Central Bank of Nepal governor attends BIS Annual General Meeting and discusses cooperation on reserve management and cross-border payments

The Central Bank of Nepal reported that Governor Dr. Bishwanath Paudel participated in the 94th Annual General Meeting of the Bank for International Settlements in Basel (June 26 to 30, 2024), including interactive sessions on cross-border payments, artificial intelligence and safety, and regulation and competitiveness. The visit also included meetings with Bank for International Settlements leadership and counterparts at the Reserve Bank of India and the People’s Bank of China focused on bilateral cooperation and payment system improvements. Discussions in the BIS programmes covered progress and challenges in cross-country payment systems, the use of artificial intelligence in central banking and related risks for the banking system, and associated policy approaches. In meetings with BIS General Manager Agustín Carstens and BIS Banking Department head Luis (Luis) Bengoechea and officials, the agenda included potential cooperation to increase returns from foreign exchange reserve management through diversification, including possible gold purchases and investment in new instruments available in global markets, alongside support for managing reserves in a secure, profitable and effective manner. Bilateral meetings with Reserve Bank of India Governor Sanjay Malhotra and People’s Bank of China Governor Pan Gongsheng covered continuing and expanding central bank cooperation, easing banking transactions and payment systems, developing human resource capacity, and maintaining ongoing coordination.