The ASEAN economic union reportedly wants to protect transactions from “possible geopolitical repercussions”
The Association of Southeast Asian Nations (ASEAN) is set to discuss dropping the US dollar, euro, yen and pound sterling from transactions and moving to settlements in local currencies, according to the news magazine Tempo.
An official meeting of ASEAN finance ministers and central bank governors kicked off on Tuesday in Indonesia. A regional grouping that aims to promote economic and security cooperation among its members, ASEAN includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
“Efforts to reduce dependence on major currencies through the Local Currency Transaction (LCT) scheme will be discussed. This is an extension of the previous Local Currency Settlement (LCS) scheme that has already begun to be implemented between ASEAN members,” said the report.
Read more here: https://www.rt.com/business/573730-asean-dollar-euro-dump/
