International Relations Office,
International Department,
The Bank of Korea
Tel. 82-2-759-5212

Bank of Korea will host the 34th SEACEN conference

     The Bank of Korea will host the 34th Conference of South East Asian Central Banks (SEACEN), from May 20 to May 22 at Hotel Lotte in Seoul. The Conference will be attended by the Governors of the member central banks of Indonesia, Korea, Malaysia, Myanmar, Nepal, the Philippines, Sri Lanka, Chinese Taipei and Thailand, and the Managing Director of the Monetary Authority of Singapore. In addition, the Governors of the central banks of Cambodia, Fiji and Mongolia, and the Deputy Governors of the central banks of Papua New Guinea and Tonga, will be participating as observers. In total, about 60 delegates from 15 countries will be present at the Conference.

     The Opening Ceremony will be highlighted by a keynote address delivered by Mr. Michel Camdessus, Managing Director of the International Monetary Fund. Another guest speaker, Dr. Kleo-Thong Hetrakul, Executive Director of the IMF, is later scheduled to brief the attending Governors on issues related to the world economy and the IMF, and participate in a roundtable discussion during one Conference session.

     The SEACEN Governors Conference was initiated in 1966 to strengthen the relationships and promote mutual cooperation among the economies of the region. Afterwards, a Centre was launched under the jurisdiction of the Board of Governors, for the purpose of economic research and staff training for the member banks. The Conference is convened annually with the members playing host by rotation. Korea, which was admitted in 1990, is holding the Conference for the second time after previously hosting the 28th Conference in 1993.

     During the 34th Conference, the Governors will be discussing admission of the Bank of Mongolia as a new member, the budget and activities of the Centre, and strategy to expand the Centre's research and training functions. They will also be sharing economic and financial developments in their individual countries. In particular, the Governors plan to focus on their experiences in recovering from the recent financial crisis in the region during the Review of Economic and Financial Developments meeting. The Bank of Korea will be presenting details on its country's own recovery progress and current economic trends, hoping to enhance other members' understanding of the Korean economy.

     It is hoped that through this Conference, much improvement will be achieved in the process of members' mutual exchanges of information and understanding of each other's economies. In addition, the Conference may provide opportunities to further develop their relationships of sharing necessary capital, technologies, and labor to strengthen the regional economy. It will be an especially valuable opportunity for Korea, considering the increasing volume of Korea's economic and financial transactions with the Southeast Asian region.

The Bank of Korea