State Bank of Pakistan (SBP), being central bank of the country, is also playing active role in contributing towards and implementing global financial reforms agenda. For the purpose, it coordinate and work with various cross border supervisors and international bodies including BIS, BCBS, Financial Stability Board (FSB), FSB Regional Consultative Group for Asia (RCG Asia), SEANZA, etc. on matters related to Financial Stability. SBP officials are contributing to international forums through participation in working group of Basel Committee and conducting training for officials of other jurisdiction central banks.
Member Ship of FSB-RCG-Asia: The FSB established six Regional Consultative Groups in 2011, one each for the Americas, Asia, Commonwealth of Independent States, Europe, Middle East and North Africa, and Sub-Saharan Africa region, to expand upon and formalize the FSB’s outreach activities beyond the membership of the G20 and to reflect the global nature of the financial system. Members of FSB-RCG-Asia includes financial authorities from Australia, Cambodia, China, Hong Kong SAR, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Pakistan, Philippines, Singapore, Sri Lanka, Thailand and Vietnam.
Pakistan is member of FSB-RCG-Asia since its inception in 2011. Effective from July 1, 2015, SBP became the non-FSB member co-chair of RCG Asia for two years. Since then, the SBP along with Hong Kong Monetary Authority- the FSB member co-chair- have successfully conducted the affairs of the RCG Asia.