KUALA LUMPUR, Sept 25 — The government and Bank Negara Malaysia (BNM) will continue to expand the Local Currency Settlement Framework (LCSF) cooperation with other countries,...
KUALA LUMPUR, Sept 25 — 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.
“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.
Sim said that overall, bilateral local currency settlement between Malaysia, Thailand and Indonesia has shown an increase from 12.8 per cent in 2016 to 19.6 per cent as at August 2023 for Thailand.
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