Yuba Raj Khatiwada: SEACEN - enhancing collaboration with other global
financial stakeholders
Response address by Dr Yuba Raj Khatiwada, Governor of the Central Bank of Nepal and Chairman
of the SEACEN Board of Governors, at the 50th SEACEN Governors' Conference, Port Moresby,
Papua New Guinea, 20 November 2014.
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Mr. Patrick Pruaitch, CMG MP, Minister for Treasury, Papua New Guinea
Mr. Loi Bakani, Governor of Bank of Papua New Guinea
Mr. Naoyuki Shinohara, Deputy Managing Director of International Monetary Fund
My fellow Governors and heads of delegates
Delegates and distinguished speakers
Ladies and Gentlemen
It is my great pleasure to be here and address the 50th SEACEN Governors' Conference. As the
chairperson of the BOG, let me extend warm regards to every one of you. I would also like to extend
my sincere gratitude to Mr. Loi Bakani, Governor of Bank of Papua New Guinea for hosting this
important SEACEN event. I take this opportunity to express my sincere appreciation to Mr. Bakani
and his entire team as well as the SEACEN Centre for the warm hospitality extended to the delegates
and also for the excellent arrangements made for this event. The colorful reception we had last
evening will be highly memorable to all of us.
Ladies and Gentlemen,
While addressing this august gathering at the Opening Ceremony amid 20 member central bank
Governors and quite a few associate members, I am reminded of the first SEACEN Governors'
Conference which was held in 1966 in Bangkok with the participation of seven heads/representatives
of the central banks. Since then, and with each Governor's Conference, the participation has grown
from the small group to this present member of twenty, reflecting the organization's vibrant and
dynamic growth. Today, I am happy to welcome officially the Hong Kong Monetary Authority as the
newest member of the SEACEN.
Fellow Governors,
Each Governor's Conference is based on a topical theme which is discussed by participating
heads/representatives and where important issues are raised, and these discussions have
contributed and enriched the policy debate in this region. I am happy to observe that this trend is
continuing with this bi-centennial Governors' Conference on "Regional Initiatives in the Midst of
Vulnerabilities".
Ladies and Gentlemen,
The theme for this year's SEACEN Governors' Conference is indeed timely. The theme
acknowledges that in the integrated global economy the strategies of central banks are affected by
the external economy where formulation of domestic policies has to be made in an environment of
greater cross-border financial linkages. In this context I understand that this conference will focus on
three particular areas: (1) reconciling domestic and cross- border considerations in the use of
macroprudential and capital-flow-management tools; (2) steps to further the development of regional bond
markets and their implication for monetary policy strategies; and (3) issues and challenges
associated with increased integration of emerging market banking systems. In this regard SEACEN
has an important role in enhancing cooperation and coordination of members for spurting regional
initiatives for ameliorating perceived risks.
Fellow Governors
Ladies and Gentlemen,
In the last several years, the dynamism of SEACEN is self evident. It has been successful in
discharging its aim by adjusting its strategic goals in the changing environment as well as enhancing
collaboration with other global financial stakeholders in general and IMF, BIS, Bank of England,
Bundes Bank and CEMLA in particular. In the meantime, while I gather the fresh memory of
49th SEACEN Governor's Conference and 33rd Board of Governors' Meeting held in Kathmandu
which was successful with fellow Governors' encouraging participation, I would also like to express
my sincere thanks to all BOG members for their kind and constructive support during my tenure as
the SEACEN Chair. Finally, allow me to conclude by wishing everyone here a productive and
rewarding Conference and a successful Meeting of the Board of Governors.
Thank you.