ASEAN Nations Taking Steps To Establish Monetary Fund, Strengthen Regional Financial Security
BUSINESS
From Sharifah Hunaini Syed Ismail
KAZAN, (TATARSTAN), May 17 (Bernama) -- ASEAN countries are taking steps to revive the idea of creating their own monetary fund, said Prime Minister Datuk Seri Anwar Ibrahim.
He said that there is a need for transformation within ASEAN, particularly in the financial sector, and that the grouping is actively taking steps in this direction.
"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 per cent of trade transactions in local currencies, representing billions of dollars.
'This shows that, where possible, we should proceed. 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," Anwar said in an interview with TV BRICS.
He was responding to a question on transformation among ASEAN countries, particularly in the financial sector, and his proposal to revive an Asian Monetary Fund as a buffer to shield the region from economic crises.
The interview was conducted yesterday, during the final leg of his official visit to Kazan, Russia.
Anwar began the first part of his four-day visit in Moscow on May 13.
The prime minister also noted that Malaysia will host the ASEAN meeting at the end of this month, which will focus primarily on economic matters.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Barnama
39 minutes ago
- Barnama
Duisburg Launches Return Leg Of ASEAN Express To Boost Europe-Asia Trade
DUISBURG, Germany, June 22 (Bernama-Xinhua) -- A freight train loaded with maternal and infant products, cosmetics, and medical supplies departed Duisburg, Germany on Saturday, marking the launch of the return leg of the ASEAN (Association of Southeast Asian Nations) Express service, reported Xinhua. The departure marks the start of bidirectional operations for a new trade corridor linking Europe and Asia. The train is expected to arrive in ASEAN countries in 19 days, traveling via Chongqing, an inland municipality in southwest China. The ASEAN Express has achieved "seamless connection" between two vital international trade routes of the New International Land-Sea Trade Corridor and the China-Europe freight train service. Its transportation efficiency has significantly improved compared with traditional sea routes.
Barnama
43 minutes ago
- Barnama
Rights Granted Under International Law Cannot Be Taken Away Through War, Threats: Iranian President
ISTANBUL, June 22 (Bernama-Anadolu) -- Iranian President Masoud Pezeshkian stressed Saturday that the rights granted to nations under international law 'cannot be taken away through war and threats,' Anadolu Ajansi (AA) reported. The Iranian president said in a call with his French counterpart, Emmanuel Macron, that his country is ready for dialogue and cooperation to build confidence around its peaceful nuclear activities, but hastened to add that it will never accept demands to halt its enrichment programme, according to state-run Press TV. 'At the same time, our response to the Zionist regime's aggression will be even more forceful and resolute,' he said. 'Iran is prepared for negotiations to resolve issues, but any discussions or preconditions will only be accepted if they align with the rights and norms recognised under international law.'
Barnama
43 minutes ago
- Barnama
Top News Headlines In Indonesia, Myanmar, Singapore & Vietnam: June 22, 2025
BOMB THREAT IN THREE DAYS FORCES SAUDIA PLANE TO LAND IN N. SUMATRA -- JAKARTA GLOBE Joko Widodo (Jokowi), the seventh president of Indonesia, has decided not to run for the chairmanship of the Indonesian Solidarity Party (PSI), according to his youngest son and incumbent chairperson, Kaesang Pangarep. Kaesang said that he and his father communicated intensively on the subject over the past week. A Saudia Airlines aircraft carrying 376 Indonesian hajj pilgrims and 13 crew from Jeddah, Saudi Arabia, to Surabaya in East Java, was forced to make an emergency landing at Kualanamu International Airport in Deli Serdang, North Sumatra, on Saturday morning following a suspected bomb threat. MYANMAR 1. COMMERCIAL-SCALE SOLAR ENERGY PRODUCTION -- THE GLOBAL NEW LIGHT OF MYANMAR The government is exploring commercial-scale solar energy generation to support factories. It is contemplating to provide special incentives for companies to generate solar power and urge local producers to manufacture high-quality solar panels using local raw materials. 2. AGRI, LIVESTOCK ZONING TO ENSURE FOOD SECURITY -- THE GLOBAL NEW LIGHT OF MYANMAR Authorities will focus on implementing agriculture and livestock zones in Yangon to ensure food safety for the city. These zones aim to supply livestock, fish, eggs and vegetables for the more than seven million population of the region daily. SINGAPORE 1.'FORDOW IS GONE': TRUMP SAYS US FORCES BOMBED IRAN NUCLEAR SITES -- THE STRAITS TIMES/REUTERS US President Donald Trump on June 21 said that a 'very successful attack' on three nuclear sites in Iran had been successfully carried out, including at Fordow. HAS STRUCK 3 IRANIAN NUCLEAR SITES, TRUMP SAYS, JOINING ISRAELI AIR CAMPAIGN -- CNA/AP President Donald Trump said on Saturday (Jun 21) that the US military struck three sites in Iran, directly joining Israel's effort to decapitate the country's nuclear programme in a risky gambit to weaken a longtime foe amid Tehran's threat of reprisals that could spark a wider regional conflict. VIETNAM ANTI-DUMPING PROBE AGAINST PLYWOOD EXPORTERS -- VIETNAMPLUS Nearly 100 Vietnamese plywood exporters to the United States (US) will be probed for anti-dumping. The US Department of Commerce has initiated anti-dumping and anti-subsidy investigations into hardwood and decorative plywood products imported from Vietnam. OPERATORS TOLD TO EMBRACE DIGITALISATION -- VIETNAM NEWS Small and medium-sized enterprises (SMEs) in Ho Chi Minh City have been urged to embrace digital and AI transformations to remain competitive and achieve sustainable growth. The city's digital economy is expected to contribute 25 per cent to its local economy by 2030. -- BERNAMA BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; BERNAMA TV on Astro 502, unifi TV 631 and MYTV 121 channels and BERNAMA Radio on FM93.9 (Klang Valley), FM107.5 (Johor Bahru), FM107.9 (Kota Kinabalu) and FM100.9 (Kuching) frequencies. Follow us on social media : Facebook : @bernamaofficial, @bernamatv, @bernamaradio Twitter : @ @BernamaTV, @bernamaradio Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial TikTok : @bernamaofficial
