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Malaysia, Indonesia, and Thailand promote domestic currency use in bilateral transactions

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TL;DR Breakdown

  • Bank Negara Malaysia (BNM), Bank Indonesia (BI), and Bank of Thailand (BOT) have collectively entered into three bilateral Memorandum of Understanding (MoUs).
  • The move is aimed at enhancing collaboration in advancing the utilization of domestic currencies in bilateral transactions.

Description

Bank Negara Malaysia (BNM), Bank Indonesia (BI), and Bank of Thailand (BOT) have collectively entered into three bilateral Memorandum of Understanding (MoUs) aimed at enhancing collaboration in advancing the utilization of domestic currencies in bilateral transactions. In a combined statement, the central banks highlighted that these MoUs constitute the establishment of a Framework for Cooperation … Read more

Bank Negara Malaysia (BNM), Bank Indonesia (BI), and Bank of Thailand (BOT) have collectively entered into three bilateral Memorandum of Understanding (MoUs) aimed at enhancing collaboration in advancing the utilization of domestic currencies in bilateral transactions.

In a combined statement, the central banks highlighted that these MoUs constitute the establishment of a Framework for Cooperation designed to facilitate and foster bilateral transactions conducted in local currencies among the respective countries.

Malaysia, Indonesia and Thailand strengthening collaboration

Bank Indonesia Governor Perry Warjiyo, Bank Negara Malaysia Governor Abdul Rasheed Ghaffour, and Bank of Thailand Governor Sethaput Suthiwartnarueput signed the bilateral MoUs. The signing event occurred during the ASEAN Finance Ministers and Central Bank Governors’ Meeting held in Jakarta, Indonesia.

The collective objective of the three central banks is to fortify collaboration concerning the utilization of domestic currencies for bilateral transactions. The framework’s scope has been broadened to encompass a wider array of eligible cross-border transactions beyond trade and direct investment, with gradual implementation. This extended framework will also synergize with initiatives related to cross-border payments, aiming to provide enhanced accessibility and efficiency in settling transactions using local currencies.

These MoUs are designed to enhance cross-border economic activities, reinforce stability within the regional financial markets, and deepen the local currency markets in the three countries. The central banks replaced the previous MoUs about the framework for local currency settlements signed between the three central banks on August 27, 2015, and December 23, 2016.

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