BI Holds Series Of OIC Central Bank Governors Meeting

Jakarta, Nov 6 (Antara) - Bank Indonesia (BI) organized a series of meetings of central banks and monetary authorities of the Organization of Islamic Cooperation (OIC) member states here on Wednesday and Thursday. The meetings began with an expert group workshop titled "Dealing with financial stability risk: macroprudential policy and financial deepening in Islamic finance," BI stated in a press release on Thursday. Later, BI Governor Agus Martowardojo led a meeting of OIC central bank governors to discuss the framing of an Islamic financial policy to support the development of sharia finance, including the social sector. The routine meeting of the OIC central bank governors was crucial this time, as it discussed the possibilities of a macroprudential policy and financial deepening, which had become the center of attention of the world community. At the meeting, the OIC central bank governors and experts discussed how best to apply an effective macroprudential policy to minimize financial risks and stabilize the financial sector. The OIC central bank governors and monetary authorities agreed that central banks and monetary authorities must anticipate global financial pressure by making a proper policy and developing appropriate supporting facilities. A macroprudential policy that runs parallel to a sound macroeconomic (monetary and fiscal) policy will ensure stability in financial system, prices, and growing economic activities in OIC member states. Therefore, the OIC central bank governors and monetary authorities agreed to step up cooperation and capacity building to strengthen the macroprudential and financial deepening.