9th global alliance for banking on values ( gabv ) conference kathmandu / 7 - 9 march 2017 address by dr. chiranjibi nepal, governor, nepal rastra bank rt. honorable prime minister mr. pushpa kamal dahal, chairman of global alliance for banking on values and ceo of triodos bank mr. peter blom, executive director of gabv dr. marcos eguiguren, chairman of nmb bank mr. pawan kumar golyan, ceo of nmb bank mr. upendra poudyal, my friends from the financial community in nepal media friends, distinguished guests from nepal and abroad ladies and gentlemen, it gives me immense pleasure to address this 9th global alliance for banking on values ( gabv ) conference, being held here in kathmandu. i would like to thank nmb bank and other members of the gabv for providing me this privilege. i believe the theme of this conference entitled " shifting the financial paradigm - courage to act together " encompasses the work of the global alliance targeted at changing the world of finances to put people before profit. in this respect, i appreciate this laudable effort of the members of gabv who are focusing on strengthening local communities and entrepreneurs to become self - reliant. ladies and gentlemen, the challenge of building a sustainable financial system is to develop one which is a servant of the real economy, not its master, and which enables the sustainable intergenerational increase of common welfare and environmental resilience. the ultimate aim of the financial system should be to cater to people ’ s needs. there may be differences in values with respect to geography and time, but human welfare will always remain the principal value across different cultures. it was in the aftermath of the global financial crisis that a number of sustainability - focused or values - based banks had exhibited the ability to provide steady risk - adjusted financial returns by focusing on the real economy, and acting as financial intermediaries dedicated to supporting economic, social and environmental impact. these banks that put people before profit have gained credibility and recognition and are growing in strength and number. these banking institutions are united by the principles of sustainable banking that are based on certain values including sustainability, transparency, diversity, fairness and inclusion. in this banking model, profit is a result of sustaining and growing value in the real economy and healthy communities, not an end goal. ladies and gentlemen, allow me now to share with you a few words on financial sector development of nepal which would

delisle worrell : economic research as a practical guide to policy opening remarks by dr delisle worrell, governor of the central bank of barbados, at the central bank of barbados ’ 33rd annual review seminar, bridgetown, 23 july 2013. * * * i am, as many of you will know, an accidental central banker. if sir courtney blackman had not actively sought me out at uwi mona to establish the research dept of the new barbados central bank in 1972, i would have pursued my career as an academic, as was always my intention. however, i quickly discovered that the central bank can be the most rewarding career for an economist, because at the central bank you can bridge the gap between academics and policy making that affects the lives and welfare of real people. practicality has been the hallmark of all my economic research, and my motivation continues to be the desire to better understand why people undertake commercial transactions, so that policy makers may guide us towards transactions that uplift the community, and away from actions that are self - defeating. this bias towards research that captures deep economic insights, and is practical, intuitive and that may be applied to the issues of the day, is manifest in much of the research you will find published on the central bank of barbados website. let me cite you a few recent examples. in april this year, as you should know, central bank introduced a new policy to provide guidance to financial markets on interest rates. that policy was informed by research published under the title “ a framework for interest rate policy in barbados ”, which you may consult on the website. the research established that us t - bill rates and the volume of excess funds in banks are the most important factors affecting local rates. in 2011 the bank made a change in policy pertaining to the foreign exchange market, which was informed by the publication “ an analysis of central bank intervention in the barbadian foreign exchange market. ” in 2011 the bank published “ an analysis of the tourism sector in barbados ”, in which we measured barbados ’ competitiveness in the us, uk and canada in terms of market share. the study investigated how market share has been affected by “ shocks ” which have impacted caribbean and world tourism, and the factors affecting the utilization of existing tourist capacity as well as factors affecting hotel construction and investment in other tourism and ancillary services and infrastructure. “ a note on tourism expenditure ”, also published that year, broke down barbados ’ tourism performance in the uk by country