KUALA LUMPUR (Nikkei Markets) -- Malaysia, Thailand, and Indonesia Monday launched a framework and appointed top banks as partners in a co-ordinated effort to promote local currencies in settling bilateral trade and direct investments that would help reduce reliance on U.S. dollars for such transactions.
All three frameworks--rupiah-ringgit, rupiah-baht, and expanded baht-ringgit-- will be effective from Jan. 2, Bank Indonesia, Bank Negara Malaysia, and Bank of Thailand said in a joint statement. The effort aims at cutting transaction costs, broaden trade settlement options, and boost efficiency.
