ASEAN nations taking steps to establish monetary fund, strengthen regional financial security
KAZAN, (TATARSTAN): ASEAN countries are taking steps to revive the idea of creating their own monetary fund, said Prime Minister Datuk Seri Anwar Ibrahim.
He said that there is a need for transformation within ASEAN, particularly in the financial sector, and that the grouping is actively taking steps in this direction.
'One example is the Chiang Mai Initiative, where central banks in the region collaborate and promote the use of local currencies, such as in current efforts with Thailand, Indonesia, and China, which are targeting 20 per cent of trade transactions in local currencies, representing billions of dollars.
'This shows that, where possible, we should proceed. Although the dollar remains the dominant currency globally, we can at least establish some form of reprieve to help mitigate risks and protect our national interests,' Anwar said in an interview with TV BRICS.
He was responding to a question on transformation among ASEAN countries, particularly in the financial sector, and his proposal to revive an Asian Monetary Fund as a buffer to shield the region from economic crises.
The interview was conducted yesterday, during the final leg of his official visit to Kazan, Russia.
Anwar began the first part of his four-day visit in Moscow on May 13.
The prime minister also noted that Malaysia will host the ASEAN meeting at the end of this month, which will focus primarily on economic matters.
'It will also include participation from the Gulf Cooperation Council (GCC), with all six Arab states attending. This will be followed by a summit with China, centred on economic cooperation.
'That shows that our focus is back on economic fundamentals,' Anwar emphasised.
Malaysia will also host the annual Heads of Government Meeting at the end of the year, which will include participation from East Asian economies, India, Australia, New Zealand, and the United States, he added.
Anwar said the gathering will be a major opportunity to engage ASEAN's key trading partners and reinforce the grouping's commitment to rules-based multilateral cooperation.
'I believe that the spirit of ASEAN and BRICS is to resist being subjected to unilateral actions by any single country,' he said.
Malaysia was accepted as a BRICS partner country in January this year.
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