ASEAN seeks help to halt currency slide

KUALA LUMPUR, Dec 15: Leaders from the Association of South-East Asian Nations (ASEAN) today urged major economies to make global efforts t...

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KUALA LUMPUR, Dec 15: Leaders from the Association of South-East Asian Nations (ASEAN) today urged major economies to make global efforts to halt the continuing depreciation of regional currencies, saying the International Monetary Fund (IMF) bailout measures for troubled countries have yet to restore confidence.

In a joint statement after the three-hour long summit meeting of the nine-member group, the leaders said the “regional economies are being corrected and improved” through the IMF measures, but noted that excessive volatility of short-term capital flows continues to wreak havoc on regional currencies.

“It is therefore urgent that global efforts be undertaken, including those of the IMF, to find ways to arrest the currency slide and restore stability to the currency markets,” the statement said.

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The leaders concluded their 30th anniversary meeting by adopting an “ASEAN Vision 2020” statement charting a course for the grouping in the 21st Century, Xinhua reported.

Meanwhile, US President Bill Clinton plans to hold an emergency meeting tomorrow to stem the downward spiral of South Asian currencies, which plunged to record lows today despite the IMF’s efforts.