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' AFP Tuesday
28 March 2006 http://english.aljazeera.net/NR/exeres/50B0028B-B417-4FDE-866C-842CB3280A4F.htm - photo: ADB:
Possibility of a dollar collapse small but fallout huge http://english.aljazeera.net/NR/rdonlyres/50B0028B-B417-4FDE-866C-842CB3280A4F/118069/A0980442298A4D159BCD29FABB16C1F0.jpg - - Related: Bank
of http://english.aljazeera.net/NR/exeres/C046BEBF-6416-4D14-B702-164774A42C81.htm Dollar
hits new low http://english.aljazeera.net/NR/exeres/F1BB1749-1E4D-4955-8BA7-4384D2ECF84F.htm - East
Asian economies need to prepare for a possible collapse of the US dollar, the
Asian Development Bank says. The
warning comes as the Masahiro
Kawai, the ADB's head of regional economic integration, said on Tuesday:
"Any shock hitting the "Our
suggestion to Asian countries is: Don't take this continuous financing of the He
said because of the highly interdependent nature of East Asian economies, if
countries worked together to allow their currencies to collectively appreciate
against a tumbling dollar then the cost of adjustment would be spread. "The
possibility of a US dollar collapse or sharp decline may be small at this point
but it would generate very significant turmoil so East Asian economies ...
ought to be ready for that." The
Manila-based ADB is working on several indices of Asian currencies that could
be helpful to monitor exchange rate movements in the case of a sharp dollar
decline, although its main intention is to help develop regional bond markets. Political
sensitivities However,
the ADB is still trying to decide which currencies to include in this Asian
Currency Unit (ACU) amid political sensitivities about the inclusion of the The
ADB had apparently been aiming to launch the ACU - a weighted basket of Asian
currencies - before the bank's annual meeting in May, but Kawai said this would
not be possible. He
said there was no specific launch date yet but hopefully it would be unveiled
"in the next few months". But
Kawai played down suggestions that the ACU could foreshadow a single Asian
currency like the European Currency Unit (ECU), which existed for two decades
before the creation of the euro in 1999. He
said: "The ECU had an official status but the ACU has no such official
status. We are not in the position to decide whether this should become a real
currency or not." http://english.aljazeera.net/NR/exeres/50B0028B-B417-4FDE-866C-842CB3280A4F.htm *************************************************************************** {Invite (mankind, O Muhammad ) to the Way of your Lord (i.e. Islam) with wisdom (i.e. with the Divine Inspiration and the Qur'an) and fair preaching, and argue with them in a way that is better. Truly, your Lord knows best who has gone astray from His Path, and He is the Best Aware of those who are guided.} (Holy Quran-16:125) {And who is better in speech than he who [says: "My Lord is Allah (believes in His Oneness)," and then stands straight (acts upon His Order), and] invites (men) to Allah's (Islamic Monotheism), and does righteous deeds, and says: "I am one of the Muslims."} (Holy Quran-41:33) The prophet (peace and blessings of Allah be upon him) said: "By Allah, if Allah guides one person by you, it is better for you than the best types of camels." [al-Bukhaaree, Muslim] The prophet (peace and blessings of Allah be upon him) also said, "Whoever calls to guidance will have a reward similar to the reward of the one who follows him, without the reward of either of them being lessened at all." [Muslim, Ahmad, Aboo Daawood, an-Nasaa'ee, at-Tirmidhee, Ibn Maajah] -------------------------------------------------------------------------- All views expressed herein belong to the individuals concerned and do not in any way reflect the official views of IslamCity unless sanctioned or approved otherwise. If your mailbox clogged with mails from IslamCity, you may wish to get a daily digest of emails by logging-on to http://www.yahoogroups.com to change your mail delivery settings or email the moderators at [EMAIL PROTECTED] with the title "change to daily digest". YAHOO! GROUPS LINKS
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