The SAARCFINANCE was established on 9 September 1998 as a regional network of the SAARC Central Bank Governors and Finance Secretaries. It is a permanent body, which got formal recognition at the 11th SAARC Summit, held in Kathmandu, Nepal in January 2002. SAARC refers to the South Asian Association for Regional Cooperation and currently comprises of 8 countries of South Asia. As per the decision of the Summit of January 2002, Chairperson of SAARCFINANCE is invited to the sessions of the SAARC Council of Ministers to make a presentation on SAARCFINANCE activities. The Chair of SAARCFINANCE rotates annually in an alphabetical order during the Group Meeting on the sideline of the IMF and World Bank Annual Meetings. The meetings of SAARC Central Bank Governors and Finance Secretaries take place twice a year, one during IMF/World Bank Annual Autumn Meetings and the other along the sideline of the SAARCFINANCE Governors Symposium.