The sixth meeting of the Association ofSoutheast Asian Nations (ASEAN) Central Bank Governors began in NhaTrang City in the central province of Khanh Hoa on April 7.
The meeting, chaired by the governor of the State Bank of Vietnam ,Nguyen Van Giau, attracted the Deputy Managing Director of theInternational Monetary Fund, Naoyuki Shinohara, as well as the governorsand representatives of the 10 central banks within ASEAN.
The participants discussed global and regional economic prospects andthe challenges faced by central banks in ASEAN countries during thepost-crisis period.
Top of the agenda was the carrying out of the ASEAN Financial andMonetary Integration Roadmap, cooperation between central banks as wellas improving the use of local currencies for payment within the bloc.Financial and banking cooperation between ASEAN and its three dialoguepartners, China, Japan and the Republic of Korea (ASEAN + 3) was alsodiscussed.
The meeting reviewed the ASEAN Economic Community (AEC) Scorecard,which was created to supervise the implementation and fulfillment oftargets set out in the overall plan.
According to the ASEAN Secretariat’s latest report, the results fromthe AEC Scorecard in 2008 and 2009 showed that over 73 percent oftargets in the overall plan had been reached.
The meeting also approved a proposal to set up a working group on aregional payment system to speed up the harmonisation of paymentstandards and systems within the region and facilitate the circulationof capital and payments between regional countries.
Regarding the ASEAN+3 financial cooperation, the countries concernedpledged to contribute 120 billion USD to support the central banks ofmember countries under the Chiang Mai Initiative on Multilateralisation(CMIM) to address their difficulties when balancing payments and ensuremacro economic and monetary stability in each nation.
As the ASEAN Chair in 2010, Vietnam will continue, together withChina, to co-chair the CMIM to put it into action at the earliestpossible time and reach the targets set when agreement came into effecton March 24, 2010./.
The meeting, chaired by the governor of the State Bank of Vietnam ,Nguyen Van Giau, attracted the Deputy Managing Director of theInternational Monetary Fund, Naoyuki Shinohara, as well as the governorsand representatives of the 10 central banks within ASEAN.
The participants discussed global and regional economic prospects andthe challenges faced by central banks in ASEAN countries during thepost-crisis period.
Top of the agenda was the carrying out of the ASEAN Financial andMonetary Integration Roadmap, cooperation between central banks as wellas improving the use of local currencies for payment within the bloc.Financial and banking cooperation between ASEAN and its three dialoguepartners, China, Japan and the Republic of Korea (ASEAN + 3) was alsodiscussed.
The meeting reviewed the ASEAN Economic Community (AEC) Scorecard,which was created to supervise the implementation and fulfillment oftargets set out in the overall plan.
According to the ASEAN Secretariat’s latest report, the results fromthe AEC Scorecard in 2008 and 2009 showed that over 73 percent oftargets in the overall plan had been reached.
The meeting also approved a proposal to set up a working group on aregional payment system to speed up the harmonisation of paymentstandards and systems within the region and facilitate the circulationof capital and payments between regional countries.
Regarding the ASEAN+3 financial cooperation, the countries concernedpledged to contribute 120 billion USD to support the central banks ofmember countries under the Chiang Mai Initiative on Multilateralisation(CMIM) to address their difficulties when balancing payments and ensuremacro economic and monetary stability in each nation.
As the ASEAN Chair in 2010, Vietnam will continue, together withChina, to co-chair the CMIM to put it into action at the earliestpossible time and reach the targets set when agreement came into effecton March 24, 2010./.
