Every day when she comes home, my mom has a tired, sweet smile on her face. Be it 9:00 PM in the evening after she left at 6:00 AM for work, or be it a long meeting on a Saturday, the smile is always there. As the first woman Deputy Governor of Nepal Rastra Bank, it is obvious that the pressure is intense, and the work is demanding. And that is precisely why the smile is an inspiration to me. No matter how drained she feels everyday, she takes the time to listen to my problems, to support me through my challenges, to empathize with me. I am so grateful for the way she balances her demanding career with being there for her family; I could tell her about something that was going on in my life, and even in the middle of her lunch break, I’d receive a call asking if I’m doing okay. Her determination and care to both work and family make me the most proud son ever, knowing that her strength and kindness shape not just her professional legacy, but our lives as well.

Someday, I aspire to have the same tired, sweet smile for my loved ones regardless of how intense and busy life gets.

Dr. Neelam Dhungana Timsina: The Florence Nightingale of Central Banking – Leading Nepal’s Financial Health with Vision, Compassion, and Unwavering Dedication.

It is with immense pride, admiration, and profound respect that I write this testimonial for Dr. Neelam Dhungana Timsina. Her high echelon career in central banking, marked by an unwavering commitment to economic stability and financial development, has not only shaped the future of Nepal’s economy but has also been an inspiration to countless individuals, myself included.

I have had the pleasure of observing Dr. Dhungana rise from her early academic pursuits to her appointment as the first female Senior Deputy Governor of Nepal Rastra Bank. Throughout her journey, one consistent theme has been her unrelenting dedication to preparation, a trait exemplified by Benjamin Franklin’s wise words: “By failing to prepare, you are preparing to fail.” Dr. Dhungana has lived by this principle, making strategic planning and thoughtful foresight the cornerstones of her leadership.

Her academic foundation, which began with a Master’s in Business Administration from Tribhuvan University, was further strengthened through her studies abroad, including a Masters in Economics from the University of Wollongong in Australia and a Doctorate in Management from Mewar University, India. However, her commitment to learning did not stop with these degrees. She continued to engage in rigorous professional development, ensuring that she was not only well-prepared for her role but always a step ahead in addressing emerging challenges in Nepal’s financial sector.

One of the most remarkable examples of Dr. Dhungana preparation and leadership can be seen in her tenure as Executive Director of the Monetary Management Department at Nepal Rastra Bank.This position placed her at the helm of critical decisions concerning Nepal’s monetary policy-a responsibility she handled with the utmost care and precision. During her time in this role, she was instrumental in implementing measures that maintained macroeconomic stability, particularly in times of economic uncertainty. Her work on inflation control and liquidity management has been lauded for its effectiveness in ensuring financial stability during periods of both internal and external economic pressures.

Her efforts in managing liquidity injections, ensuring the stability of the banking sector, and crafting relief measures for struggling industries demonstrated her ability to anticipate the needs of the economy during unprecedented times. She took a proactive approach, foreseeing the potential long-term impacts and ensuring that Nepal was better positioned for recovery once the global economy began to stabilize.

On the international stage, Dr. Dhungana has represented Nepal with grace and competence. As a member of the Executive Committee of the South East Asian Central Banks Research and
Training Centre (SEACEN) and the Steering Committee of the South Asia Regional Training and Technical Assistance Center (SARTTAC), she has played a pivotal role in sharing Nepal’s experiences while learning from other economies.

Her contributions in these forums have helped align Nepal’s banking practices with international standards, ensuring that our financial institutions remain competitive and resilient in an increasingly interconnected world.

Her leadership in times of crisis has consistently demonstrated her foresight and preparedness, but perhaps equally important is her empathy and compassion as a leader. Dr. Dhungana understands that central banking is not just about managing policies and systems; it is about serving the people whose lives are impacted by those policies. She has always placed the welfare of the public at the center of her decision-making. This is particularly evident in her commitment to improving financial literacy and economic empowerment for women. As a trailblazer herself, she has been a tireless advocate for increasing the participation of women in the financial sector, believing that gender equality is not only a matter of fairness but also an economic imperative.

In the context of her remarkable journey, I am reminded of the timeless wisdom from the Bhagavad Gita, which Dr. Dhungana often reflects upon: “You have the right to work but never to the fruit of work.” She embodies this philosophy in every aspect of her life and career. She has never sought personal gain or recognition but has instead focused on the work itself-dedicating her life to the service of her nation and its people. Her humility, combined with her tireless work ethic, has earned her the respect and admiration of colleagues both within Nepal and around the
world.

A significant example of her foresight and preparation was during the aftermath of the 2015 earthquake in Nepal. The economic impact of this disaster was profound, with disruptions to trade, banking, and overall economic activity.

Dr. Dhungana played a crucial role in formulating and executing emergency monetary policies that helped stabilize the banking system in the wake of the disaster. She was deeply involved in ensuring that financial institutions had the necessary liquidity to support reconstruction efforts and maintain public confidence in the banking system. This preparedness mitigated what could have been a much more severe financial crisis and underscored her ability to lead in times of national hardship.

In her role as the Chair of the Credit Information Bureau, Dr. Dhungana was instrumental in strengthening transparency and accountability within Nepal’s financial institutions. Under her leadership, the Bureau introduced reforms that improved the efficiency of the credit reporting system. This had a cascading effect on the broader financial ecosystem, making it easier for businesses to access credit while minimizing risks for lenders. Her work in this domain was a game-changer for Nepal’s banking sector, ensuring that financial institutions had the necessary tools to make informed lending decisions.

Beyond her immediate responsibilities, Dr. Dhungana has been a relentless advocate for financial inclusion. She has been deeply involved in initiatives that extend banking services to underserved and rural populations, recognizing that the future of Nepal’s economy depends not only on the health of its financial institutions but also on the accessibility of those institutions to all segments of society. Her leadership in promoting digital banking and mobile financial services has been transformative, bringing millions of unbanked individuals into the formal financial system. Her advocacy for these initiatives speaks volumes about her forward-thinking vision and her commitment to leaving no one behind.

Her role in navigating Nepal Rastra Bank through global economic challenges is another prime example of her preparedness. In response to the economic slowdown caused by the COVID-19 pandemic, Dr. Dhungana was a key figure in designing and implementing policies that supported Nepal’s financial institutions and businesses.

In conclusion, Dr. Neelam Dhungana Timsina is not only an exceptional leader but a person of great moral integrity and unwavering commitment to the betterment of society. Her meticulous preparation, combined with her visionary leadership and deep compassion for others, has made her a transformative force in Nepal’s financial sector. Her influence will continue to shape the future of our economy for years to come, and her legacy will inspire generations of leaders to come.

It has been my honor and privilege to know and mentor her, and I have no doubt that she will continue to excel in any role she undertakes, bringing with her the same dedication, foresight, and empathy that have defined her extraordinary career.

With Best Wishes,
Prof. Dr. Upendra Kumar Koirala
Former Vice-Chancellor, Mid-West University Surkhet, Nepal
13 September 2024

“As someone who has worked closely with Senior Deputy Governor Dr. Neelam Dhungana Timsina, I am thrilled to witness her rise to senior leadership within the Nepal Rastra Bank. I had the privilege of working alongside her in the Anti-Money Laundering and Controlling Terrorist Financing National Coordination Committee, where she served as a member and I as the coordinator of the Committee.

Dr. Dhungana’s unwavering commitment to the committee’s mission was evident in every aspect of her work. She worked tirelessly to enhance Nepal’s international standing, and her efforts played a crucial role in improving the country’s rating on various financial integrity metrics. Her ability to collaborate effectively, coupled with her deep understanding of financial systems, made her a key player in the committee’s achievements.

I deeply appreciate her role and dedication, and I am confident that her leadership will continue to serve Nepal’s financial sector with distinction. She represents the positive impact of female leadership in our nation, and I look forward to seeing her further contributions in her current role.”

As Dr. Neelam Timsina Dhungana’s Ph. D. supervisor, I had the opportunity to closely observe her academic journey and professional development. She was an exceptionally brilliant student, driven by a deep sense of curiosity and a relentless work ethics. Balancing the demands of a career and family was not an easy job while pursuing for a Ph. D. Degree. However, with her remarkable perseverance and dedication, finally she completed her Ph. D. Her expertise in the banking and financial sector was evident throughout her research. Dr. Dhungana’s hard work, coupled with her vast knowledge of the financial sector, has now led her to become one of the top leaders in Nepal Rastra Bank. Due to these, I have got a high opinion about her in terms of her performance. Quest for knowledge and amicable nature are known character inherent in her. For me, it is a matter of immense pride to see my student rise to such a prestigious position in the central bank of our nation. I have no doubt that her continued contributions will bring great benefit to the financial system of Nepal, and her leadership will inspire many more in the days to come.

As the President of Nepal Bankers’ Association, it has been my privilege to work closely with Dr. Neelam Dhungana Timsina, the first female Deputy Governor of Nepal Rastra Bank (Central Bank of Nepal).
Dr. Timsina’s humility, strategic mindset, and ability to inspire others have established her as an exceptionally effective leader. Her unwavering commitment to economic stability, women’s empowerment, sustainable banking, and climate change protection has earned her widespread respect, not only within the banking sector but across the nation.
With over two decades of experience at the Central Bank and expertise in monetary management, public debt, and foreign exchange, Dr. Timsina offers invaluable insights to all who work with her. Her dedication to promoting transparency and accountability has strengthened Nepal’s financial system, ensuring its resilience against global challenges.
Dr. Timsina is a true role model, proving that with determination and skill, barriers can be broken, and new paths can be forged. I am confident that her legacy will inspire future generations of female leaders in Nepal’s banking industry.

As a Member of the National Planning Commission, I have been working closely with Dr. Neelam Dhungana Timsina in several key initiatives related to economic planning and implementation. Her deep expertise in monetary policy, financial stability, and economic governance has been instrumental in formulating sound fiscal strategies and ensuring effective plan execution. Dr. Timsina’s insights have significantly contributed to strengthening our financial framework, and her ability to navigate complex economic challenges with precision and foresight has consistently guided my decision-making process. On this backdrop, I highly recommend her for any leadership role in economic sector, as her vision and expertise would be invaluable in driving success and fostering sustainable economic growth.

Dr. Neelam Dhungana Timsina stands out as a distinguished figure in Nepal’s financial landscape. Appointed as the Senior Deputy Governor of Nepal Rastra Bank on March 9, 2021, Dr. Timsina has significantly shaped the bank’s strategic direction and policy-making. It was the historical achievement that Nepal Rastra Bank has female Deputy Governor in its history of 64 years. Her roles extend beyond national boundaries as she contributes as an Executive Member of the South East Asian Central Banks Research and Training Centre (SEACEN) and as a Steering Committee Member of the South Asia Regional Training and Technical Assistance Center (SARTTAC), further highlighting her regional and global impact.

Dr. Timsina’s journey with Nepal Rastra Bank began in December 1997, and she has quickly risen to the higher ranks holding various portfolios in the bank. Before her current role, she served as the Executive Director of the Monetary Management Department and held the position of Chairperson of the Credit Information Bureau of Nepal. Her extensive experience encompasses crucial areas such as monetary policy, banking supervision, monetary management, financial stability, and liquidity management.

Academically, Dr. Timsina is equally accomplished. She earned a Master’s Degree in Business Administration from Tribhuvan University, a Master’s in Economics from the University of Wollongong, Australia, and a Doctorate in Management from Mewar University, India. Her academic pursuits have led to the publication of several research papers on economic policy, economic growth, and financial stability. Prior to her central banking career, she was an Assistant Lecturer at Tribhuvan University, where she taught accountancy and finance to postgraduate students.

Dr. Timsina’s expertise is not confined to her roles within Nepal Rastra Bank. She has participated in numerous national and international seminars and conferences, representing Nepal and sharing her insights on global financial trends and practices. Her blend of practical experience and academic scholarship positions her as a leading authority in both the financial and academic realms. I wish her a bright future forever.