Malaysia inks framework with Indonesia, Thailand to promote bilateral transactions in local currencies

KUALA LUMPUR: The central banks of Malaysia, Indonesia and Thailand have entered into three bilateral memoranda of understanding (MoU), which provide the framework for cooperation to promote bilateral transactions in local currencies between the countries.

In a joint statement, the central banks said the scope of the framework has been expanded to include more eligible cross-border transactions beyond trade and direct investment which would be implemented gradually.