The governor of the Central Bank of Iran (CBI) called on ECO members states to create a common currency and a monetary fund among members of the Economic Cooperation Organization (ECO).

Mahmoud Bahmani said the objective for creating the currency and fund is to support ECO member states in times of financial crises. Speaking at the closing ceremony of the ECO meeting in Tehran on the global financial crisis and the experience of member states in this regard 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 stated that the global financial crisis which started in the US affected both European and Asian countries, 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 conference. - Mehr