Kathmandu – Governor Maha Prasad Adhikari of Nepal Rastra Bank participated in the 60th Governors’ Conference and the 44th Board of Governors Meeting of the Central Bank Organization SEACEN, held in Seoul, South Korea. The events took place on December 6 and 7, 2024, with Governor Adhikari returning to Nepal on December 9.

The conference, co-hosted by the SEACEN Center and the Bank of Korea, commenced with a welcome speech by Bank of Korea Governor Rhee Chang-yong, highlighting the conference’s purpose and significance. This was followed by opening remarks from Dr. Sin-Young Park, Executive Director of the SEACEN Center.

The discussions during the conference revolved around two key sessions:

1. Prospects for the Global Economy and Financial Markets in 2025
2. Geo-economic Policy Impacts: Environmental Effects, Sustainable Economic Growth Challenges, and Regional Cooperation for Resilience

These sessions saw active participation from governors and senior officials of member central banks, who explored solutions through regional collaboration and multilateral approaches.

On the second day, the 44th Board of Governors Meeting was chaired by Governor Rhee. The meeting covered discussions on activities from 2024, the implementation status of ongoing strategic plans, proposed programs for 2025, research initiatives, and budget considerations. Key proposals were approved based on inputs and suggestions from participating governors.

A panel discussion on Geo-economic Fragmentation and its Impact on Asian Economies delved into global challenges such as low economic growth, inflationary pressures, high-interest rates, geopolitical tensions, and financial market dynamics.

Governor Adhikari served as a panelist during this session, where he highlighted Nepal’s unique challenges, including reduced export opportunities, growing trade dependency on neighboring and Asian countries, and the impact of remittance flows on poverty alleviation. He emphasized the need for policy responses to mitigate these effects in developing economies like Nepal.

The conference concluded with the announcement that the Bank of Indonesia will assume the presidency for 2025, hosting the 61st Governors’ Conference and the 45th Board of Governors Meeting in Indonesia.