The government has formed a recommendation committee to select the governor of Nepal Rastra Bank. The Cabinet meeting on Monday formed a three-member recommendation committee under the coordination of Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel. Former Governor Vijayanath Bhattarai and Economist Vishwa Poudel are members of the committee, said Prithvisubba Gurung, the government's spokesperson and Minister of Communications.

According to the Nepal Rastra Bank Act, a new governor must be appointed one month before the vacancy occurs. The five-year tenure of Governor Mahaprasad Adhikari is ending on this Chait 24. It was alleged that the government was not sensitive to the economy as the selection committee was not formed when the term of office of the governor was coming to an end. The government was criticized for not being serious in selecting the governor when the economy was unfavorable and Nepal was on the FATF's "grey list". 

According to the National Bank Act, the Governor must have a high moral character, have a post-graduate degree in economics, monetary, banking, finance, commerce, management, public administration, statistics, mathematics or law and have work experience. The top leader of the alliance has tried to mix it up with other government appointments to get political stake in the governorship as well. But experts are worried that the economy will be in crisis if a weak leadership is elected. About 12 years ago, the then Prime Minister Manmohan Singh appointed economist Raghuram Rajan as the Governor of the Reserve Bank of India (RBI) when the economy was in an uncomfortable situation. At that time the position of research in India was in high deficit. Inflation was high while foreign investment was low. On the one hand, the Indian currency became weak, on the other hand, the bad loans of the banks increased. 

Rajan rejected political pressure and took ruthless steps to stabilize the economy and reform the banking system. Rajan took the policy of price control by raising interest rates. Experts say that since Nepal's economy is also in a critical state, a fearless, knowledgeable and visionary person like Rajan should be appointed as the governor to bring it back to normal.

At this time, the indices of Nepal's economy are contradictory. On the one hand, the indicators including remittance flow, foreign currency reserves, current account balance and current account are strong, while on the other hand, more than 6 billion has been deposited in banks and financial institutions. Although the interest rate is decreasing, the loan flow has not increased. Although the Ministry of Finance and the National Bank have repeatedly tried to reform policies, the overall economy has not been able to run. Moreover, as the Financial Action Task Force (FATF) has put it on the 'grey list', Nepal's reputation in the international arena is at stake. 

Experts in the financial sector have started raising their voices in public and MPs in Parliament saying that there may be self-interested moves for the executive head of the National Bank. The former finance minister, former governor and economist are also cautioning that a person capable of performing independently and impartially without being pressured, influenced or tempted should be made the governor. 

Interest groups are 'lobbying' for 'persons in their favour'. There are suspicions that the same thing will happen to the governor when there are accusations that interest groups have dominated the recent appointments made by the government, financial transactions have taken place, and controversial people have been chosen rather than good people.