ASEAN working towards regional monetary fund, financial reform

The Association of Southeast Asian Nations (ASEAN) is beginning to revive the idea of building its own monetary fund and enhancing regional financial security, ASEAN Chair Malaysia's Prime Minister Anwar Ibrahim has said.

ASEAN is actively working to transform the association, particularly in monetary matters, given the necessity for such changes, Anwar Ibrahim said in an interview with TV BRICS on Friday, as quoted by The Star Daily.

"One example is the Chiang Mai Initiative, where central banks in the region collaborate and promote the use of local currencies, such as in current efforts with Thailand, Indonesia, and China, which are targeting 20 percent of trade transactions in local currencies, representing billions of dollars," said Anwar, adding that this shows the next step that, "where possible," the members should proceed to.

"Although the dollar remains the dominant currency globally, we can at least establish some form of reprieve to help mitigate risks and protect our national interests," he said.

He also remarked upon the ASEAN summit that will happen in Malaysia at the end of the month and how its main focus will be on economic matters.

ASEAN is an international intergovernmental organisation consisting of Indonesia, Vietnam, Laos, Brunei, Thailand, Myanmar, the Philippines, Cambodia, Singapore, and Malaysia.

Malaysia took the ASEAN rotating chairmanship in 2025.​​​​​​​

___

Source: TRT