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ASEAN Central Bank Governors Agree to Hold Annual Meetings to Promote Closer Financial and Monetary Integration

07.31.2002

The first Governors’ Meeting of the ASEAN Central Bank Forum (ACBF) was held in Yogyakarta, Indonesia on July 29, 2002. The Governors met to discuss a proposal on the need for the establishment of an ACBF Forum at the Governors’ level. Central banks/monetary authorities of the following countries were represented at the meeting: Indonesia; Cambodia; Brunei (Ministry of Finance); Vietnam; Thailand; Singapore; Philippines; Myanmar; Malaysia; and Laos. The meeting was hosted by Bank Indonesia. This meeting was a result of the consensus reached at the 9th ACBF at the Deputies’ level held in Kuala Lumpur, Malaysia last September 13, 2001.

During the meeting, the Governors decided to establish an ACBF forum at the Governors’ level, officially called the ASEAN Central Bank Governors’ Meeting (ACGM). This is in recognition of the growing number of central bank-related issues raised in the ASEAN forum for which the Governors’ views and decisions will be important. The ACGM will focus on financial and monetary cooperation and regional integration.

The next meeting—which will be held in 2003—will be in Bangkok, Thailand back-to-back with the EMEAP Governors’ Meeting.

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