International Relations

Introduction

The idea of establishing a regional payment initiative in the SAARC region was originated at the SAARCFINANCE Conference on ‘Towards a Regional Payment Group’ held at the Central Bank of Sri Lanka (CBSL) in July 2007. The Governors of the SAARCFINANCE Group approved the proposal for establishing a SAARC Payments Initiative (SPI) at its meeting held in Washington in October 2007. The SPI was launched on 28 March 2008 with inauguration ceremony held at the CBSL. The SAARC Payments Council (SPC) the apex governing body of the SPI convened its first meeting immediately after the inauguration ceremony.

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