NRB Governor participates in 43rd SAARCFINANCE Governors’ meet in Pakistan

KATHMANDU: Nepal Rastra Bank (NRB) Governor Maha Prasad Adhikari participated in the 43rd SAARCFINANCE Governors' Meeting and Symposium - 2023 held in Islamabad, Pakistan from May 2 to 3. According to press statement issued by NRB, on the first day of the meeting, Governor Adhikari said Nepal has succeeded in maintaining overall economic stability despite the challenges caused by the unrest in the global economy. He also discussed the future economic scenario of the country. He mentioned that Nepal's financial sector is strong and the recent liquidity crunch and discomfort caused by interest rates are gradually decreasing. Central bank governors of Maldives, Pakistan and Sri Lanka also discussed the challenges being faced in the price and external sectors due to Covid crisis as well as the geopolitical tension created by the Russia-Ukraine war and the measures taken to solve them. In the meeting, a discussion was held on the agenda including the progress in the cooperation among central banks of the SAARC region and the ways to cooperate in the future. In the second session, NRB Deputy Director Siddharaj Bhatta presented the study report on 'Prospects of Central Bank Digital Currency in the SAARC Region' conducted by NRB. On the occasion, State Bank of Pakistan Director Dr M Farooq presented the study report on 'The Use of Unconventional Policy Instruments by South Asian Central Banks' conducted by the state bank. On the second day of the event, 'Climate Change and Green Financing: Initiatives & Outlook in South Asia', NRB Director Narayan Prasad Pokhrel presented a working paper on 'Climate Change and Green Financing in Nepal'. Representatives of other SAARC countries also presented their working papers. Governor Adhikari returned home on May 4.