KARACHI: State Bank of Pakistan (SBP) Governor Ashraf Mahmood Wathra has suggested that the Regional Consultative Group Asia (RCG Asia) should expand on the work done so far on the resolution framework and financial safety nets.
Co-chairing the Financial Stability Board – Regional Consultative Group for Asia (FSB-RCG Asia) alongside Norman T L Chan of Hong Kong Monetary Authority in Hong Kong SAR on Tuesday, Wathra said such initiatives would enable member countries to exchange fruitful ideas in order to get critical insight.
In July, Wathra was appointed co-chair of the Financial Stability Board — Regional Consultative Group for Asia (FSB-RCG Asia) along with Norman T L Chan for a two-year term. The co-chairs are responsible for hosting RCG Asia meetings, conducting workshops, coordinating with the FSB Secretariat and attending FSB Plenary meetings, according to an SBP statement.
FSB has been established to coordinate the work of national financial authorities and international standard-setting bodies at the international level besides developing and promoting the implementation of effective regulatory, supervisory and other financial-sector policies in the interest of financial stability.
In addition to its own member-countries, FSB through six regional consultative groups (RCGs) conducts outreach with approximately 65 jurisdictions. Formed in 2011, the RCG Asia includes central banks and financial authorities of 16 countries.
During the welcoming remarks, the governor also commented on sessions pertaining to the retrenchment of correspondent banking, wholesale market conduct, and deposit insurance.
The RCG Asia members discussed issues pertaining to vulnerabilities and financial stability, including global and regional developments. Furthermore, they discussed market-based financing and asset management activities along with associated risks.
Published in The Express Tribune, October 21st, 2015.
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