SE Asia considers single currency

The Jakarta Post, Jimbaran, Bali | Thu, 12/09/2010

Southeast Asian central banks may consider an eventual currency convergence to strengthen economic cooperation between the neighboring nations, officials say.

BI deputy governor Halim Alamsyah said on the sidelines of a seminar with central bankers from the region that it may be possible to resolve cross-border issues by applying a single currency for Southeast Asian countries.

“But it will take a lot of time. By 2015, there will be a Southeast Asian common market, and if it succeeds a single currency is possible. But before that, we need to converge the economies,” he told reporters in Jimbaran, Bali.

The South East Asian Central Banks (SEACEN) Center’s executive director Karunasena agreed, saying there would be a lot of pre-conditions before a single Southeast Asian currency were applied.

“For now, regional pooling and other initiatives are more practical and easy to work,” he added. (est)

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