Asean+3 urged to boost domestic financial market

Economic Research Institute representative director and director-general for North-East Asia Masahiro Kawai : “Therefore, for the time being, Asean 3 economies have to continue to strengthen its policy framework to manage US dollar dominance in the international monetary system.”

KUALA LUMPUR: Developing and strengthening the domestic financial market is crucial for the Asean Plus Three (Asean+3) member countries to reduce the US dollar dependency in the region, thus helping to minimise vulnerability over external shocks, reported Bernama.

The news agency quoted Economic Research Institute representative director and director-general for North-East Asia Masahiro Kawai as saying Asean+3 economies have been making progressive steps toward moving away from the US dollar, albeit at a slow pace, because of the currency’s attractiveness.