ASEAN Members Committed to Expanding Local Currency Transactions for Cross-Border Trade and Investment

Arrijal Rachman, CNBC Indonesia

Market

Friday, 25/08/2023 18:50 WIB

Photo: Governor Bi Perry Warjiyo (Youtube Screenshot)

Jakarta, CNBC Indonesia – Meeting of Ministers of Finance and ASEAN Central Bank Governors (AFMGM) committed, the use of local currency in cross-border transactions that are broader than the scope of trade and direct investment (direct investment).

This was stated by the Governor of Bank Indonesia Perry Warjiyo in a press conference, in Jakarta, Friday (25/8/2023)

“ASEAN leaders have supported and are committed to expanding transactions like this. This is an effort that has been agreed upon by the Minister of Finance and can do this in 3 areas, namely local currency transactions to facilitate trade and investment, both local currency transactions and cross-border payments,” he explained.

Bank Indonesia, Bank Negara Malaysia and the Bank of Thailand have initiated this commitment by strengthening cooperation. The participation of other countries will be an effort to increase regional economic resilience.

“We invite ASEAN member countries to join in signing and carrying out cross-border transactions with local currencies. This supports economic stability and handling global problems in the region, so that we can realize a better recovery,” said Perry.

Watch the video below: