Press Release
The First meeting of Heads of Central Banks of ECO Member States was held on April 23-24, 2007 at Karachi. Dr. Shamshad Akhtar, Governor, State Bank of Pakistan chaired the meeting. It was attended by Heads/ Representatives of Central Banks of the Islamic Republic of Afghanistan, the Republic of Azerbaijan, the Islamic Republic of Iran, the Kyrgyz Republic, the Islamic Republic of Pakistan, the Republic of Turkey, and Turkmenistan. Senior officials of the ECO Secretariat also attended the meeting.
The meeting discussed issues pertaining to cooperation in various domains of central banking as part of ECO efforts to promote economic prosperity in the region. The Central Banks of Member States agreed to strengthen cooperation in the following areas:
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Building upon commonalities in supervisory regimes;
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Alternative Instruments of Banking and Finance
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Promoting establishment of branches of member countries’ banks in each other's cities;
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Cooperation in the field of printing of bank notes and other security documents;
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Capacity Building assistance-Possible windows & methodology
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Cooperation in the fight against corruption and money-laundering;
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Sharing of information and Experiences; and
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Developing a Roadmap for enhancement of cooperation among Central Banks of member states.
The meeting decided to form various technical Working Groups with a view to preparing detailed reports on specific areas of cooperation. The Working Groups would submit their report to the next meeting of the Heads of Central Banks which will be held in Tehran in 2008. The participants thanked the Governor State Bank of Pakistan for hosting the meeting and making meticulous arrangements for useful deliberations.
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