They have reached a mutual consensus upon the need to bring about reforms in domestic as well as cross-border payment and settlement system through close coordination and cooperation.
In the SAARC region payments are subject to domestic regulations which keep on changing, thus creating challenges for cross-border payments because of varying rules between an originating and receiving country. A greater coordination of payment system among SAARC members is necessary to streamline the long journey of fuller economic integration as expressed in the aim for attaining South Asian Economic Union.
A payment and settlement system refers to system of transfer of a payer’s monetary claim on a party acceptable to the payee. Typically, claims take the form of banknotes or deposit balances held at a financial institution or at a central bank.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.