AMRO launches as international organisation in Singapore
AMRO launches as international organisation in Singapore
The opening ceremony of the Asean+3 Macroeconomic Research Office (AMRO) as an international organisation took place in Singapore on Friday following the completion of AMRO agreement ratifications.
The recognition of AMRO as an international organisation marked a milestone in enhancing AMRO's function as an independent surveillance unit to monitor, assess and identify risk to ensure the financial soundness of members as well as strengthen Chiang Mai Initiative Multilaterlisation decision-making.
It will also enable it to obtain a wider scope of data and information to improve its formulation of policy recommendations in order to more effectively cope with risks, according to the Bank of the Lao PDR.
The opening was attended by senior officials from the ministries of finance and central banks of Asean+3 member countries, prominent representatives from international organisations, diplomatic missions, private sector financial institutions and economic research institutes.
Laos as Co-Chair with China this year under Asean+3 Financial Cooperation led by Deputy Minister of Finance Ms Thipphakone Chanthavongsa and Deputy Governor of the Bank of the Lao PDR Ms Vathana Dalaloy joined the opening ceremony.
Speaking on the occasion, Ms Thipphakone said “The conversion from a company to an international organisation will provide an important opportunity for AMRO to further strengthen its capacity and widen the scope of business, so that AMRO can more effectively contribute to ensuring macroeconomic and financial stability in the region.”
AMRO is currently headed by Mr Yoichi Nemoto, a former Ministry of Finance official who served as AMRO director for one term with of three years and also served a second term in the office.
Mr Yoichi is confident that with the support of Asean+3 member authorities, AMRO will continue to expand and develop to be the region's trusted surveillance unit.
AMRO was formally established as a company in April 2011 based on the lessons of the Asian Financial Crisis in the late 1990s, w ith its main task to monitor macroeconomic surveillance for the region.
However, in 2014, the finance ministers and central bank governors of the ASEAN+3, which include the 10 South-East Asian countries and China, Japan and the Republic of Korea, signed a treaty to convert AMRO from a company to an international organisation.
Since the establishment of AMRO in 2011, it has continued to enhance cooperation with member countries, including Laos.
Every year, AMRO conducts an ann ual consultation staff visit to monitor economic and financial situations and produce assessment reports for member countries.
AMRO has also provided technical assistance to Laos, including a secondment programme for the Ministry of Finance and the Bank of the Lao PDR.
