BANK INDONESIA AND BANK OF THE LAO PDR AGREE TO ENHANCE COOPERATION IN THE AREAS OF CENTRAL BANKING
Bank Indonesia (BI) and Bank of The Lao PDR (BOL) signed a Memorandum of Understanding (MOU) on May 2, 2023, in Incheon, South Korea to enhance cooperation between the two central banks. The MOU was signed by BI's Governor Perry Warjiyo, and BOL's Governor Bounleua Sinxayvoravong at the sideline of the ASEAN+3 Finance Ministers and Central Bank Governors Meeting (AFMGM+3).
The MOU showed BI and BOL's commitment to strengthen the relationship between the two central banks and provide a more structured and systematic framework for cooperation as well as to facilitate a closer collaboration between BI and BOL in the core areas of central banking such as monetary policy, macro prudential policy, financial stability and the payment and settlement system. The MOU will be implemented through policy dialogue, exchange of information, technical cooperation, communication and consultation about cooperation oversight, joint innovation, and capacity building.
The Governor of Bank Indonesia emphasized, "The signing of this MOU is a starting point for more solid collaboration for both central banks in the future. It is also in line with the spirit of Indonesia's ASEAN Chairmanship 2023 to enhance inclusiveness and connectivity among regional economies, as reflected in the MOU."
The Governor of Bank of the Lao PDR addressed, “This MOU will not only mark an important milestone in enhancing a comprehensive cooperation between both central banks, it will also be a good start to support the work on ASEAN regional connectivity".
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