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He told a discussion in New Delhi on Friday: “Use of a single currency is possible at least in India-Bangladesh trade, though it is not possible among the eight SAARC countries.” The Confederation of Indian Industries (CII) former President Shekhar Datta proposed use of the India currency, Rupee, in bilateral trade to boost business between the two countries. He said: “Bangladesh Taka and India Rupee have been fluctuating against the US dollars for quite some time. India and Bangladesh are being affected by this instability. In such a situation the two countries can introduce Indian currency-based trade. Both the countries will benefit from it.” He sought cooperation from the Muhith and the central bank Governor to this end. Though Muhith agreed to the at the meeting, he did not say anything about what be the currency will be. The Finance Minister urged the business communities of the two countries to start work to that end. He pointed out that the use of a single currency among SAARC countries was proposed at a meeting of the finance ministers in 1998 in Pakistan and added that the then Pakistani Commerce Minister had taken a strong position against it, saying it was not possible. “But a young businessman had said at that meeting introduction of a common currency is possible among the SAARC countries to the surprise of everyone and all of us will benefit from it,” he added. “The time has come. We can introduce it. It’s not impossible. Though not possible among the eight SAARC countries, we can introduce a common currency between the two countries.” He observed that intra-regional trade was not at all good. “We can learn from the recent global recession... which has not had any impact on China, Malaysia and Vietnam as the intra-regional trade is consolidated in the ASEAN.” Bangladesh has a $ 4 billion trade deficit with India. At the discussion held at CII headquarters, Datta urged India and Bangladesh to work together to raise investment, expand border trade and create skilled manpower in the two countries. The CII organised the discussion in honour of the Bangladesh delegation attending the four-day 46th annual general meeting of the Asian Development Bank held in New Delhi. At the discussion, he urged the Indian entrepreneurs to invest in Bangladesh. Bangladesh Bank Governor Atiur Rahman, India-Bangladesh Chamber of Commerce and Industry President Abdul Matlub Ahmad and Bangladesh Acting High Commission in New Delhi Mahbub Hassan Saleh were present at the meeting.
The Confederation of Indian Industries (CII) former President Shekhar Datta proposed use of the India currency, Rupee, in bilateral trade to boost business between the two countries.
Originally posted by Hopechest
I know nothing of economics so would someone explain why this would be bad?
And will it affect me if it happens more often?