The possibility of a single currency and a regional specific fund however, requires policy co-ordination by individual governments, Governor Salehuddin Ahmed said at the end of SAARC finance ministers meetings here.
However, Sri Lanka's suggestion for SAARC members to make their bi-monthly payments to the Asian Currency Union (ACU) in multiple currencies was accepted on a positive note, Salehuddin said.
Asian countries currently repay ACU payments in U.S. dollars and the proposal, once accepted gives members the option of paying even in euros.
SAARC members also discussed ways to simplify their financial systems in order to encourage worker remittances.
Indians, Sri Lankans, Bangladeshis and Afghans living and working overseas send billions of dollars to their families living back home.
Worker remittances are also some of the biggest sources of foreign funding, even bigger than private capital, in most South Asian countries.
Salehuddin said the British government's Department for International Development had funded a study in Bangladesh to explore ways to encourage remittances to come through formal banking channels.
Bangladesh has now offered to share their findings with fellow SAARC members.
Salehuddin said Sri Lanka's report on oil shocks and its impact on member countries balance of payments, is due to be tabled when SAARC finance ministers meet in Colombo next year.
Sri Lanka’s economy has been badly hit by fuel subsidies which were partly financed with central bank credit.
But now the country has started to lift some of the subsidies.
Afghanistan, Bangladesh, India, Maldives, Pakistan, Sri Lanka, Bhutan and Nepal currently form the eight member regional block known as SAARC.
All Rights Reserved.