ASEAN Encourages Expansion of Cross-border Settlement in Local Currencies, De-dollarisation Has Become a Global Trend

According to a report by the Vietnam News Agency on May 11, in order to promote regional economic integration, leaders of the Association of Southeast Asian Nations (ASEAN) issued a group declaration on promoting regional payment interconnection and promoting local currency transactions during the 42nd ASEAN Summit. The countries recognize the potential benefits of using their own currencies in enhancing financial resilience, deepening regional financial integration, and strengthening regional value chains, the declaration said.

The countries announced their commitment to capitalize on emerging opportunities to promote regional payment connectivity and enhance seamless and secure cross-border payments. ASEAN members encourage the use of local currencies for cross-border transactions within the region and support the establishment of a dedicated group to study transactions in local currencies.

Ahead of the summit, the Indonesian Employers Association (Apindo) had expected Indonesia to take advantage of its Asean presidency in 2023 to push for regional de-dollarisation. Ajib Hamdani, head of Apindo's economic policy analysis committee, said in an official statement that de-dollarisation has become a global trend and, to some extent, an economic direction.

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