KUALA LUMPUR: The government and Bank Negara Malaysia (BNM) will continue to expand the Local Currency Settlement Framework (LCSF) cooperation with ot...
: The government and Bank Negara Malaysia will continue to expand the Local Currency Settlement Framework cooperation with other countries, especially nations that have a high bilateral trade value with Malaysia.said that although the government takes proactive steps to encourage local currency settlement by providing policy flexibility, the choice of using local currency for cross-border settlement is subject to the needs and decisions of private businesses.
“Among them is that the greenback is accepted globally and has deep market liquidity and cost-effectiveness. This contributes to the current dependence of settlements in the US dollar of 82.2 per cent of the total amount of trade settlements as at August 2023,” he said when winding up the Dewan Negara special meeting to debate on the motion of the 12th Malaysia Plan Mid-Term Review today.
The LCSF collaboration established with Thailand and Indonesia is to increase the access of Malaysian importers and exporters to Thai baht and Indonesian rupiah. Meanwhile, Indonesia showed an increase of 12.5 per cent in 2017 to 16.7 per cent as at August 2023 since the establishment of the LCSF.
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