Governors and representatives from 10 ASEAN central banks and the deputy general director of the International Monetary Fund (IMF), Naoyuki Shinohara, were all present at the opening.

Participants discussed the main contents in initiatives for financial and monetary cooperation in ASEAN, including a roadmap for ASEAN financial and monetary integration, banking and financial cooperation among ASEAN and its three partners – China, Japan and the Republic of Korea as well as efforts to improve the capacity of using home currency in trading payment in ASEAN.

Governors approved a proposal to set up a working group on the regional payment system with the main tasks of harmonising regional regulations and payment system and creating favourable conditions for capital inflow and payment among the countries.

 Speaking at the meeting, State Bank of Vietnam governor, Nguyen Van Giau emphasized that the ASEAN economies have undergone difficulties due to the impact of the global economic crisis. However, he predicted ASEAN member countries would rebound soon.

The ACGM will continue to overcome the challenges of the global financial crisis and turn co-operative initiatives in ASEAN and ASEAN + 3 into specific actions, he said.