Banking News – Nepal Rastra Bank Governor Prof. Dr. Bishwo Nath Paudel participated in the 49th SAARC Finance Governors’ Group Meeting held in Paro, Bhutan, on July 9–10.

The meeting was inaugurated by Bhutan’s Finance Minister Lyonpo Lekey Dorji, while Governor Yangchen Tshogyel of the Royal Monetary Authority of Bhutan delivered the welcome address.

During the first day of the meeting, Governor Paudel joined a panel discussion on “Advancing Regional Financial Integration Through Digital Payment Connectivity and Innovation.” The session also featured the governors of the central banks of Bhutan and Sri Lanka, as well as the Deputy Governor of the Reserve Bank of India.

During the discussion, Governor Paudel shared Nepal’s recent progress in developing its electronic payment ecosystem and outlined the country’s efforts to strengthen cross-border payment systems.

In the second session, central bank representatives presented their perspectives on facilitators and challenges in enhancing cross-border payment interoperability. Representing Nepal Rastra Bank, Executive Director Nishchal Adhikari of the Payment Systems Department delivered a presentation on the current status of Nepal’s cross-border payment initiatives.

On the second day, the SAARC Finance Governors’ Group Meeting concluded with the participation of governors, deputy governors, and senior officials from central banks across the SAARC region.

Addressing the gathering, Governor Paudel said Nepal currently enjoys political stability and that both the external sector and the financial system remain resilient. However, he noted that global geopolitical developments continue to pose challenges to price stability and the broader economy.

Representatives from other central banks also presented updates on their respective countries’ economic and financial conditions. Participants emphasized the need to strengthen cross-border payment systems within the SAARC region and discussed climate finance and sustainable development, financial inclusion, a regional currency swap framework, collaborative research and data-sharing mechanisms, SAARC scholarships, and future areas of cooperation.

On the sidelines of the meeting, Governor Paudel held a bilateral meeting with Bhutan’s Finance Minister Lekey Dorji. He returned to Nepal on July 12 following the conclusion of the event.

The Nepali delegation also included Nishchal Adhikari, Executive Director of the Payment Systems Department, Director Sharan Kumar Adhikari from the Governor’s Office, and Deputy Director Swachchha Shakya.

SAARC Finance is a regional network of central bank governors and finance secretaries from SAARC member countries. Established in 1998, it aims to promote dialogue and cooperation on macroeconomic and financial policy issues among South Asian nations. It received formal recognition during the 11th SAARC Summit held in Kathmandu in January 2002.