About the Bank - Who We Are
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International Economic Cooperation: Centro de Estudios Monetarios Latinoamericanos (Center for Latin American Monetary Studies)
CEMLA was officially established in September 1952 to carry out the following objectives:
- Promote a better understanding of monetary and banking matters in Latin America and the Caribbean (LAC), as well as the pertinent aspects of fiscal and exchange rate policies;
- Assist in improving the qualifications of central bank and other financial agencies' personnel in LAC through the organization of seminars and special training courses and the publication of surveys and research studies;
- Conduct research and systematize the results of past experience in the above fields; and
- Inform on developments in regional and international monetary and financial policy issues.
CEMLA is composed of Associate and Collaborating members. The Associate members are central banks or similar institutions found in Latin America which pay membership dues according to quotas established by the Assembly. There may be only one Associate member for each country. The Collaborating members are the organizations giving CEMLA regular financial support. To become a Collaborating member, the approval of the Governing Board is required. Only Associate members have the right to vote at the CEMLA Assembly. Memberships of the Center whether Associate or Collaborating is not transferable.
At present, CEMLA is composed of 51 member institutions, 30 of which are Associate members and 21 are Collaborating members (11 central banks, including the Bangko Sentral ng Pilipinas (BSP), and 10 other institutions). Every Associate member shall have a voice in the discussions of the Assembly and shall have one vote.
The Assembly is the highest decision-making body comprising all members (Associate and Collaborating) and meets regularly twice a year or whenever necessary. Voting is exercised by associate members only.
- The Board of Governors is currently chaired by Colombia, for the 2019-2021 term, and consists of eight (8) members1 elected by the Assembly. Banco de la Republica Colombia is entitled to a permanent seat as a host country.
- The Director-General is elected by the Assembly and is the administrative and technical head of the Center. The current General Director is Manuel Ramos Francia.
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The members of the Board of Governors for 2019-2021 include: (Associate Members) Banco Central de la Republica Argentina, The Central Bank of The Bahamas, Banco Central do Brasil, Banco Central de Cuba, Banco Central de Honduras, Banco de Mexico, (Collaborating Members) Banco de España, and Bank of Canada.
The BSP is a Collaborating member of CEMLA since 1965. As Collaborating member, the BSP can: (i) attend the Assembly meetings, (ii) be represented in the Governing Board in the capacity of general and special consultants, and (iii) have access to the activities and services organized by the Center, among others.
- Meeting of Central Bank Governors of Asia, Latin America and the Caribbean (ALAC). The central bank governors of LAC used to meet annually, starting 2006, with the central bank governors of several Asian central banks to discuss issues that are mutually relevant to the two regions. These meetings, held at the sidelines of the IMF/WB Annual Meetings, are primarily organized by CEMLA and are co-chaired by central banks from LAC and Asia. The BSP, as the sole Collaborating Member in Asia, acts as coordinator on the side of Asian central banks.
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Meeting of Governors of Latin America, Spain and the Philippines (LASP) at the International Monetary Fund (IMF)-World Bank (WB). The BSP likewise attends the meetings of LASP typically held alongside the annual meetings of the IMF and WB in autumn, discussing common interests.
Created:6/17/2020 3:20 PM by:
Pambid Frederick D.
Modified:3/3/2021 4:38 PM by:
Pambid Frederick D.
