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.

most notably, he made extensive use of the bank of the united states to conduct the government ’ s day - to - day fiscal operations. gallatin also kept hamilton ’ s system for keeping the public debt more or less intact. other parts of hamilton ’ s financial system were modified to serve republican causes. gallatin ’ s early see, for example, chernov ’ s description of hamilton ’ s achievements while secretary of the treasury ( chernov, op. cit., ch. 17 - 20 ). using the bank of the united states for the maintenance of financial stability was done both through lendingof - last - resort type operations and through the restriction and extension of credit in response to market conditions. robert e wright and david j. cowen, financial founding fathers : the men who made america rich ( univ. of chicago press, chicago il, 2006 ), ch. 1, provide a thorough exposition of hamilton ’ s ideology, achievements, and financial system, as well as his skilled use of the bank of the united states for the purposes of maintaining financial stability. at the end of 1793, gallatin won the election to the united states senate, but was removed shortly thereafter from the senate on the grounds that he did not have the minimum nine years of united states citizenship. alexander balinky, albert gallatin : fiscal theories and policies ( rudgers univ. press, new jersey nj, 1958 ) gives a very thorough introduction to the fiscal ideology of the republican party and how gallatin ’ s fiscal theories and policies were shaped by this. wright and cowen, op. cit., p. 103, point out how gallatin had more of a problem with the federalist domination of hamilton ’ s bank than with the bank itself. quoted in chernov, op. cit., p. 469. jefferson was elected president in 1800, but did not appoint gallatin until 1801 – even though it had been his intention from the start. see for example wright and cowen, op. cit., p. 93, for details. priorities included a change in hamilton ’ s tax structure in order to better reflect the republican party ’ s ideology and its constituencies. he also focused on the need to increase transparency in fiscal policy. he progressed rapidly on both fronts. internal taxes were soon abolished. the federal government came to rely almost exclusively on import tariffs, which gallatin saw as luxury taxes that did not burden his farming constituency. 16 gall