The government has appointed Maha Prasad Adhikari as the 17th governor of Nepal Rastra Bank for the next five years.

The Cabinet meeting on Monday selected Adhikari from three final candidates—the central bank's deputy governor Chintamani Siwakoti and former secretary Keshav Bhattarai—for the top central bank job.

Adhikari, who retired from the Nepal Rastra Bank as the deputy governor in December 2015, currently serves as the chief executive officer of Nepal Investment Board.

Adhikari had been recommended for the governor post before. However, in March 2015, the Sushil Koirala led-government picked Chiranjibi Nepal as the 16th governor of Nepal Rastra Bank.

Nepal completed his five-year tenure on March 17. The government, however, was not able to appoint his successor.

The government had formed a three-member committee led by Finance Minister Yuba Raj Khatiwada to identify suitable candidates. The recommendation committee included former governor Vijayanath Bhattarai and former secretary Krishnahari Banskota.

As per the provision, the committee should select the two most prominent individuals from the banking, financial, commercial and law sectors.

Adhikari graduated in Business Administration in 1989 and obtained a Chartered Accountant degree in 1993 from India. Adhikari had served the central bank for three decades.

Adhikari is the first chartered accountant to become the governor of Nepal.