Anyone who has spent time traveling through Asia will know that having to constantly exchange different currencies and work out the cost of goods can be a real headache. The good news is that all that could soon be a thing of the past, thanks to the Chiang Mai Initiative.
The Initiative was signed in May 2000 by 13 Asian countries including Thailand in an effort to improve trade and tourism.
According to a recent report by Nation Multimedia, the former Finance Ministry advisor Dr Olarn Chaipravat predicted at the time that the Chiang Mai Initiative could lead to a single Asian currency. A series of talks have been scheduled over the next few months to try to turn this prediction in to a reality.
This weekend more than 40 leaders of Asian and European countries will meet in Beijing to attend the Asia-Europe Meeting Summit, during which this will be one of the main topics up for discussion.
Although it seems that travelers may still have to battle with currency converters for some time to come, a single Asian currency may be on the way.
-TN
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