KUALA LUMPUR: The central banks of Malaysia, Indonesia and Thailand have entered into three bilateral memoranda of understanding (MoU), which provide the framework for cooperation to promote bilateral transactions in local currencies between the countries.
In a joint statement, the central banks said the scope of the framework has been expanded to include more eligible cross-border transactions beyond trade and direct investment which would be implemented gradually.
It will also synergise with cross-border payment initiatives for more accessible and efficient local currency settlements. "The MoUs are set to strengthen cross-border economic activities, enhance regional financial market stability, and deepen local currency markets in the three countries," said the statement.
The MoUs supersede the MoUs on local currency settlement framework signed between the three central banks on Aug 27, 2015, and Dec 23, 2016. Bank Indonesia Governor Perry Warjiyo, Bank Negara Governor Datuk Abdul Rasheed Ghaffour and Bank of Thailand Governor Sethaput Suthiwartnarueput signed the documents on the sidelines of the Asean Finance Ministers and Central Bank Governors’ Meeting in Jakarta.
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