ASEAN integration drives development of independent regional financial system: Malaysian analyst
An independent and resilient regional financial system will help reduce reliance on external currencies and enhance monetary stability across Southeast Asia.
Kuala Lumpur (VNA) ൩– Greater economic integration among the members of the Association of Southeast Asian Nations (ASEAN) is accelerating efforts to build an independent and resilient regional financial system, said Lee Pei May, a political expert at the International Islamic University Malaysia.
Speaking in a recent interview with Xinhua, Lee said that the independent and resilient regional financial system will help reduce reliance on external currencies and enhance monetary stability across Southeast Asia.
According to her, these moves are not meant to target any specific country but rather reflect a desire to move away from external financial volatility and facilitate transactions using local currencies for intra-ASEAN trade, which will enable seamless cross-border transactions, provide greater market access for micro, small and medium enterprises (MSMEs), and also boost regional tourism.
The expert said that the push for the use of local currencies has been ongoing for some time, as it helps strengthen the economic integration of ASEAN member states - an important goal that ASEAN seeks to pursue.
In fact, other regions are also moving away from relying too heavily on a single foreign currency, such as the US. dollar, as external interest rates and shifting government policies may cause significant volatility in currency exchange.
Lee said the Regional Payment Connectivity (RPC) initiative was first established to strengthen payment connectivity among the five ASEAN members, notably Malaysia, Thailand, Singapore, Indonesia and the Philippines. To date, the initiative has expanded to include Vietnam, Laos, Brunei and Cambodia.
Under the local currency settlement framework, many national payment systems have been linked, such as that between Malaysia and Indonesia, she said.
Lee also noted that the ASEAN push for local currencies and reduced dependency on external monetary systems has gained momentum amid increasingly unpredictable global developments. Lee emphasised current risks require the region to build an independent and resilient financial system./.
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