Central banks of East Asian, Pacific countries to maintain regional financial security

The governors of central banks from 11 East Asian and Pacific countries agreed to build a regional financial security network and strengthen coordination in a bid to decrease financial vulnerability against external pressure, the Bisnis Indonesia reported on Monday.

At the end of the 10th Meeting of East Asia Pacific Central Banks or Monetary Authorities opened in Bali on Saturday, Indonesian Central Bank Governor Burhanuddin Abdullah said "This cooperation is expected to boost economic security in the region."

Burhanuddin said that the financial leaders of the East Asia and Pacific countries saw the necessity of a healthy and stable monetary system to uphold financial policies.

The consolidation of regional financial system is important and the monetary policy must always be changed and adjusted according to actual condition, Burhannudin said.

Present at the meeting were central bank governors from Chinese mainland, Hong Kong, Australia, Japan, Singapore, South Korea, Malaysia, New Zealand, Thailand as well as Deputy Governor of Central Bank of the Philippines.

The meeting was held amid increasing international pressure on regional currencies and the strengthening of US dollar, which also hit rupiah.

Source: Xinhua