIPS Welcome Party, October 2005

I came to know about GRIPS from a friend of mine who was studying there. I was applying to graduate schools when I learned about the program at GRIPS, so I applied there immediately. I also received the Monbukagakusho Scholarship, which helped me attend GRIPS.

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I think that the most important thing that I got out of my studies at GRIPS is perseverance and time-management. I hold these values in high regard to this day, and they have helped me stay disciplined in my life.

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I focused on Economic Policy while I was doing my Master's of Public Policy program at GRIPS, which is exactly in sync with the work I am involved in currently. As a central banker, I work to formulate and implement monetary policy. My education at GRIPS has prepared me well for my current job.

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Have you had any involvement, professional or otherwise, with Japan since your graduation?

Yes, I attended the Japan-IMF Macroeconomic Seminar, a week-long seminar in 2012. I reconnected with some of my old professors and reminisced about my time spent while studying at GRIPS.

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How do you maintain a balance between your work and the rest of your life? And what is your favorite thing to do when you are not working?

Cycling with friends, 2020

After I was appointed to the position of Deputy Governor, my roles and responsibilities have increased significantly. In order to maintain a good balance between my work and my personal life, I make sure to take some time for my hobbies. I go on a morning walk for almost one and half hour every morning, and go cycling every holiday. The time spent cycling and walking in morning helps me maintain both my physical and mental health. When I'm not working, I love to spend time with my family. We often watch movies together or go on picnics.

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What are some of your fondest memories of your time spent at GRIPS? And what do you miss about Japan?

With batchmates on a field trip to Hiroshima, 2006

While studying at GRIPS, we went on a field trip to Hiroshima. When I saw the city, I was amazed to see that a place so ravaged by the atrocities of war had been transformed into this beautiful, innovative city. The lessons I learned and the memories I made on this trip are definitely ones I will cherish for the rest of my life.

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The thing that I most miss about Japan is the food and the culture. I loved eating yakitori, udon and sushi during my stay there. Also, I loved how polite and friendly Japanese people are. Their friendliness helped me acclimatize better, and I felt less lonely during my time away from home. I also miss the view of Sakura blossoms during the spring.

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If you could give one piece of advice to anyone considering studying at GRIPS what would it be?

Enjoying some free time with the family, 2019

GRIPS is a great institution for anyone considering studying policy-related academia. In my opinion, a lot of factors like the faculty, the courses and resources as well as the location of GRIPS make it a very attractive option for students interested in policy and its study. I would recommend everyone considering GRIPS to study there because the institution teaches you life lessons alongside your academic classes, and it teaches you the importance of hard work in life. I would also advise them to make good use of the vast array of resources available there.

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How would you like to maintain involvement with the School? What do you expect from GRIPS as an alumnus and do you have any suggestions on how to further utilize the GRIPS alumni network?

I would like to remain involved with the school through its newsletters and two-way communication through the Alumni Office. As an alumnus, I would love to connect with other alumni and utilize our vast network to share experiences across different fields. I am very thankful that GRIPS keeps checking on their alumni, and that you have provided me with such an honor. I hope to see the achievements of other alumni shared in a similar way.

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