{"id":7460,"date":"2020-06-12T16:30:00","date_gmt":"2020-06-12T06:30:00","guid":{"rendered":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/?p=7460"},"modified":"2024-01-28T10:44:17","modified_gmt":"2024-01-28T00:44:17","slug":"information-sharing-among-pacific-central-banks-some-thoughts","status":"publish","type":"post","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/information-sharing-among-pacific-central-banks-some-thoughts\/","title":{"rendered":"Information sharing among Pacific central banks"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/tag\/raynold-moveni\/\" target=\"_blank\" rel=\"noreferrer noopener\">RAYNOLD MICAH MOVENI<\/a>\u00a0 |\u00a0\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In a previous article on the <em>Pacific Forum<\/em>, I raised the prospect of information sharing among the people of the South Pacific\u2014particularly those in rural areas. In this article, I offer some thoughts on \u2018information sharing\u2019 among central banks in the region.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Building on Governor Luke Forau\u2019s article about Griffith University\u2019s South Pacific Centre for Central Banking\u2019s (SPCCB) <a href=\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/capacity-building-and-central-banking-in-the-pacific\/\">pioneering capacity-building efforts<\/a> for the region.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There is no doubt that the SPCCB model has been very effective in bringing the region\u2019s central banks together on a research platform\u2014joint working papers, training, conferences and the rest.\u00a0 The latest, rebranding of the SPCCB blog\u2014<em>Pacific Forum<\/em>\u2014provides a great opportunity for the region\u2019s central bankers to develop scholarly and academic writing styles. It also promotes expertise in non-technical commentaries and analysis on issues of interest for the general public and builds confidence in engaging with the general public and alerting them to new policy initiatives.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Forum provides an avenue for another critical and much-needed platform\u2014information sharing.&nbsp; As alluded to in my previous article, with much confusion and chaos emanating from COVID-19 and related events, information sharing, particularly in the region would be immensely helpful. &nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The<em> Pacific Forum<\/em> provides an avenue for all central banks in the Pacific region, including Papua New Guinea, Fiji, Solomon Islands, Vanuatu and Timor-Leste\u2014Griffith\u2019s partners\u2014to share information relating to actions the central banks have taken to address the effects of COVID-19 for example, or reports on the effect the crisis has had in the region.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Senior policymakers in central banks could benefit from a shared pool of knowledge about monetary policies in light of the pandemic and learn from each other\u2019s experiences. For example, the Reserve Bank of Vanuatu posted an announcement on its website relating to policy interest rate adjustment due to COVID-19. On the Reserve Bank of Fiji site, a policy announcement relating to small and medium enterprises. On the Bank of Papua New Guinea site, a survey on the impact of the <a href=\"https:\/\/www.bankpng.gov.pg\/news-events\/bank-of-png-survey-on-the-impact-of-covid-19-shut-down-on-businesses-especially-micro-small-and-medium-enterprises-msme-in-png\/\">COVID-19 lock-down<\/a> on businesses. The Banco Central De Timor-Leste made an announcement on <a href=\"https:\/\/www.bancocentral.tl\/en\/news\/go\/banco-central-de-timor-leste-decided--not-to-issue-more-license-of-new-mto-in-timor-leste\">suspension of new licences<\/a> for money transfer operators. Economic updates by the region\u2019s central banks such as the RBF\u2019s <a href=\"https:\/\/www.rbf.gov.fj\/getattachment\/Publications\/RBF-Economic-Review-May-2020\/Economic-Review-May-2020-(1).pdf?lang=en-US\">Economic Review<\/a>, would also be useful for others in the region. A collection of weekly or even fortnightly posts on these policy announcements and economic updates from the central banks would be a valuable resource.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In fact, it would be great for central banks of Australia and New Zealand to share their experiences and insights as well.\u00a0 We in the Pacific have very high regard for the Reserve Bank of Australia (RBA) and Reserve Bank of New Zealand (RBNZ). A recent statement by Governor Philip Lowe, on the <a href=\"https:\/\/www.rba.gov.au\/media-releases\/2020\/mr-20-15.html\">RBA\u2019s monetary policy decision<\/a> and on the RBNZ site, an article titled \u2018<a href=\"https:\/\/www.rbnz.govt.nz\/news\/2020\/05\/financial-system-will-benefit-supporting-economic-recovery\">Financial system will benefit supporting economic recovery<\/a>\u2019.\u00a0 \u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Our development partners\u2014Asian Development Bank, World Bank, International Finance Corporation, International Monetary Fund, Pacific Financial Technical Assistance Centre and others may also share their experiences and thoughts via the Forum.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In conclusion, let me invoke another prospective \u2018regional\u2019 concept\u2014there seems to be an opportunity for a regional policy committee as well.\u00a0 Several joint working papers (Griffith and the central banks) have now been published, with policy outcomes. The rigor and evidence-based policy recommendations are likely to apply\u2014even if with national discretion\u2014to most Pacific island countries.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Thus, great opportunities await us\u2014it might be just a matter of embracing them!&nbsp;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<p class=\"author label wp-block-paragraph\"><strong>AUTHOR&nbsp;&nbsp;&nbsp;&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Raynold Moveni&nbsp;<\/em><\/strong><em>is the Deputy Governor of the Central Bank of Solomon Islands.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>The views in this article are that of the author and do not necessarily reflect the views of the central bank.<\/em>&nbsp; &nbsp;&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>RAYNOLD MICAH MOVENI\u00a0 |\u00a0\u00a0 In a previous article on the Pacific Forum, I raised the prospect of information sharing among the people of the South Pacific\u2014particularly those in rural areas. In this article, I offer some thoughts on \u2018information sharing\u2019 among central banks in the region. Building on Governor Luke Forau\u2019s article about Griffith University\u2019s [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":10517,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1170,1427,1755,1021,248,1055],"tags":[2055,969,1050,2052,1288,2053,789,891,2054],"class_list":["post-7460","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commentary","category-pacific-forum","category-governance-democracy","category-pacific-outlook","category-png-and-the-pacific","category-economies-and-development","tag-international-monetary-fund","tag-pacific-islands","tag-pacific-outlook","tag-raynold-moveni","tag-reserve-bank-of-australia","tag-reserve-bank-of-new-zealand","tag-south-pacific-centre-for-central-banking","tag-spccb","tag-world-bank"],"acf":[],"modified_by":"Jill 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