A report by a Working Group established by the Asian Consultative Council of the Bank for International Settlements
At the Governors’ meeting of the Asian Consultative Council (ACC) in September 2022, on the basis of the consensus among the member Central Banks’ Governors, the Representative Office for Asia and the Pacific of the Bank for International Settlements (BIS) set up a Working Group on “Inflation, external financial conditions and macro-financial stability frameworks in Asia-Pacific”. The Working Group started its activities in November 2022, and is comprised of members from all of the 13 central banks and monetary authorities of the ACC economies, with a mandate of examining the ACC economies’ macro-financial stability frameworks (MFSF) in 2022, particularly the coordination of the monetary, the macro-safety, the exchange rate, and the capital flow management policies.
This report is based on the responses of the ACC members to a detailed questionnaire, focusing on the following matters: (i) the descriptions of the various shocks faced by the ACC central banks; (ii) the economy-specific characteristics, such as the structural factors, the economic situations, and the policy buffers; (iii) The causes and the main drivers of inflation, and the exchange rate transmission channels; (iv) the adopted policy mix and a number of lessons learnt while operating the MFSFs in 2022.
Implementing the cooperative plan with the BIS in line with Decision No. 958/QD-NHNN dated June 8, 2021, the SBV had assigned a representative of the Monetary Policy Department to participate in the ACC Working Group in the joint research of the Group. Up to now, the Group’s joint research has been completed and was approved for announcement by the ACC Governors at the ACC Governors’ meeting in September 2023. The SBV has posted the full text of the ACC Working Group’s Report, please find in the attached file.
Link for a reference of the BIS’s post: https://www.bis.org/publ/othp78.htm