ID :
108848
Sat, 02/27/2010 - 14:25
Auther :
Shortlink :
https://oananews.org//node/108848
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Iran proposes ECO common currency
TEHRAN, Feb. 27 (MNA) – The governor of the Iranian Central Bank called on ECO member states to create a common currency and a monetary fund among members of the Economic Cooperation Organization (ECO).
Mahmoud Bahmani described supporting ECO member states in times of financial crises as the objective for creating the currency and fund.
Speaking at the closing ceremony of the Tehran's ECO meeting, Bahmani said that the gathering created an opportunity for member states’ financial officials to exchange economic views, analyze global problems and find solutions for them.
He referred to the start of the global financial crisis from the U.S. and its expansion into the Europe and Asia, adding that those ECO member states that had more interaction with international markets were influenced more by the meltdown.
Bahmani noted that potentials of the ECO Trade and Development Bank can be used to alleviate the negative effects of the economic meltdown in the crisis-stricken states.
He pointed out that lower inflation which is the basis of economic stabilization and modernization will lead to the success of the single currency.
High-ranking economic and banking officials in the public and private sectors from 10 countries have taken part in the Tehran conference, which was held in Tehran on Wednesday focusing on the global financial crisis and the experiences of member states in this regard.
ECO is an intergovernmental regional organization established in 1985 by Iran, Pakistan and Turkey for the purpose of promoting economic, technical and cultural cooperation among the member states.
In 1992, the ECO expanded to include seven new members, such as Afghanistan, Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan.
Mahmoud Bahmani described supporting ECO member states in times of financial crises as the objective for creating the currency and fund.
Speaking at the closing ceremony of the Tehran's ECO meeting, Bahmani said that the gathering created an opportunity for member states’ financial officials to exchange economic views, analyze global problems and find solutions for them.
He referred to the start of the global financial crisis from the U.S. and its expansion into the Europe and Asia, adding that those ECO member states that had more interaction with international markets were influenced more by the meltdown.
Bahmani noted that potentials of the ECO Trade and Development Bank can be used to alleviate the negative effects of the economic meltdown in the crisis-stricken states.
He pointed out that lower inflation which is the basis of economic stabilization and modernization will lead to the success of the single currency.
High-ranking economic and banking officials in the public and private sectors from 10 countries have taken part in the Tehran conference, which was held in Tehran on Wednesday focusing on the global financial crisis and the experiences of member states in this regard.
ECO is an intergovernmental regional organization established in 1985 by Iran, Pakistan and Turkey for the purpose of promoting economic, technical and cultural cooperation among the member states.
In 1992, the ECO expanded to include seven new members, such as Afghanistan, Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan.
