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New global currency a must to attain higher trade volumes
25
Oct '10
Developing nations are stuck at sea in midst of the currencies of developed countries, Halit Narin, President of the International Textile Manufacturers Federation (ITMF) said while addressing the federation's annual meeting in Sao Paulo, Brazil on October 19.

He was trying to point towards the need for an all together new currency to converge with the globally rising demand and supply of textiles. He said that, developing countries including Russia, China and Brazil are trapped between dollar and euro, which is hurdle-some to the rising trade volumes between these countries.

Formerly, the world visualized dollar as a sole trade currency, but later on people comprehended that it was not possible to raise the trade volumes with a single currency. Then, the euro emerged, which turned to be one more envisagement for more expedient trade.

However, now with trade volumes prevailing at extremely higher levels, a third currency is required for trading, Narin said. There is an urgent need to work out a solution to the issue; else it would get in the way of their desire to attain higher trade volume globally, he added.

Fibre2fashion News Desk - India

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