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43RD SAARCFINANCE GOVERNORS’ GROUP MEETING AND THE SAARCFINANCE SYMPOSIUM

State Bank of Pakistan (SBP) - being the Chair of SAARCFINANCE for 2022-23 -
organized Governors’ meeting and Symposium in Islamabad during May 2-3, 2023 in
order to take ahead the agenda of mutual cooperation in the areas of
macroeconomic policy, financial architecture, research, database, and capacity
building. In this context, two important events were hosted by SBP: (1) 43rd
SAARCFINANCE Governors’ meeting; and (2) SAARCFINANCE Symposium – 2023 on the
theme of climate change.

SAARCFINANCE Governors’ Meeting

The 43rd SAARCFINANCE Governors’ meeting was attended in-person by Governors of
Sri Lanka and Nepal, while Governor of Maldives attended virtually. Moreover,
the delegates from Afghanistan and Bhutan also attended the meeting in person.
Officials from Bangladesh joined virtually.

Mr. Jameel Ahmad, Governor, State Bank of Pakistan chaired the meeting on May 2,
2023. In his opening remarks, he welcomed the Governors and other delegates from
SAARC central banks; and highlighted the importance of SAARCFINANCEnetwork and
its pivotal role in promoting opportunities for shared growth and prosperity in
the region. He said that the SAARC central banks needed to move a step forward
in the regional cooperation for dealing with challenging economic environment.
He said that the SAARC region is also facing difficult times, like many other
countries around the globe, in terms of very high inflation, slow growth,
pressure on fiscal and external balances and increased incidence of poverty.

With the global economy facing the risk of a recession and increasing
geo-political fragmentation, the Chair emphasized the forum’s role in providing
opportunities to learn from each other’s experiences on macroeconomic policies
and the need to fortify regional cooperation and interconnectedness in the face
of challenging external environment.

After opening remarks by Governor, SBP, the participants took stock of the
macroeconomic situation in the region, progress on different initiatives under
the SAARCFINANCE forum, including database, financial inclusion, collaborative
studies and capacity building. The Forum also discussed and agreed to adopt a
formal mechanism for hosting the Database Working Group Meeting and sideline
seminar in future.

Presentation of SAARCFINANCE Studies

After Governors’ meeting, a session was arranged for the presentations of
completed SAARCFINANCE collaborative research studies. In the session, Dr.
Farooq Arby from State Bank of Pakistan presented the Study on the use of
unconventional policy instruments by South Asian central banks. The second Study
was presented by Mr. Siddha Raj Bhatta from Nepal Rastra Bank on the prospects
of Central Bank Digital Currency (CBDC) in the SAARC region.

The participants appreciated the team members of collaborative studies for very
useful work done; and advised SBP to share the studies with all member central
banks, and uploading the same on theSAARCFINANCE Portal. Further, it was also
agreed to make the Central Bank Digital Currency a regular agenda item of
SAARCFINANCE Governors’ meetings keeping in view its significance for central
banks and ongoing developments in the area.

SAARCFINANCE Symposium

On the second day, May 3, 2023, the SBP hosted SAARCFINANCE Symposium on the
theme of “Climate Change and Green Financing: Initiatives & Outlook in South
Asia”. The Symposium comprised three insightful sessions: (1) an Expert Session
with presentations by Mr. Farhan Fasihuddin from International
FinanceCorporation (IFC), and Mr. Virender Kumar Duggal from Asian Development
Bank (ADB(); (2) Country presentations by member central banks; and (3) a Panel
discussion on “The Role of Financial Sector in Advancing Climate Change Agenda
and Green Financing in SAARC Countries”. The distinguished panelists included
Mr. Yaseen Anwar, former Governor SBP, Mr. Virender Kumar Duggal, Mr. Abdul
Rehman Warraich, Commissioner Security Exchange Comission of Pakistan (SECP),
and Mrs. Dilrukshini, from Central Bank of Sri Lanka.

In his inaugural remarks, the Governor, SBP emphasized the importance of
discussing the pressing issue of climate change in general and particularly with
reference to the SAARC region. The Governor highlighted the vulnerabilities of
SAARC region to the adverse impacts of climate change and its implications on
the financial system. He further remarked that globally, financial systems are
shifting towards promoting sustainability considerations. Similarly, SBP has
adopted a proactive approach to safeguard the financial sector against climate
change and environmental risks by undertaking several green initiatives
including green banking guidelines, environmental & social risk management
(ESRM) implementation manual, and financing scheme for renewable energy.

The expert speakers highlighted the impact of climate change on global economy,
with particular reference to South Asian economies. They informed that
international Financial Institutions (IFIs) are engaged on several key
initiatives aimed at enhancing the capacity of the financial sector to measure
and manage environmental and social risks, and identify and grow green finance
opportunities. The launch of the Green Taxonomy would facilitate the disclosure
of taxonomy-aligned activities and offerings of green finance products such as
loans, bonds and funds by market participants. They also highlighted the role of
IFC and ADB in helping members develop green finance strategies. The Country
paper presenters shared their respective country experiences on climate change
and green financing. In particular, they highlighted that the climate change can
have far-reaching effects throughout the financial system, affecting banks,
businesses, and insurers etc., potentially leading to systemic risk. In this
context, green financing has emerged as a crucial means of driving climate
change mitigation and adaptation efforts. The panelists shared their
perspectives on the role of financial institutions in promoting sustainable
finance and the ways in which green financing can be leveraged to advance
climate change action in the region. The forum suggested developing a working
group under SAARCFINANCE network to promote sustainable finance from green
financing perspective.

The Symposium concluded with closing remarks by Ms. Sima Kamil, Deputy Governor
SBP, expressing her gratitude to all the participants for their valuable
contributions to the discussions. The event was a significant step towards
fostering greater collaboration and cooperation among SAARC member countries and
international organizations to address the pressing issue of climate change.

Cultural Colors of Pakistan

The SBP also arranged a cultural event to familiarize the SAARCFINANCEdelegates
with the rich cultural heritage of the country. Besides this, it was also aimed
to give the SAARCFINANCE delegates an idea how the region is culturally linked.
The program was named as Cultural Colors of Pakistan. The artists from different
parts of the country attracted the attention of the audience with their amazing
musical and dance performances.

Seminar and Meeting Photos

Country Paper


42ND SAARCFINANCE GOVERNORS’ GROUP MEETING, NOVEMBER 15, 2021

The 42nd SAARCFINANCE Governors’ Group meeting was held on November 15, 2021 in
virtual format. The meeting was chaired by the Governor of the Maldives Monetary
Authority (MMA), Mr. Ali Hashim. In the opening remarks, Governor Hashim
expressed his sincere appreciation to the SAARCFINANCE network for the support
extended to the MMA during the brief period as the SAARCFINANCE Chair. He also
highlighted the strong cooperation between the member countries in combating the
COVID-19 pandemic, in the form of food aid, medical equipment, financial support
and bilateral vaccination programs. He furthered emphasised the importance of
continued support for a smoother recovery, while stressing on the significance
of accelerating financial inclusion through the help of FinTech. In addition, he
provided a brief update on the global economic developments since the last
meeting of the Group in March 2021.

The Group took stock of the macroeconomic situation in the SAARC region;
discussed the current SAARCFINANCE initiatives of cooperation; and the way
forward. The Governors assured their commitment to the workplan of the Group and
in enhancing capacity through shared knowledge and experience.

The meeting was attended by the Governors from other SAARC central banks – Mr.
Fazle Kabir, Bangladesh Bank; Mr. Dasho Penjore, Royal Monetary Authority of
Bhutan; Dr. M D Patra, Reserve Bank of India; Mr. Maha Prasad Adhikari, Nepal
Rastra Bank; Dr. Reza Baqir, State Bank of Pakistan; and Mr. Ajith Nivard
Cabraal, Central Bank of Sri Lanka.

With the end of the MMA’s tenure, Governor Hashim handed over the SAARCFINANCE
Chair (effective from November 16, 2021) to the Governor of Nepal Rastra Bank,
Mr. Maha Prasad Adhikari, and wished him all the very best on the new task.

SAARCFINANCE is a network of central bank governors and finance secretaries of
the SAARC region. The Maldives Monetary Authority chaired the SAARCFINACE from
April 1, 2021 – November 15, 2021.

Seminar and Meeting Photos


41ST SAARCFINANCE GOVERNORS’ GROUP MEETING AND SAARCFINANCE GOVERNORS’ SYMPOSIUM

Shri Shaktikanta Das, Governor, Reserve Bank of India chaired the 41st Meeting
of the SAARCFINANCE Governors’ Group in virtual format on March 1, 2021. In his
opening remarks, Governor Shri Das expressed optimism about the overall COVID-19
situation following the roll-out of the vaccines and complimented all the SAARC
central banks for their efforts in combating the pandemic. He led the
discussions on progress made under the SAARCFINANCE initiatives, achieved with
the all-round cooperation of the SAARC central banks and launched the maiden
issue of the annual SAARCFINANCE e-Newsletter. While the Governors agreed that
the pandemic had an adverse impact on their economies, they recognized the
importance of leveraging technology to spur growth.

The meeting was attended by the Governors from other SAARC central banks – Mr.
Ajmal Ahmadi, Da Afghanistan Bank; Mr. Fazle Kabir, Bangladesh Bank; Mr. Dasho
Penjore, Royal Monetary Authority of Bhutan; Mr. Ali Hashim, Maldives Monetary
Authority; Mr. Maha Prasad Adhikari, Nepal Rastra Bank; Dr. Reza Baqir, State
Bank of Pakistan; and Prof. W. D. Lakshman, Central Bank of Sri Lanka.

With the RBI’s tenure coming to a close, Governor Shri Das handed over the
SAARCFINANCE Chair (effective from April 01, 2021) to the Governor, Maldives
Monetary Authority and assured him of the Reserve Bank’s continued commitment to
the SAARCFINANCE initiative.

The SAARCFINANCE Governors’ Symposium was inaugurated by Shri Das on March 02,
2021. He emphasized the importance of effective, creative and prudent use of
technology by central bankers, especially in the areas of Big Data, Digital
Currencies, Reg-Tech, Sup-Tech and cyber security. The Keynote Address was
delivered by Mr. Jermy Prenio, Senior Adviser, Financial Stability Institute,
BIS on the topic ‘Suptech use in central banks’. The Symposium also included a
Panel Discussion on ‘Cyber Security in Central Banks’ and a presentation by the
researchers of the SAARCFINANCE Collaborative Study on ‘Comparison of Financial
Sector Regulatory Regimes in the SAARC Region’.

SAARCFINANCE is a network of central bank governors and finance secretaries of
the SAARC region. The Reserve Bank of India is the present chair of the
SAARCFINANCE from October 2019 to March 2021.

Seminar and Meeting Photos


GOVERNOR, RESERVE BANK OF INDIA INAUGURATES THE SAARCFINANCE SYNC PORTAL

The Reserve Bank of India Governor, Shri Shaktikanta Das, inaugurated the
SAARCFINANCE Sync, a portal for SAARC central banks on November 04, 2020, in the
presence of the SAARC central bank Governors. The SAARCFINANCE Sync is a closed
group communication channel for SAARC central banks. It will track various
initiatives under the SAARCFINANCE stream and will act as a repository of
documents and information.

The Governor in his inaugural remarks stated that the SAARCFINANCE Sync is more
than just a communication portal – it is a tool to deepen ties between central
banks by fostering collaboration and capacity building, encouraging research and
innovation, and providing real-time economic intelligence. This vision is
reflected in the logo which symbolizes the collective learning around our core
public service values. The portal was launched by the Reserve Bank as one of the
deliverables under its SAARCFINANCE Chairmanship.

The portal will give updated information on initiatives like SAARCFINANCE
Roadmap, swap framework, capacity building, database, scholarships,
macroeconomic surveillance, collaborative studies, seminars, e-Newsletter etc.
The Governors’ and Coordinators’ meeting documents and records will be available
here. The logistic support and conduct of the events, seminars, symposiums and
meetings will be coordinated through the portal. The research section will
enable researchers of collaborative studies to share documents and data and it
will also have provision for chat facility which will act as a discussion forum.
It contains a media gallery as well as a document repository section that will
build the archives of SAARCFINANCE.

The Governor also announced the two new initiatives operationalised by the
Reserve Bank under its chair, viz., the Financial Inclusion Platform and the
Directory of Retired Resource Persons. The Financial Inclusion Platform is a
repository of initiatives taken by the SAARC central banks to promote financial
inclusion and financial literacy. The strategy papers, policy documents,
financial literacy material, SOPs of conducting outreach programs, research
papers, etc. would be accessible to the officers of the operational departments
of SAARC central banks. This will help facilitate policymakers through shared
experiences and initiatives.

In order to tap the expertise of the retired SAARC central banks officers, the
Reserve Bank has built the Directory of the Retired Resource to provide
consultancy support to SAARC central banks. Presently, the experts have been
identified for 15 areas which include monetary policy, banking and nonbank
supervision and regulation, payment systems, IT, internal audits, currency
management, macroeconomic and microeconomic research, etc. The areas and experts
will be updated by the SAARC central banks in the directory every year.

Dr. Mohua Roy, Adviser, International Department gave a presentation explaining
the key functionalities of the portal. The portal was appreciated by the
Governors of all the SAARC central banks.

The Governor Reserve Bank congratulated the International Department of the
Reserve Bank who conceptualised the portal, along with Reserve Bank Information
Technology Pvt Ltd (ReBIT) and Indian Financial Technology and Allied Services
(IFTAS) who helped in operationalizing the portal, while working under
challenging conditions during the pandemic.

Seminar and Meeting Photos


40TH SAARCFINANCE GOVERNORS’ GROUP MEETING

Reserve Bank of India organized the 40th SAARCFINANCE Governors’ Group Meeting
on November 04, 2020 through virtual platform. The meeting was chaired by Shri
Shaktikanta Das, Governor, Reserve Bank of India and attended by the Governors
from SAARC central banks - Mr. Fazle Kabir, Bangladesh Bank; Mr. Dasho Penjore,
Royal Monetary Authority of Bhutan; Mr. Ali Hashim, Maldives Monetary Authority;
Mr. Maha Prasad Adhikari, Nepal Rastra Bank; Dr. Reza Baqir, State Bank of
Pakistan; and Prof. W. D. Lakshman, Central Bank of Sri Lanka. Governor, Da
Afghanistan Bank (DAB) was represented by a senior official of DAB.

The Governor, in his opening remarks, reaffirmed India’s support to fighting
Covid pandemic and its effects on lives and livelihood in the SAARC region. He
mentioned the SAARC Covid-19 Fund and the SAARC Swap facility in this regard. He
talked about the deliverables fulfilled by the Reserve Bank as the Chair,
including the revised Framework on Currency Swap Arrangement for SAARC
Countries, SAARC scholarship scheme and also inaugurated three new initiatives –
(i) The SAARCFINANCE Sync – a closed user group secure communication network
(ii) Financial Inclusion Platform – a repository of all financial inclusion
related activities of member central banks and (iii) Directory of Retired
Resource Persons – a directory of specialized retired officers in 15 different
functional areas like monetary policy, banking and non-banking regulation and
supervision, payment systems, macro and micro economic research, and so on.

This was followed by a discussion by all Governors on the prevailing
macroeconomic situation in their respective countries and an update on how the
pandemic has affected each country and the policy measures adopted by the
central banks and national authorities to counter it. The Governors also
deliberated on the other roadmaps under the SF initiative including
collaborative studies, capacity building, SAARCFINANCE database, amongst others.

Dr. Michael D. Patra, Deputy Governor, RBI closed the session. In his closing
remarks, he highlighted the role played by central banks in formulating policies
that are inclusive, equitable and sustainable and also lauded the relentless
efforts of all the SAARC central banks who continue to carry forward all
initiatives and work collectively to emerge stronger together.

SAARCFINANCE is a network of central bank governors and finance secretaries of
the SAARC region. The Reserve Bank of India is the current chair of
SAARCFINANCE.

Seminar and Meeting Photos


RBI-RMAB SWAP AGREEMENT MEETING

The Reserve Bank of India signed a SAARC Currency Swap Agreement - under a
revised Framework - with the Royal Monetary Authority of Bhutan (RMAB) at New
Delhi on January 31, 2020. The agreement was jointly signed by Shri. M Rajeshwar
Rao, Executive Director, RBI, and Ms. Yangchen Tshogyel, Deputy Governor, RMAB.

It may be recalled that a revised Currency Swap Framework for 2019-22 was put in
place by the RBI in November 2019, with the concurrence of the Government of
India, with an overall corpus of US $ two billion. Based on the terms and
conditions of the Framework, the RBI would enter into bilateral swap agreements
with SAARC central banks, who want to avail swap facility. Drawals can be made
in US Dollar, Euro or Indian Rupee. The Framework provides certain concessions
for swap drawals in Indian Rupee.

Seminar and Meeting Photos


SAARCFINANCE GOVERNORS’ MEETINGS

The SAARFINANCE Governors meet twice a year concurrently with the IMF/ WB Annual
and Spring Meetings. Accordingly, the 20th SAARCFINANCE Governors' Meeting was
held on 05 October 2009 in Istanbul, Turkey under the Chair of Central Bank of
Sri Lanka.

H.E Governor Abdul Qadeer Fitrat, Governor, Da Afghanistan Bank, Dr. Atiur
Rahman, Governor, Bangladesh Bank, Mr. Daw Tenzin, Managing Director, RMA and
Ms. Sonam Dema, Officer In-charge, Management Secretariat Unit, and SAARCFINANCE
Coordinator (RMA), Dr. D. Subbarao, Governor, RBI and Shri Deepak Mohanty,
Executive Director, RBI, Hon. Fazeel Najeeb, Governor of MMA and Ms. Neeza Imad,
Executive Director, Human Resource Division of MMA, Mr. Bijaya Nath Bhattarai,
Governor, NRB and Mr. Trilochan Pageni, Executive Director NRB, Mr. Syed Salim
Raza, Governor, State Bank of Pakistan attended the meeting.

Mr. Ajith Nivard Cabraal, Governor, CBSL chaired the 20th SAARCFINANCE
Governors' Meeting held on 05 October 2009 in Istanbul, Turkey. Dr. P N
Weerasinghe, Assistant Governor, CBSL accompanied the Governor.

Certain important decisions taken at the 20th SAARCFINANCE Governors' Meeting
with regard to the SAARCFINANCE Web Folder and the Staff Exchange Policy were:

 1. SAARCFINANCE Web Folder: The Reserve Bank of India (RBI) to host the
    SAARCFINANCE Website
 2. SAARCFINANCE Staff Exchange: Governors agreed with the terms of the template
    of Staff Exchange subject to the following amendments:
    1. The RBI would continue with their current liberal policy of providing all
       facilities free of charge to the participating Bank.
    2. The State Bank of Pakistan (SBP) would be pleased to continue with its
       policy of bearing the entire cost of local hospitalities for SAARCFINANCE
       activities in Pakistan, including the Staff Exchange Programmes.
    3. CBSL, with its newly built facilities would accommodate 200 room nights
       per year free of charge for the purpose of Staff Exchange.



The SAARCFINANCE Governors meet twice a year concurrently with the IMF/WB annual
and spring meetings. Since its inception, seventeen SAARCFINANCE Governors’
meetings were held till now.

The 17th SAARCFINANCE Governors’ meeting was held on the sidelines of the
Fund-Bank Spring Meeting at the International Monetary Fund (IMF) in Washington
D.C on April 12, 2008. Dr. Y. V. Reddy, Governor, Reserve Bank of India and the
Chair, SAARCFINANCE presided over the meeting. In addition, Dr. Arvind Virmani,
Chief Economic Adviser, Ministry of Finance, Government of India, Mr. Madhusudan
Prasad, Joint Secretary, Fund-Bank, Ministry of Finance, Government of India,
Dr. R.K.Pattnaik, Adviser, Reserve Bank of India and SAARCFINANCE Co-ordinator
(India), Dr. Partha Ray, Adviser, ED (India), IMF and Mr. K. Damodaran, EA to
Governor, RBI also attended the Meeting.  Mr. Ajith Nivard Cabraal, Governor,
Central Bank of Sri Lanka, Dr. (Mrs.) Ranee Jayamaha. Deputy Governor, Central
Bank of Sri Lanka, Mr. K .G. D. D. Dheerasinghe, Alternative Executive Director,
IMF and Dr. P. N. Weerasingha, Director, Economic Research/Chief Economist of
the Central Bank of Sri Lanka also attended the meeting.

Other countries?

Major decisions that were taken during the 17th SAARCFINANCE Governors’ meeting
were –

Reconfirmation by the Secretariat from Bangladesh regarding seminar on Corporate
Governance in Banks and Financial Institutions in SAARC Countries.

Confirmation from Pakistan by the Secretariat on the areas of further
collaboration and assistance under Staff Exchange Programme.

Secretariat would collect the research study on Trade in South Asian Region from
Pakistan and circulate to members.

Secretariat to circulate the resolutions passed in the meeting regarding the suo
moto participation of the SAARC member countries in the training programmes of
any other member country; and the utilisation of the Training Centre at Sri
Lanka for conducting joint programmes.

Secretariat to prepare a questionnaire in consultation with the members to
include qualitative aspects of the credit information bureau.

Sri Lanka to confirm to the Secretariat the modalities of seminar on foreign
exchange reserve management.

 


SAARCFINANCE CO-ORDINATORS' MEETINGS

The 9th SAARCFINANCE Co-ordinators’ Meeting was organized by Reserve Bank of
India (RBI) in Mumbai on February 12, 2008. All Co-ordinators excepting that of
Pakistan participated in the meeting.

Major decisions that were taken during the 9th SAARCFINANCE Co-ordinators’
meeting were –

Research Projects/Symposia planned to be undertaken during 2008 and 2009 should
be forwarded to the Secretariat by end February 2008;

Member country may request India or other member countries for technical
assistance as part of SAARCFINANCE’s effort to share knowledge with one another;

All countries should forward their training programmes to the Secretariat by
end-February 2008 for circulation so that member countries could take advantage
of them.  Those training programmes should also be hosted in the SAARCFINANCE
Web folder;

Training on other issues such as banking regulation, payment system, etc., may
be requested to the member country concerned;

Central Bank of Sri Lanka to prepare a scheme of operationalisation of ‘Centre
for Banking Studies’ providing various options of its financing for circulation;

RBI to prepare a draft on common website on SAARCFINANCE activities  taking into
account of IMF’s GDDS for circulation amongst member countries;

Central Bank of Sri Lanka to present the paper on the proposal of Regional
Payments Council to the SAARC Governors’ meeting in Washington in April 2008;

Member countries should give their respective position with regard to South Asia
Credit Bureau indicating objectives, institutional set up and legal structure to
the Secretariat for consolidation; the proposal may be placed in the SAARC
Governors’ meeting in April 2008. SAARC Payment Council (SPC) Meeting

 

Mrs. Aishath Zahira Latheef, Senior Executive Director of the MMA attended the
‘2nd Meeting of the SAARC Payments Council’ held in Hyderabad, India on June 30,
2008.

 

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