Recognizing the need to strengthen the South Asian Association for Regional Cooperation (SAARC) with specific emphasis on international finance and monetary issues, member economies decided to set up SAARCFINANCE during the 10th SAARC Summit held in July 1998. SAARCFINANCE is a regional network of the SAARC Central Bank Governors and Finance Ministers/Secretaries and a formal SAARC body under the SAARC framework, whose aim is to promote cooperation among its members through close consultation and coordination of macroeconomic policies, enhancement of institutional capacity by way of staff training and exchange programs, and monitoring of international issues on the financial and monetary systems, all for the purpose of working toward a unified SAARC position.
SAARC includes Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka. Afghanistan was invited to become a member of SAARC during the 13th SAARC Summit in November 2005.
Monetary cooperation in South Asia Jayasuriya, Sisira, Dushni Weerakoon, Khatiwada, Shalini Kurukulasuriya, Nephil M. Maskay, and Yuba Raj Working Paper, South Asia Network of Economic Research Institutes (July 2003)
