, the share of nepal on total transactions of the acu member countries routed through acu mechanism accounts for roughly 0. 40 percent, which is fluctuating around same figure over the last few years and its transactions during 2013 has declined by about 30 percent compared to 2012. similarly, there is a decline of its transactions by about 23 percent over the first three months of the current year compared to the same period of the previous year. its exports to acu member countries is hovering around 5 percent of our total exports and the share of imports from acu member countries has been around half percent of our total imports excluding the trade data with india. as more efforts are needed to promote trade through the acu mechanism, nepal rastra bank is committed to work together with other member central banks towards creating an enabling environment for the same. in this opportune occasion, i would reiterate nepal rastra bank ’ s commitment and belief in the mission of our union. i am confident that this meeting would be instrumental in exploring new avenues of co - operation and further simplification in the existing payment mechanism in the pursuit of fostering its effectiveness for facilitating trade amongst member countries and enhancing monetary as well as technical co - operation among us. before concluding, i would like once again to thank dr. seif and the central bank of ir of iran for the kind hospitality and excellent arrangements made in hosting this meeting. thank you mr. chairman. bis central bankers ’ speeches

yuba raj khatiwada : overview of nepal ’ s recent macroeconomic performances speech by dr yuba raj khatiwada, governor of the central bank of nepal, at the 43rd asian clearing union ( acu ) board of directors meeting, kish island, iran, 23 may 2014. * * * honorable chairperson mr. valiollah seif, fellow governors and members of the acu board of directors, acu secretary general mrs. lida borhan - azad, other attending delegates and observers, ladies and gentlemen let me join fellow governors to express my sincere thanks to governor mr. valiollah seif and the entire team of central bank of islamic republic of iran for the warm hospitality extended to us and also for the excellent arrangements made for the meeting in this beautiful kish island. i also thank the governor of state bank of pakistan for successfully handling the chairpersonship of acu for 2013 and the secretary general of acu for efficiently managing the union ’ s operation during the same period. fellow governors and distinguished delegates, we are meeting at this forum to foster regional trade through the promotion of a credible payment system. while talking regional trade, we have our eyes on the global recovery from the crisis, as it has significant bearing on our trade and investment activities. as we know, the global economic growth has shown marginal improvements in the later part of the last year and early part of the current year, impetus coming especially from advanced economies with supportive monetary conditions and fiscal consolidation ; but their growth remains uneven. inflation in these economies, however, has undershot projections reflecting commodity price decline and output gaps. activities in emerging market economies and developing economies have not shown very encouraging trend, although they continue to contribute more than two - thirds of global growth. the challenges of the emerging market economies and developing economies have increased with financial volatility posed by unexpected normalization of us monetary policy. despite that low - income countries have succeeded in maintaining strong growth reflecting better macro - economic policies, their external environments remain challenging. in essence, the global recovery is still fragile despite improved prospects and significant downside risks. the challenge to growth has further fueled by recent geo - political risks, a sort of deflation in euro zone and external environment, which could result in further financial turmoil. fellow governors and distinguished delegates, i take this opportunity also to shed some lights on nepal ’ s recent macroeconomic performances. as an upshot of the economic and financial slowdown of the world