Asean+3 encourages the use of local currencies

JAKARTA: Asean+3 encourages the use of local currencies in inter-member country transactions to boost trading and investment volume in the region.

Finance Minister Agus D. W. Martowardojo mentioned a number of initiatives in the discussion of Asean Summit, among which were to increase trade and investment volume and the use of local currencies in transactions among the Asean member countries plus China, Japan and South Korea (Asean+3).

“We also discuss the importance of central banks in the countries to take lesson for doing and preparing billateral swap agreement facility using local currency," he said today.

All the topics are being discussed at deputy minister level before they are taken to each head of state.

Although it is just an initiative, he expects it to be widely agreed and implemented by each of member country to minimize risk of fluctuating US dollar. (NOM)

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