Asia Regional Integration Center

SAARCFINANCE (Network of Central Bank Governors and Finance Secretaries of the SAARC Region) was established on September 9, 1998 as a regional network of the SAARC Central Bank Governors and Finance Secretaries. It is a permanent body, which got formal recognition of SAARC at the 11th SAARC Summit, held in Kathmandu, Nepal in January 2002. The basic objective of establishing the SAARCFINANCE Network is to share experiences on macroeconomic policy issues among member countries of the region. However, the broad objectives of the SAARCFINANCE Network are as follows:

• To promote cooperation among central banks and finance ministries in SAARC member countries through staff visits and regular exchange of information.
• To consider and propose harmonization of banking legislations and practices within the region.
• To work towards a more efficient payment system mechanism within the SAARC region and strive for higher monetary and exchange cooperation.
• To forge closer cooperation on macroeconomic policies of SAARC member states and to share experiences and ideas.
• To study global financial developments and their impact on the region including discussions relating to emerging issues in the financial architecture, IMF and World Bank and other international lending agencies.
• To monitor reforms of the international financial and monetary system and to evolve a consensus among SAARC countries in respect of the reforms.
• To evolve whenever feasible joint strategies, plan and common approaches in international fora for mutual benefit particularly in the context of liberalization of financial services.
• To undertake training of staff of the ministries of finance, central banks and other financial institutions of the SAARC member countries in subjects relating to economics and finance.
• To explore networking of the training institutions within the SAARC region specializing in various aspects of monetary policy, exchange rate reforms, bank supervision and capital market issues.
• To promote research on economic and financial issues for the mutual benefit of SAARC member countries.
• To consider any other matter on the direction/request of the SAARCFINANCE, Council of Ministers or other SAARC bodies.