NRB governor attends 49th SAARCFINANCE meet in Bhutan

KATHMANDU: Nepal Rastra Bank (NRB) Governor Prof Dr Biswo Nath Poudel attended the 49th SAARCFINANCE Governors' Group Meeting and Symposium in Paro, Bhutan, on July 9–10.

The opening session began with an inaugural address by Finance Minister Lyonpo Lekey Dorji and a welcome speech from Governor Yangchen Tshogyel of the Royal Monetary Authority of Bhutan. A panel discussion on advancing regional financial integration through digital payment connectivity and innovation was a central element of the meeting.

Governor Poudel joined central bank governors from Bhutan and Sri Lanka and the Deputy Governor of the Reserve Bank of India on the panel, where he provided updates on the recent expansion of Nepal’s electronic payment system and on initiatives relating to cross-border payments.

The second session featured presentations by delegates from participating central banks on enablers and challenges in advancing cross-border payment interoperability. Executive Director Nishchal Adhikari of the Payment Systems Department at NRB outlined the current status of cross-border payments in Nepal.

Addressing the forum, Governor Poudel said political stability has been maintained in Nepal recently and that both the external sector and financial sector stability remain robust. He added that challenges persist in the wider economy and in price stability because of international geopolitical impacts.

Delegates from other central banks provided updates on their countries’ economic and financial situations. Participants emphasised strengthening cross-border payment systems within the SAARC region and discussed climate investment, sustainable development, financial inclusion, a framework for currency swaps among SAARC countries, a common research and data system, SAARC scholarships and future action.

On the sidelines of the event, Governor Poudel held a bilateral meeting with the Bhutanese Finance Minister. He returned to Nepal on July 12, accompanied by Executive Director Nishchal Adhikari, Director of the Governor’s Office Sharan Kumar Adhikari and Deputy Director Swechhya Shakya.

SAARCFINANCE is a network of central bank governors and finance secretaries from SAARC member states. Established in 1998 to discuss macroeconomic policies and mutual cooperation, it received formal recognition at the Eleventh SAARC Summit in Kathmandu in January 2002.