CME Calls For A New ASEAN Currency To Compete With Euro & USD

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CME Calls For A New ASEAN Currency To Compete With Euro & USD

18-Apr-2024
By ellephant


So, could this be the answer to all our money problems…? 

Based on reports, the Centre for Market Education (CME) has asked regional banks to work together and design a new monetary system with a unified currency for all ASEAN countries to share.

This call to effort is to compete with both the US dollar and the Euro.


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The CME believes a new currency should be based on a standard, tied to a variety of goods, rather than just one, to make it easier for everyone.

"Given the fact that the ringgit is not the only Asian currency under stress (the Indonesian Rupiah (IDR) broke the psychological barrier of IDR 16,000 against the US dollar for the first time in four years), the CME invites Asean central banks to a higher degree of cooperation for supporting the purchasing power of their citizens.

"Furthermore, such a currency should aim at competing with the USD and the Euro as reputable reserve of value," the statement said.


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Money would be measured in units, and a one-unit bill could be exchanged at the central bank for an equal value of another asset, like treasury bills. This will make the new currency more stable.


ASEAN Currency euro usd economy money


ellephant

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