Establishment of SPI

The SAARC Payments Initiative (SPI) is a regional forum created by central banks/ monetary authorities of SAARCFINANCE Group to have common understanding and cooperation to help each other to move forward in reforming their national payment and settlement systems (PSS) and also to establish an appropriate regional payment system that facilitates trade and investment in the region.

The Governors of the SAARCFINANCE Group approved the proposal for establishing a SAARC Payments Initiative (SPI) at its 16th meetings held in Washington in October 2007. The Central Bank of Sri Lanka Inaugurated the SAARC Payments Initiative (SPI) on 28 March, 2008 at its John Exter International Conference Hall.

Reasons for existence

The launching of the SPI was a historic event due to a number of reasons:

1.

First, the national payment and settlement system (PSS) reforms to have a regional forum under the SPI for SAARC countries to help and learn from each other.

2
Second, the SPI is to provide an effective institutional arrangement for the SAARCFINANCE Group to achieve one of its key policy objectives, i.e. working towards an efficient payment system mechanism to promote trade and investment in the region.

3
Third, with the establishment of the SPI, the SAARC region central banks get an opportunity to become a regional partner of the global payment system community and upgrade the region’s payment systems to international standards.


 
 
SPI SECRETARIAT
 


Payment Systems Department

4th Floor, Main SBP Building


State Bank of Pakistan

I. I. Chundrigar Road, Karachi,
Pakistan

Tel:   +92 21 99221549, 99221164
Fax:   +92 21 99212528
Email: [email protected]
 
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