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APB to hold 30th anniversary convention

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Congruence means in general; harmony, compatibility, consistency, conformity, balance, consensus, unanimity and also congruence is the mathematical concept of absolute equality. Policy congruence in individual countries within a region will facilitate economic prosperity.

Countries and economies no longer work in isolation. Regional economies are interestingly intertwined. Economies are dynamic; they change, and change constantly.

The individual economies within the region move in their own cycle in individual wavelengths and frequencies. If these economies move against each other the resultant effect is destructive. However if the economies can move in harmony they will complement each other, build on each other, thrive together with resounding success. And the resonance and reverberations of the success will be felt and fruits of success could be enjoyed by the whole region. The resultant prosperity brought about by the harmonised regional economies will always be greater than the total of the isolated economies within the region. 

Policy is the rein that governs the motion of the economy. Harmonised and consistent policy propositions enable harmonised economies. Embracing balanced and aligned policies that facilitate the transformation and integration with the region would make way for the economic prosperity. 

Trade is the conduit that connects different economies. Asymmetrical trade channels breeds disharmony. Even the perceived asymmetry in trade channels creates disharmony and mistrust. Regional trade pacts are wound, unwound and rewound. Embargoes are imposed and revoked. Yet there are winners and losers. Just as MNCs capture a regional market, there are indigenous industries that venture out to the region to capture regional markets and may even create global niches. What makes the winner to win and the loser to lose?

Harmonised economic policies and harmonised trade create harmonious economic prosperity, just like a well-balanced symphony. Can the banker be the composer or be the conductor? Or can a banker at least be a part of the orchestra?

Traditionally bankers have got accustomed to many harmonised cross border practices. Bankers use uniform customs and practices in facilitating international trade. Bankers use uniform and harmonised payment and settlement networks in facilitating cross border payments. Bankers use uniform customs and practices and even share jargon in international financial markets. The capital requirements for banks are similar internationally. The accounting policies are common across borders. 

The principles of banking law are common across different jurisdictions. International swaps and derivatives contracts bring contractual congruence across borders. And the list can go on and on.

Thus we bankers would like to discover their role in achieving a regional congruence. APB – Sri Lanka will deliberate on this aspect at its Anniversary Convention this year.  

Inviting international expertise, and for the first time in the history of APB-Sri Lanka, a gathering of regional participants intend to discuss the possibilities of harmonising regional economies and trade channels, aligning regional policies for regional progress, and to discover the bankers role in achieving sustainable growth for the region. 

APB-Sri Lanka celebrating 30 years will hold its Anniversary Convention themed ‘Regional Congruence; Harmonising Policy and Economic Prosperity’ on 10 and 11 December at BMICH.

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