6  BIS Review 77/2008  “central bank access to prudential information and cooperation between financial supervisory authorities and central banks are essential for the conduct of macro-prudential monitoring, the oversight of payment systems and the safeguarding of other market infrastructures, which are in turn essential for the smooth conduct of monetary policy”.
Accordingly, the SAARCFINANCE was established on 9th September 1998 as a regional network of the SAARC Central Bank Governors and Finance Secretaries, which, during the 11th SAARC Summit, held in Kathmandu, Nepal in January 2002, got formal recognition as permanent body of the SAARC. 3.