ASEAN Central Bank deputies talk of financial-monetary cooperation
VGP – Deputy Governors of ASEAN Central Banks have just discussed some vital contents in initiatives for financial and monetary cooperation in the bloc and between ASEAN and its partners, China, Japan and the Republic of Korea.
The
discussion were conducted during the 18th ASEAN
Central Bank Deputies’ Meeting (ACDM 18) opened today in the resort city of Nha
Trang in Việt Nam’s central Khánh Hòa Province.
The ACDM 18 is a
preparatory step for the 6th ASEAN Central Bank
Governors’ Meeting (ACGM 6), the ASEAN Finance Ministers’ Meeting and the ASEAN
3 meeting slated for April 7-8 in Nha Trang.
Up to March 2010, within
the cooperation framework for capital account liberalization, ASEAN countries completed
their national reports on evaluating and defining regulations relating to FDI
flows. All ten ASEAN members have enforced Article VIII stipulated by the
International Monetary Fund on lifting limits on payments and monetary transfer
for international random transactions.
The central bank deputies agreed with a proposal
to set up a working group on regional payment system to submit to the ACGM 6
for approval.
Regarding the Chiang Mai
Initiative Multilateralization (CMIM), the meeting continued to mention the
related issues, especially dealing with difficulties in liquidity, stabilizing
macro-economy and minimizing impacts of the global financial crisis.
The ACDM 18 also discussed
reports on goals for the ASEAN financial-monetary integration; the initiative
for an Asia bond market; capital market development; capital account
liberalization process; the use of a regional currency for ASEAN commercial
transactions; and the combat of monetary laundering and terrorism sponsoring.
