Building on local currency resilience
As Asean strengthens its economic integration, policymakers and central bankers are revisiting a long-standing ambition – to settle more regional trade in local currencies.
Central banks of Malaysia, Indonesia and Thailand enhance local currency transaction framework
PETALING JAYA: Bank Negara Malaysia, Bank Indonesia (BI) and the Bank of Thailand (BOT) have announced the adoption of a harmonised Local Currency Transaction Framework Operational Guidelines (LCTF OG) and the expansion of eligible cross-border transactions under the framework.
Central banks broaden scope of local currency transaction framework
PETALING JAYA: Bank Negara, Bank Indonesia (BI) and the Bank of Thailand (BoT) have announced the adoption of a harmonised Local Currency Transaction Framework Operational Guidelines (LCTF OG) and the expansion of eligible cross-border transactions under the framework.
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.
Malaysia and Indonesia renew local currency bilateral swap agreement
JAKARTA: The renewal of the Local Currency Bilateral Swap Agreement (LCBSA) between Malaysia and Indonesia enables the exchange of local currencies between Bank Negara Malaysia (BNM) and Bank Indonesia (BI) with a value amounting to RM24 billion or IDR82 trillion for five years.
Asean News Headlines at 10pm on Monday (Feb 17, 2025)
Here's a look at the news highlights from Asean countries in the Star-AseanPlus section for Monday (Feb 17, 2025)
Indonesia and India sign pact to trade in local currencies
The Reserve Bank of India (RBI) and Bank Indonesia (BI) has signed and exchanged a Memorandum of Understanding (MoU) to establish a framework to promote the use of local currencies Indian rupee (INR) and Indonesian rupiah (IDR).
Indonesia to lead the way as Asean aim to switch to local currency use in region to avoid crisis
South-East Asian countries have agreed to reinforce the use of local currencies in the region and reduce reliance on major international currencies in an effort to avoid spillover from the global crisis, Indonesia's central bank has announced.
Indonesia and China begin using local currencies for bilateral transactions
The Bank of Indonesia (BI) and the People’s Bank of China (PBC) on Monday (Sept 6) officially started the implementation of cooperation in the settlement of bilateral transactions with local currencies (LCS) between Indonesia and China.
Expansion in currency settlement framework
KUALA LUMPUR: Bank Negara and Bank Indonesia have announced that the expansion of local currency settlement framework to include direct investment, income and transfer, in addition to trade, as eligible underlying transactions, effective yesterday.
Bank Negara, Bank Indonesia include direct investment in currency settlement
KUALA LUMPUR: Bank Negara Malaysia and Bank Indonesia have announced that the expansion of local currency settlement framework to include direct investment, income and transfer, in addition to trade, as eligible underlying transactions, effective today.
Moving towards regional payment connectivity
LABUAN BAJO (Indonesia): To facilitate regional economic integration, Asean leaders made a declaration on advancing regional payment connectivity and promoting local currency transactions during the two-day Asean Summit.
Asean News Headlines at 9pm on Friday (Aug 25, 2023)
Here's a look at the news highlights from Asean countries in the Star-AseanPlus section for Friday (Aug 19, 2023)
Cashless transactions: Have we gone too far, too fast?
From DR PAUL SELVA RAJ, Deputy President, Fomca.
QuickCheck: Can Singapore dollars be used in Brunei and vice versa?
FOR travellers, understanding the nuances of currency use can significantly ease transactions and travel plans.
OCBC stays ahead in an unpredictable world
KUALA LUMPUR: While the global economy remains caught in the crossfire of tariff threats, shifting trade policies, and geopolitical uncertainty, OCBC is a financial institution that doesn't just weather the storm, it helps others navigate it.
Bank Negara and BoT expand currency settlement framework
KUALA LUMPUR: Bank Negara and the Bank of Thailand (BoT) have further expanded the ringgit-baht settlement framework effective Dec 1, 2021.
Bank Negara, Bank of Thailand expand currency settlement framework
KUALA LUMPUR: Bank Negara Malaysia and the Bank of Thailand (BOT) have further expanded the ringgit-baht settlement framework from Dec 1, 2021.
Indonesia, China implement local currency settlement
Indonesia and China implemented a local currency settlement (LCS) agreement on Monday to make trade and direct investment between the two countries more efficient.
BRICS' currency dilemma: A necessary quality leap beyond the dollar
THE currently ongoing BRICS Summit, which commenced on Sept 9 in Sochi, Russia, must prioritise the development of solid strategies to expedite the transition away from reliance on the United States dollar. Donald Trump’s 100% tariff threat to protect the dollar’s global status, despite its absurdity, underscores not only the toxicity of this currency but also the critical importance of diversifying and deepening trading relationships with more reliable partners and robust platforms.
