BNM WORKS WITH ASEAN PEERS TO BOOST LOCAL CURRENCY SETTLEMENT - DEPUTY GOVERNOR

KUALA LUMPUR, March 26 (Bernama) -- Bank Negara Malaysia (BNM) will work with its ASEAN counterparts to encourage businesses to use local currencies in facilitating trade within the region, said Deputy Governor Datuk Marzunisham Omar.

He noted that the central bank's focus at the country level as ASEAN-Malaysia chairmanship this year is to look at how the region should come together to further strengthen inter-regional trade and investment flows.

"We are looking at building a more inclusive financial system that will benefit the people in the region. We are also looking at how the financial sector can come together to help finance some of the major sustainable projects in the region.

"These are among the priorities that Malaysia is taking this year in the finance agenda as the ASEAN chair," he told the media after the 2025 BNM Governor’s Address on the Malaysian Economy and panel discussion organised by the Malaysian Economic Association today.

According to Marzunisham, a series of discussions will take place during the upcoming ASEAN Finance Ministers and Central Bank Governors Meeting (AFMGM) and related meetings to be held here beginning April 7 to 10, 2025.

"Most of these will be announced during the week that we meet in April. There will be a series of panel discussions as well on these areas," he added.

During the panel discussion, Marzunisham highlighted that BNM is considering how the financial sector's innovation can help further accelerate trade and investment flows within the region.

"We have seen a lot of progress made, for example, in terms of QR payment, payment connectivity that encourages tourism, and we are also seeing a lot of work done on encouraging trade settlement in local currencies with Indonesia and Thailand," he said.

-- BERNAMA