Latest news with #AsianMonetaryFund
Barnama
17-05-2025
- Business
- Barnama
ASEAN Nations Taking Steps To Establish Monetary Fund, Strengthen Regional Financial Security
BUSINESS From Sharifah Hunaini Syed Ismail KAZAN, (TATARSTAN), May 17 (Bernama) -- 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.
The Star
17-05-2025
- Business
- The Star
Asean nations taking steps to establish monetary fund, strengthen regional financial security, says Anwar
KAZAN, Russia: Asean countries are taking steps to revive the idea of creating their own monetary fund, says Datuk Seri Anwar Ibrahim. The Prime Minister 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% 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 on Friday (May 16) during the final leg of his official visit to Russia. Anwar began the first part of his four-day visit in Moscow on May 13. He also noted that Malaysia would 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 would 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. – Bernama
The Sun
17-05-2025
- Business
- The Sun
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.
The Sun
17-05-2025
- Business
- The Sun
ASEAN nations taking steps to establish monetary fund
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.
New Straits Times
17-05-2025
- Business
- New Straits Times
Anwar: Malaysia, regional partners target 20pct of trade in local currencies
KAZAN: Malaysia and several regional partners are targeting to conduct up to 20 per cent of their trade in local currencies, said Prime Minister Datuk Seri Anwar Ibrahim. He said this signalled a regional push to strengthen monetary autonomy and reduce overdependence on the United States (US) dollar. In an exclusive interview with international broadcaster TV BRICS, Anwar said the shift includes trade with China, Thailand and Indonesia, covering transactions worth "billions of dollars". "This shows that where we can, we should proceed," he told TV BRICS host and international cooperation director Darya Ivankova. The interview took place on the sidelines of the KazanForum 2025, on the final day of Anwar's four-day official visit to Russia, which concluded on May 16. "It's not about replacing the dollar, which remains dominant globally, but about creating buffers to protect our national interests," he said. Anwar added the effort forms part of broader regional cooperation under frameworks like the Chiang Mai Initiative. Under the initiative, Asean+3 economies are deepening collaboration among their central banks and promoting cross-border settlements in domestic currencies. He said discussions have also touched on reviving the concept of an Asian Monetary Fund, not as a competitor to existing institutions, but as a strategic buffer. "This isn't about challenging anyone," he said. "It's about mitigating shocks and building regional resilience. This is especially important for trade-focused economies like Malaysia." Digital transformation and AI leadership Anwar said Malaysia's broader economic strategy is anchored in digital transformation, energy transition and food security, areas where partnerships with BRICS and Global South countries have become increasingly vital. He pointed to Malaysia's emerging role as a regional hub for semiconductors, artificial intelligence (AI) and data centres, supported by the government's National Semiconductor Strategy. "We have attracted massive investments from global leaders, Google, Microsoft, Nvidia and Infineon from Germany," he said. "The next phase is about increasing efficiency, scaling up our talent and making the country even more competitive." Energy transition and regional power grid Highlighting Asean-wide energy cooperation, Anwar cited the Asean power grid project as a milestone initiative to support energy sharing across the region. "It's a phenomenal shift, from fossil fuels to hydro, gas and renewable alternatives. It's our collective contribution to sustainability and climate action," he said. Malaysia as Asean chair and BRICS partner Asked about Malaysia's concurrent roles as Asean chair and a new BRICS partner country, Anwar said both platforms provide unique avenues to pursue inclusive, multipolar economic diplomacy. "Malaysia is a trading nation. Asean takes its position of centrality, which means we engage with everyone. BRICS offers a cohesive force within the Global South. We negotiate together and protect our turf together," he said. He noted that Malaysia will host the Asean-Gulf Cooperation Council (GCC) Summit at the end of May. This will be followed by the East Asia Summit and Heads of Government Meeting at the end of the year, offering critical opportunities to strengthen regional economic fundamentals. Free trade and fair growth Anwar also discussed Malaysia's push for more free trade agreements (FTAs), including with the United Arab Emirates, a BRICS member, and reaffirmed Malaysia's openness to future FTAs with BRICS+ countries. "FTAs remain one of the most practical tools to boost trade flows. We've signed them with the United Kingdom and reengaged with the European Union after past setbacks. We're pragmatic." He said what distinguishes BRICS is its focus on the specific challenges of the Global South. This includes food security, raw materials, petrochemicals and gas, areas that are often sidelined in traditional global market structures. Culture, equity and values Anwar concluded the interview by stressing that economic growth must be paired with human development, governance and justice. "To me, the role of women, culture, education and environmental protection are not side issues, they are central to progress," he said. "We can't keep being lectured by countries that haven't fulfilled their promises to the developing world. We have to move forward on our terms, fairly and sustainably."
