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Over the next three days, a group of 24 officials from the central banks of Cambodia, Lao PDR, Myanmar and Viet Nam (CLMV) will be visiting the Monetary Authority of Singapore (MAS) to share experiences in financial supervision and regulation.
2 The visit is part of a two-year capacity building programme on banking supervision, monetary policy management, macro-prudential surveillance, and payments and settlements systems. The programme is supported by Temasek Foundation with a grant of about $305,000, with MAS contributing its technical expertise. In total, some 190 participants from the central banks of CLMV are expected to benefit from a series of training activities. The programme aims to:
- Strengthen the capabilities of leaders and mid-level officials from the CLMV central banks in central banking, financial regulation and supervision; and
- Facilitate networking and the exchange of views between MAS officials and their counterparts from the CLMV central banks.
3 Mr Benedict Cheong, Chief Executive Officer of Temasek Foundation, said, “We are pleased to partner Monetary Authority of Singapore in this new initiative that will promote exchange of ideas between officials from the central banks in Cambodia, Lao PDR, Myanmar, Viet Nam and Singapore. We hope the programme provides a start in strengthening cooperation among Singapore and our Asian neighbours to build their banking, financial regulation and supervision capabilities, and in the long run, bring benefit to their respective economies and communities."
4 MAS Managing Director, Mr Ravi Menon, said, “The CLMV governments are committed to fostering economic development in their countries and deepening economic integration with ASEAN. Macroeconomic stability and a strong financial sector are critical to these efforts. We are happy to be able to play a part in building the capacity of the CLMV central banks in banking supervision and regulation, and are grateful to the Temasek Foundation for its generous support.”
5 The programme was developed in consultation with the CLMV central banks through policy dialogues held between August and October this year and will help them to build up competencies in areas relevant to them, taking into account their countries’ financial landscape, level of development, and development strategies. The programme is expected to be completed by 2015.
