Asean Plus Three vows greater financial cooperation

Sok Chan / Khmer Times No Comments Share:
Leaders of Asean Plus Three in Manila, Philippines. Supplied

Leaders of Asean Plus Three member countries yesterday vowed to boost security in the financial sector, and hinted at the possibility of establishing a bond market in Cambodia.

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The pledge was made last Friday in Manila, Philippines, during a meeting between finance ministers and governors of the central banks in Asean member countries, Japan, Korea and China.

“The ministers and governors of Asean Plus Three have promised to strengthen the economy and financial stability in the region. They’ve vowed to work together to increase security in the financial sector and support international trade policy,” a statement released yesterday by the National Bank of Cambodia said.

NBC’s governor Chea Chanto said in the statement that the Central Bank continues to work to enhance financial cooperation among Asean Plus Three member countries.

He said NBC has done its part in strengthening the Chiang Mai Initiative, a multilateral currency swap arrangement between Asean Plus Three members that seeks to manage regional short-term liquidity problems and facilitate the work of other international financial arrangements and organisations like the International Monetary Fund.

“We also discussed the creation of a bond market in Cambodia and playing a bigger role in CMI,” Mr Chanto said.

GDP growth in the Asean Plus Three region is forecast to increase by 5.4 percent this year and by 5.2 in 2019, according to the Asean Plus Three Macroeconomic Research Office, CMI’s regional macroeconomic surveillance unit.

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