Joint Effort

July 05, 2007 (LBO) – Senior officials from South Asian central and commercial banks will meet in the Sri Lankan capital Colombo Friday to discuss the setting up of a regional payment system, the country’s central bank said. Officials of regional central banks as well as the World Bank and Bank for International Settlements are due to make presentations at the forum, hosted by Sri Lanka’s central bank.

Deputy governors and senior executives of central banks of the SAARC Finance Group, members of the national payment council of the host country, and senior executives of banks are expected to attend this conference.

The conference will discuss the advantages of establishing a regional payments group and identify common concerns and approaches, the Central Bank said.

Many central banks in South Asia have implemented or are involved in reforming their national payment and settlement systems.

Cooperation among central banks in regional payments groups has already been seen in Europe, Latin America, Eastern Europe, Middle East and Africa.