KARACHI: Progress of SAARCFINANCE activities have been discussed during the 21st SAARCFINANCE Coordinators’ Meeting held at National Institute of Banking and Finance (NIBAF) Islamabad.
Representatives from Ministries of Finance of the group also attended the meeting as observers, while preparation of the draft agenda for the 30th SAARCFINANCE Group Meeting scheduled to be held in Dhaka on June 12, 2015 were discussed.
State Bank of Pakistan Governor and SAARCFINANCE Chairman Ashraf Mahmood Wathra, in his opening address, thanked the member countries for entrusting SBP to lead the group and for providing the opportunity to host the 21st SAARCFINANCE Coordinators’ Meeting.
Wathra highlighted recent initiatives undertaken by the SAARCFINANCE Network, such as the SAARC Swap Arrangement, SAARCFINANCE Scholarship Scheme, and SAARCFINANCE Portal. He also appreciated the recent initiatives taken by regional central banks for the creation of developing regional database and carrying out research studies under the collaborative arrangements.
The SBP governor said that the harmonization of banking rules was also an important area for strengthening economic and financial integration in the region. He mentioned that regional economies cannot flourish in isolation and emphasized the importance of geographical proximities in determining the path towards regional economic prosperity. He urged the SAARCFINANCE Coordinators to expedite the formulation process of Roadmap for the Network, as it could help set direction of its future activities.
