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South Asian single currency needs strong groundwork

Speakers observe at roundtable

STAR BUSINESS REPORT
Speakers at a roundtable yesterday stressed the need for taking adequate preparatory measures before introducing a single currency in South Asia.
The preparations include forging stronger economic ties between Saarc (South Asian Association for Regional Cooperation) nations, harmonisation of their key economic indicators and vigorous inter-state negotiations.
"Cooperation in matters related to trade, investment, and flow of people are some of the enabling trends that normally precede the creation of a common currency," said Veena Sikri, Indian high commissioner in Dhaka.
Speaking at the roundtable on
'Single Currency in South Asia', she said low tariff or tariff-free imports among the South Asian countries and freer investment norms and visa regimes are also required for the move.
Bangladesh Institute of Law and International Affairs (Bilia) organised the discussion at its office in Dhaka. Jyoti Prakash Dutta, a professor of economics at the Chittagong University, was the keynote writer.
The Indian envoy said the countries might go for a 'parallel currency' before adopting a common currency, which would be created jointly according to certain rules.
Parallel currency can facilitate regional integration by funding provision of regional public goods in the areas of transport, communica-
tion, energy, IT, capacity building, biotechnology, food security, tourism and advanced science and technology, she added.
Quoting a study conducted by an Indian think-tank, she said the move towards common currency would help double the trade among South Asian nations to $10 billion and make possible a GDP growth rate of 7-8 percent for each of the countries.
Taking part in the discussion, Prof Rehman Sobhan, chairman of the Centre for Policy Dialogue (CPD), suggested bringing macroeconomic stability and ensuring harmony among the SouthAsian countries.
"Before going for a single currency in the region, first we have to ensure harmonisation of the key economic indicators like fiscal deficit and inflation rate of the member countries," he
observed.
The CPD chairman proposed formation of a body comprising all the central bank governors of the region and hold discussions regularly to judge possibility of introduction of a single currencyin SouthAsia.
In the keynote, Jyoti Prakash Dutta emphasised adequate groundwork for single currency and mentioned that the EU countries had been able to introduce their common currency, Euro, after negotiating for half-a-century.
Bangladesh EconomicAssociation President Qazi Kholiquzzaman also spoke in the roundtable chaired by Bilia Director Wali-ur Rahman.