ASEAN currency may curb speculation<\/p>\n
MANILA (DPA): The creation of a single currency for the
\nAssociation of Southeast Asian Nations (ASEAN) will help the
\nregion surmount potential fluctuations in the value of
\ncurrencies, a Philippine trade official said.<\/p>\n
Assistant Trade Secretary Edsel Custodio said Tuesday that
\nleaders from the seven-member grouping, who are on their second
\nyear of putting on track a free trade area in the region,
\nendorsed the single currency plan \"in principle\" at the fifth
\nASEAN summit in Bangkok two weeks ago.<\/p>\n
Custodio said events like the Mexican crisis that affected
\nAsian markets in January and the collapse in February of
\nBritain's Barings Bank due to losses in futures trading by its
\nSingapore-based trader highlighted the need for ASEAN monetary
\nauthorities to come together.<\/p>\n
\"Monetary cooperation, like other forms of cooperation,
\nbecomes more essential as we integrate economically,\" Custodio
\nreasoned.<\/p>\n
ASEAN officials prefer that currencies of the member-countries
\nremain as legal tender even after the ASEAN single currency -
\nwhich will initially be limited to the use of investors doing
\nbusiness in the region - has been created, Custodio added.<\/p>\n
Regional authorities have also proposed to set up a fund
\nadministered by ASEAN central banks from which countries
\nsuffering currency problems and foreign currency fluctuations
\ncould draw loans from.<\/p>\n
ASEAN consists of Thailand, Singapore, the Philippines,
\nBrunei, Indonesia, Malaysia and Vietnam.<\/p>",
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"sponsor_url": "https:\/\/okusiassociates.com"
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