Central banks in ASEAN discuss economic priorities

Bank Indonesia Governor Perry Warjiyo speaks at a high-level seminar entitled ‘From ASEAN to The World’ and themed ‘Payment System in the Digital Era’ in Badung, Bali on March 28, 2023. (Photo:ANTARA)

Jakarta – The ASEAN Central Bank Deputies Meeting (ACDM) took place on March 28 in Indonesia to discuss the priority economic deliverables (PEDs) in 2023.

The meeting was held as part of the first Meeting of the ASEAN Finance Ministers and Central Bank Governors (AFMGM), which is taking place from March 28 to 31, 2023.

The event saw the participation of deputy governors and central banks’ representatives from nine member states, namely the Monetary Authority of Singapore, the Central Bank of Malaysia (BNM), the Bank of Thailand (BOT), the Bangko Sentral ng Pilipinas (BSP) of the Philippines, the Bank of the Lao PDR (BOL), Brunei Darussalam Central Bank (BDCB), the National Bank of Cambodia (NBC) and the State Bank of Vietnam (SBV).

Speaking at the opening ceremony, Deputy Governor of Bank Indonesia Dody Budi Waluyo emphasised the importance of policy coordination among regional central banks to support recovery, promote economic growth and enhance financial stability.

He said the bloc needs to intensify collaboration and implement collective measures to realise the PEDs, which are categorized into three strategic thrusts: Recovery and Rebuilding: Rebuilding Regional Growth through Connected Markets and New Competitiveness; Digital Economy: Accelerating Inclusive Digital Economy Transformation and Participation; as well as Sustainability: Promoting Sustainable Economic Growth for a Resilient Future.

At the conference, delegates also discussed three main tasks, including currency persification by exploring the use of Local Currency Transactions (LCT); develop the Regional Payments Connectivity (RPC) to strengthen cross-border payments connectivity and support inclusive growth; and strengthen macro-financial resilience through the synchronous implementation of policies.

They also talked about promoting financial integration in the region by 2025, and expressed support for the priorities of Indonesia's ASEAN chairmanship 2023.

The outcomes of discussions at the event will be reported to the AFMGM on March 31.

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