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Common currency outside of ASEAN priorities

Common currency outside of ASEAN priorities

Jakarta, Mar 14 (Prensa Latina) The use of a common currency for the region is not among the priorities of the Association of Southeast Asian Nations (ASEAN), assured the bloc's secretary general, Kao Kim Hourn.

The maximum attention of the group at this time is focused on the post-pandemic recovery, the official said, who reminded that the issue of monetary union has been discussed for two decades, “but there are still other priorities” that must be addressed.

Kim Hourn mentioned, among other things, the need to promote ASEAN connectivity, advance the green economy agenda, and foster an increase in intra-bloc trade.

Indonesia, in its capacity as the association’s current president, has already proposed developing regional payment connectivity to support cross-border payments in the area, he said.

In fact, the central banks and financial organizations of five countries: Thailand, Indonesia, Malaysia, the Philippines and Singapore, signed a memorandum of understanding in order to promote this management and plan to link QR code systems to ease such operations.


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