1945

Greater financial cooperation can also help to close infrastructure gaps and build the productive capacities of domestic industries. A number of initiatives have been adopted under the SAARC framework, including the establishment of SAARC Finance, a regional body composed of central banks, the Inter-Governmental Expert Group (IGEG) on Financial Issues, and the SAARC Public Debt Managers’ Forum. The Reserve Bank of India announced its Regional Currency Swap Arrangement in 2012, contributing $2 billion to address temporary liquidity problems affecting SAARC members. Most of the South Asian countries are also members of the ACU, which clears payments multilaterally and could be further improved with new technology for transactions such as real-time gross settlements, as observed earlier.

Related Subject(s): Economic and Social Development
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