ID :
167313
Fri, 03/11/2011 - 05:51
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http://m.oananews.org//node/167313
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Thai expert proposes Asian currency regime
BANGKOK, March 11 (TNA) - Thailand's former deputy prime minister and finance minister M.R.Pridiyathorn Devakula has proposed that an Asian currency unit be used as a new currency benchmark of countries in the region to cope with world currency exchange fluctuations.
M.R.Pridiyathorn, who is also a former governor of the Bank of Thailand (BOT), noted that the adoption of the proposed Asian currency unit as the regional currency benchmark should be an efficient approach to contain the problem of world currency exchange volatilities, as it would make currencies in Asia move in the same direction.
The former Thai central bank said if all Asian countries cooperated on the proposed move, it should further boost trade and investment in the region. For a third option, the former Thai finance minister suggested that Asian countries adopt a single currency, but he cautioned this proposal may be impracticable because regional economic and trade activities are different in terms of value and volume.
M.R.Pridiyathorn praised BOT's management of currency exchange rates over the past five months, suggesting, however, that Thailand study how China has achieved in controlling currency exchange rates, and that the Thai baht should not be allowed to float amid continuing capital flows into Asia in order to ease the problem of heavy currency fluctuations. (TNA)
M.R.Pridiyathorn, who is also a former governor of the Bank of Thailand (BOT), noted that the adoption of the proposed Asian currency unit as the regional currency benchmark should be an efficient approach to contain the problem of world currency exchange volatilities, as it would make currencies in Asia move in the same direction.
The former Thai central bank said if all Asian countries cooperated on the proposed move, it should further boost trade and investment in the region. For a third option, the former Thai finance minister suggested that Asian countries adopt a single currency, but he cautioned this proposal may be impracticable because regional economic and trade activities are different in terms of value and volume.
M.R.Pridiyathorn praised BOT's management of currency exchange rates over the past five months, suggesting, however, that Thailand study how China has achieved in controlling currency exchange rates, and that the Thai baht should not be allowed to float amid continuing capital flows into Asia in order to ease the problem of heavy currency fluctuations. (TNA)
