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As Asean strengthens its economic integration, policymakers and central bankers are revisiting a long-standing ambition – to settle more regional trade in local currencies.
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.
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.
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.
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.
Here's a look at the news highlights from Asean countries in the Star-AseanPlus section for Monday (Feb 17, 2025)
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).
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.
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.
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.
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.
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.
Here's a look at the news highlights from Asean countries in the Star-AseanPlus section for Friday (Aug 19, 2023)
From DR PAUL SELVA RAJ, Deputy President, Fomca.
KUALA LUMPUR: Bank Negara and the Bank of Thailand (BoT) have further expanded the ringgit-baht settlement framework effective Dec 1, 2021.
KUALA LUMPUR: Bank Negara Malaysia and the Bank of Thailand (BOT) have further expanded the ringgit-baht settlement framework from Dec 1, 2021.
Indonesia and China implemented a local currency settlement (LCS) agreement on Monday to make trade and direct investment between the two countries more efficient.
BANGKOK (The Nation/ANN): The Bank of Thailand and Bank Indonesia on Monday (Dec 21) announced the expansion of the rupiah-baht settlement framework.
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.
FOR travellers, understanding the nuances of currency use can significantly ease transactions and travel plans.
