Central banks to meet in Bali

Central banks to meet in Bali

JAKARTA (JP): Central bank governors of the Association of
Southeast Asian Nations (ASEAN) will hold an annual meeting in
Bali this week.

An official of Bank Indonesia said here yesterday that the
three-day meeting, which will be held from Friday through Monday
would be the 33rd such annual gathering.

Philippine central bank chief Gabriel Singson had said Monday
that the meeting could discuss plans to use local currencies to
pay for regional trade to save on dollars and prevent currency
speculation amid Asia's financial crisis.

The plan will "reduce the demand for U.S. dollars for trade as
well as speculative purposes," Singson told AFP.

He said he hoped the meeting would give a boost to trade
within ASEAN.

The central bank governors from the nine ASEAN member-states
had confirmed their participation and Cambodia would also be
sending the director general of its central bank, the Bank
Indonesia official said.

He said the meeting would discuss research and training.
Central bank governors from South Korea, Nepal, Sri Lanka and
Fiji would also attend, along with the deputy governor of the
central bank in Tonga, the spokesman added.

ASEAN groups Brunei, Indonesia, Laos, Malaysia, Myanmar, the
Philippines, Singapore, Thailand and Vietnam.