ASEAN Central Bank Deputy Governors’ Meeting in Nha Trang

The 18th Meeting of the ASEAN Central Bank Deputy Governors opened in Nha Trang City, Khanh Hoa province, on April 4 in the presence of Deputy Governor of the State Bank of Vietnam (SBV), Nguyen Van Binh, and representatives from 10 ASEAN central banks.

The meeting is part of activities to highlight Vietnam’s assumption of the ASEAN Chair.

Deputy governors discussed reports on the financial situation, ASEAN’s target for monetary and financial integration, the development of the Asian bond and capital markets, the use of regional currency in trade payments, money laundering and combating terrorism.

They also set orientations for activities and cooperation mechanism for working groups in the near future to promote integration toward building an ASEAN Economic Community by 2015.

Regarding an overview report on the Chiang Mai initiative, delegates said that as a result of the lessons earnt from the Asian financial and monetary crisis in 1978-1998, ASEAN+3 countries agreed to set up a large monetary fund to support the trade balance and maintain foreign currency reserves in each country.

Under the cooperation framework of the ASEAN Central Banks, the meeting proposed setting up a working group and regional payment system. The proposal will be submitted at the ASEAN Central Bank Governors’ Meeting slated for April 7 for approval.

VOVNews

Posted by VBN on Apr 5 2010. Filed under Int'l Cooperation. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry