Indeed, in recent times, especially in the aftermath of Asian crisis in late 1990s, we have seen several countries amending the laws governing their central banks. Such amendments have given them greater independence in the conduct of monetary policy. The current world trends have required the central banks to be transparent and accountable. This would be attained by ensuring a greater disclosure policy on their decisions. I have no doubt that today’s Seminar will lead to a healthy discussion and exchange of views on comparative policies among SEACEN member central banks and monetary authorities in selected areas of corporate governance. The first session will cover strategic planning process for central banks, for which a background paper has been prepared in consultation with the SEACEN Centre. I hope the paper will be a useful document to initiate fruitful discussion on the issue of strategic planning for central banks. In addition, Mr Gavin Bingham, Head of International Liaison, Bank for International Settlement, will present an overview of current issues and practices relating to this topic. I am confident that the participants would contribute with their country specific experiences on Central Bank Governance and specifically on their experiences with the formulation and implementation of Strategic Plans in the respective central banks. The second session will cover selected Central Bank Governance issues and will serve as a follow-up to the SEACEN-BIS Seminar on Central Bank Governance conducted in Langkawi, Malaysia in February 2004.
Sunil Mendis: Central bank governance and how such governance is related to strategic planning in central banks Opening remarks by Mr Sunil Mendis, Governor of the Central Bank of Sri Lanka, at the 3rd SEACEN EXCO Seminar and Meeting, Colombo, 28-29 January 2005. *  *  *  Deputy Governors and Heads of Delegations of SEACEN member and observer countries, Mr Gavin Bingham, Head of International Liaison of BIS, Dr Subarjo Joyosumarto, Executive Director of the SEACEN Centre, distinguished invitees, ladies and gentlemen. It gives me great pleasure to inaugurate the 3rd SEACEN EXCO Meeting and Special Seminar to mark the Meeting. As a founder member of SEACEN, the Central Bank of Sri Lanka is honoured and delighted to host these two events in Colombo, Sri Lanka. On behalf of the Central Bank of Sri Lanka, I extend a warm welcome to all the delegates from the SEACEN member and observer countries, our special guests, and of course, the officials of the SEACEN Centre. The gathering of several distinguished Central Bankers today demonstrates the emphasis and importance placed by them on the need for co-operating with each other to resolve issues of mutual interest. We host these two events just a month after the deadly ‘Tsunami’ hit some of our countries causing unprecedented and unimaginable destructions to the life and property. We are still recovering from this severe blow. Tsunami, indeed, brought all of us even closer. Our thoughts and prayers are with those who lost their beloved ones, property and suffered injuries.