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Indonesia, Malaysia and Thailand ink local currency deal

by ChemOrbis Editorial Team - content@chemorbis.com
  • 12/12/2017 (12:15)
According to local media reports, the central banks of Malaysia, Indonesia and Thailand, namely Bank Negara Malaysia (BNM), Bank Indonesia (BI) and Bank of Thailand (BoT), launched a framework agreement on using their local currencies in bilateral trade and investments.

Within the scope of the framework, the countries will use the rupiah, ringgit and baht in their trade transaction to reduce costs and exposure to volatile global markets.

The agreement came in line with the memorandums of understanding signed between the central banks of Malaysia, Thailand and Indonesia between 2015 and 2016.

The agreement will be effective as of January 2, 2018.
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