AGL 40.00 Decreased By ▼ -0.01 (-0.02%)
AIRLINK 127.04 Decreased By ▼ -0.95 (-0.74%)
BOP 6.67 Increased By ▲ 0.07 (1.06%)
CNERGY 4.51 Decreased By ▼ -0.09 (-1.96%)
DCL 8.55 Increased By ▲ 0.07 (0.83%)
DFML 41.44 Decreased By ▼ -0.04 (-0.1%)
DGKC 86.85 Increased By ▲ 0.27 (0.31%)
FCCL 32.28 Increased By ▲ 0.14 (0.44%)
FFBL 64.80 Decreased By ▼ -0.62 (-0.95%)
FFL 10.25 No Change ▼ 0.00 (0%)
HUBC 109.57 Decreased By ▼ -0.92 (-0.83%)
HUMNL 14.68 Decreased By ▼ -0.07 (-0.47%)
KEL 5.05 Decreased By ▼ -0.08 (-1.56%)
KOSM 7.46 Increased By ▲ 0.34 (4.78%)
MLCF 41.38 Decreased By ▼ -0.27 (-0.65%)
NBP 60.41 Increased By ▲ 0.32 (0.53%)
OGDC 190.10 Decreased By ▼ -4.59 (-2.36%)
PAEL 27.83 Decreased By ▼ -0.12 (-0.43%)
PIBTL 7.83 Decreased By ▼ -0.17 (-2.13%)
PPL 150.06 Decreased By ▼ -1.11 (-0.73%)
PRL 26.88 No Change ▼ 0.00 (0%)
PTC 16.07 Increased By ▲ 0.07 (0.44%)
SEARL 86.00 Increased By ▲ 7.80 (9.97%)
TELE 7.71 Increased By ▲ 0.32 (4.33%)
TOMCL 35.41 Decreased By ▼ -0.26 (-0.73%)
TPLP 8.12 Increased By ▲ 0.21 (2.65%)
TREET 16.41 Increased By ▲ 0.52 (3.27%)
TRG 53.29 Increased By ▲ 0.53 (1%)
UNITY 26.16 Decreased By ▼ -0.39 (-1.47%)
WTL 1.26 Decreased By ▼ -0.01 (-0.79%)
BR100 9,884 Decreased By -36.4 (-0.37%)
BR30 30,600 Decreased By -151.5 (-0.49%)
KSE100 93,355 Increased By 130.9 (0.14%)
KSE30 28,931 Increased By 46 (0.16%)

East Asian countries will have their own monetary fund in around five years to promote exchange rate stability and to help ward off a future regional currency crisis, Thailand's finance minister said on Sunday.
East Asian nations agreed in May to set up a self-managed system to pool their reserves and Chalongphob Sussangkarn told Reuters once this multilateral system was established a coordinating organisation would be necessary.
"Personally, I want East Asia to move relatively quickly but in reality it would take maybe five years," Chalongphob said in an interview on the eve of the 10th anniversary of the Asian financial crisis.
Chalongphob said the 1997 crisis, which started when massive capital flight toppled an overvalued Thai baht on July 2, was unlikely to be repeated but a new crisis was possible from global financial imbalances and volatile capital flows.
"As of today, the challenges still come from the same source that led to the 1997 crisis and this is the challenge arising from highly volatile and risky capital flows," he said in Manila, where the Asian Development bank is holding a forum on the crisis.

"At the moment many countries have the problem of a too rapid inflow." Thailand imposed capital controls in December to stem a surging baht that threatened the country's export-dominated economy but triggered the biggest one-day sell-off on the Bangkok stock exchange.
Chalongphob said there were no plans to alter or dismantle the measures, which require 30 percent of foreign inflows to be held at the central bank for a year, because they were keeping the currency stable.

Copyright Reuters, 2007

Comments

Comments are closed.