Cambodia and Vietnam has expressed interest on the expansion of their local currencies in trade in the move to reduce the reliance on US dollar, Prime Minister Datuk Seri Anwar Ibrahim said.
This move is in line with the Association of Southeast Asian Nations (Asean) agreement to push to increase local currency transaction (LCT) and push for better regional connectivity.
Anwar, who is also the Finance minister said Malaysia is an Asean member who is aggresive in reducing the reliance to US dollar and we have been well-received so far.
“In addition, we have just signed an agreement in Asean summit this year where member nations such as Vietnam and Cambodia has agreed do increase use of their local currencies.
“Both Vietnam and Cambodia has shown their support for the Local Currency Transaction Framework to implement LCT that has been signed recently,” said Anwar at Dewan Rakyat today (Oct 17).
Asean members had signed the agreement at the 42nd Asean Summit, held in Labuan Bajo, Indonesia. The agreement is seen as the bloc’s strategy to transition away from established currencies used for trade, such as the US dollar.
