WNAM MONITORING: The Association of Southeast Asian Nations (ASEAN) is beginning to revive the idea of building its own monetary fund and enhancing the regional financial security, ASEAN Chair Malaysia’s Prime Minister Anwar Ibrahim said.
ASEAN is actively working to transform the association, particularly in monetary matters, given the necessity for such changes, Anwar said in an interview with TV BRICS on Friday, as quoted by The Star Daily.
“One example is the Chiang Mai Initiative, where central banks in the region collaborate and promote the use of local currencies, such as in current efforts with Thailand, Indonesia, and China, which are targeting 20% of trade transactions in local currencies, representing billions of dollars,” said Anwar, adding that this shows the next step that, “where possible,” the members should proceed to.
“Although the dollar remains the dominant currency globally, we can at least establish some form of reprieve to help mitigate risks and protect our national interests,” he said.
Anwar also remarked upon the ASEAN summit that will happen in Malaysia at the end of the month and how its main focus will be on economic matters.
ASEAN is an international intergovernmental organization consisting of Indonesia, Vietnam, Laos, Brunei, Thailand, Myanmar, the Philippines, Cambodia, Singapore, and Malaysia.
