Local Currency Settlement Framework Launched
105 views · Published 11 December 2017 · 1:16 · Indexed 8 November 2026
Channel: 7Edition · 2017 · News & Politics
The implementation of the local currency trade settlement frameworks between Bank Indonesia, BI, Bank Negara, BNM and Bank of Thailand, BOT will complement the existing close partnership and cooperation among the three countries which share common objectives and aspirations. Bank Negara Governor Tan Sri Muhammad Ibrahim said in a statement, all three frameworks, namely rupiah-ringgit framework, rupiah-baht framework; and expanded baht-ringgit framework, will be effective from January 2nd, 2018. In the statement, Tan Sri Mohammad also said within the region, Indonesia and Thailand were important partners to Malaysia in terms of trade and direct investments and this will continue to be propelled by inter-company linkages and cross-border investments. He added, this framework is an enormous business opportunity for the financial sector, which has yet to be realised. With the introduction of the three frameworks, the three nations had reached a new pinnacle of regional initiatives where cross-border settlements using local currencies to settle trade and direct investments have taken shape. BNM hopes this to be strengthened further, supported by the strong growth of intra-ASEAN trade.
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