October 31, 2008 12:43 PM

Asia-Pacific Central Banks Agree To Enhance Info-Sharing

TOKYO, Oct 31 (Bernama)--Asia-Pacific central banks said Thursday that they have agreed to step up cooperation in information-sharing and joint monitoring activities in response to the global financial crisis, Japan's Jiji Press said.

Limited exposures to foreign troubled assets "have helped to mitigate the negative impact of the crisis on financial institutions and markets in member economies," 11 East Asian and Pacific central banks said in a statement.

"Their ability to withstand external shocks has been further strengthened by preemptive and precautionary measures undertaken by the various authorities to address liquidity and confidence issues in the financial system," the statement said.

"Member central banks will continue to jointly monitor closely ongoing developments given that the current global financial environment remains uncertain," the statement said.

The statement was issued by the Monetary and Financial Stability Committee of the Executives' Meeting of East Asia-Pacific Central Banks.

The committee held a number of special teleconferences among the 11 members, including the Bank of Japan, the People's Bank of China and the Monetary Authorities of Singapore, to assess the impact of the collapse of United States investment bank Lehman Brothers Holdings Inc. in mid-September.

-- BERNAMA

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