ASEAN plans to set up monetary fund
The Association of Southeast Asian Nations (ASEAN) is taking steps to revive the idea of creating its own monetary fund, Malaysian Prime Minister Anwar Ibrahim has said.
Malaysian Prime Minister Anwar Ibrahim speaks to TV BRICS. Photo courtesy of TV BRICS.
In an interview with “TV BRICS” in Kazan (Russia) on May 17, Anwar cited the example of the Chiang Mai Initiative, where central banks cooperate and promote the use of local currencies. Currently, the central banks of Thailand, Indonesia and China are targeting 20% of trade transactions in the local currencies, representing billions of dollars.
According to the Malaysian PM, although the US dollars is still the dominant currency globally, ASEAN can consider taking some measures to minimize risks and protect the interests of member countries.
He noted that Malaysia will host the ASEAN Summit on May 26-27, which will focus on economic matters. The summit will be an opportunity to engage ASEAN's key trading partners and reinforce the bloc's commitment to rules-based multilateral cooperation.
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