to ensure that risks arising from integration are being assessed and managed well. move towards riskbased supervision, and changes in prudential regulation and supervisory oversight to address cross - border activities would be important steps in this regard. 18. for successful integration, economic fundamentals need to be and remain strong. local markets need to be properly regulated and supervised. if market fundamentals deteriorate, speculative attacks will occur with capital outflows generated by both domestic and foreign investors. the benefits of integration would not be equally spread among the countries of the region. opportunities and challenges exist for all types countries. it is likely that the more innovative and efficient countries will be most successful in the new environment. the likely impacts, both beneficial and less beneficial, will affect different countries in different ways. 19. finally, talking about regional capital market, the presence of regional financial institutions is a must. the recent initiative for the establishment of asian infrastructure investment bank is a welcome step in this regard. equally important will be the initiatives for higher level of capital account convertibility of the currencies of the larger economies. besides, further financial liberalization and arrangements for cross border oversight and supervisory functions will be equally important. harmonization of the regulations regarding aml / cft, kyc, taxation, use of it system, and statistical reporting are some other prerequisites for the development of an integrated regional capital market. we, the south east asian central bank ( seacen ) governors, can collectively take up such initiatives through the platform of seacen. let us work together towards the evolution of the regional financial market that caters the financing need of asia ’ s vibrant economic growth. thank you. bis central bankers ’ speeches

maha prasad adhikari : special address - asian banker's association annual general meeting and conference special address by mr maha prasad adhikari, governor of the central bank of nepal ( nepal rastra bank ), at the 39th asian banker's association annual general meeting and conference " asian banking : roadmap for recovery and sustained growth ", kathmandu, 9 november 2023. * * * honourable finance minister, government of nepal, and chief guest of the program dr. prakash sharan mahat mr. eugene s acevedo, chairman, asian bankers association mr sunil kc, president, nepal banker's association distinguished speakers, moderators, and presenters of the conference distinguished foreign delegates, guests, ladies and gentlemen! warm good morning and namaste, it is my great privilege to have the opportunity to address this 39th agm of the asian banker's association and conference, organized with the theme of " asian banking : roadmap for recovery and sustained growth ". this conference is being organised at a time when the global banking system has been facing immense challenges from a global uncertain environment while recovering from the covid - 19 pandemic. the nepalese banking system is also no exception. therefore, this type of event for discussing such issues would be highly beneficial for all of us. my sincere thanks to the asian bankers association for choosing nepal for its 39th agm and also to the nepal banker's association for organizing the conference while hosting the annual general meeting of the asian banker's association. distinguished guests, ladies and gentlemen the global financial system remained resilient even during the covid - 19 crisis but is now facing challenges. the symptoms were seen earlier this year when some banks faced turmoil in advanced economies. data and statistics showed that asian banks were able to show a high degree of resilience during those periods, though the vulnerabilities still exist. since the banking business is directly related to the economic conditions, the banking community faces similar challenges as the global economy. presently the global economy is still'limping along, with growing divergences'as mentioned by the imf's recent world economic outlook. this indicates that the risk of spillover from the global financial to the domestic market is still prevalent. 1 / 4 bis - central bankers'speeches inflation is now moderated in most of the advanced economies but still well above the central bank's targeted level. some emerging markets and developing economies are still facing a higher inflation spiral.