Indonesia, Malaysia, and Thailand Promote Use of Local Currencies in Bilateral Transactions

[snoop1130]

 

BANGKOK, Aug 25 (TNA) – Bank Indonesia, Bank Negara Malaysia, and the Bank of Thailand on Friday concluded three Memorandum of Understanding (MoUs), which are the framework for cooperation to promote bilateral transactions in local currencies between the countries.

 

These MoUs are set to strengthen cross-border economic activities, enhance regional financial market stability, and deepen local currency markets in the signing countries.

 

Bank Indonesia Governor Perry Warjiyo, Bank Negara Malaysia Governor Abdul Rasheed Ghaffour, and Bank of Thailand Governor Sethaput Suthiwartnarueput signed the bilateral MoUs.

 

Full Story: https://tna.mcot.net/english-news-1228754

 

-- Thai News Agency 2023-08-25

 

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[Pouatchee]

right... the girls at 7/11 gonna have a blast with that.

[IAMHERE]

How much money they talking about here?  What are the big ticket items these 3 countries trade with each other? 

[Gsxrnz]

Another step towards the demise of the USD as the world's Reserve Currency.

 

[Bangkok Barry]

1 hour ago, Gsxrnz said:

Another step towards the demise of the USD as the world's Reserve Currency.

 

I don't think the $US has much to worry about from three very minor Asian countries. They have little to no influence with the wider world.

[khunjeff]

2 hours ago, Gsxrnz said:

Another step towards the demise of the USD as the world's Reserve Currency.

 

We've heard similar announcements from the same group of countries every couple of years for decades, and so far virtually nothing has happened - so I don't think Uncle Sam has much to worry about for the moment 

[generealty]

4 hours ago, Bangkok Barry said:

don't think the $US has much to worry about from three very minor Asian countries. They have little to no influence with the wider world.

With the Brics trading bloc just adding 6 more countries with KSA, IRAN and UAE all big oil producers, is chipping away at the USD calling for trade between the bloc using their own currencies. With a further 40 countries waiting to join, I think it is the start of a shift away from the dollar. Over 50% worlds population, more gdp than G7 and 27% of oil production. Difficult to ignore. Maybe the USA should stop sanctioning countries and seizing their assets. The world is turning against a weaponised financial system using the Greenback.

[John Drake]

9 minutes ago, generealty said:

With the Brics trading bloc just adding 6 more countries with KSA, IRAN and UAE all big oil producers, is chipping away at the USD calling for trade between the bloc using their own currencies. With a further 40 countries waiting to join, I think it is the start of a shift away from the dollar. Over 50% worlds population, more gdp than G7 and 27% of oil production. Difficult to ignore. Maybe the USA should stop sanctioning countries and seizing their assets. The world is turning against a weaponised financial system using the Greenback.

Doesn't look like de-dollarization is working so well for Russia and India.  https://uk.finance.yahoo.com/news/russia-says-theres-problem-billions-014447565.html

[placnx]

9 hours ago, Gsxrnz said:

Another step towards the demise of the USD as the world's Reserve Currency.

 

This echoes the BRICS meeting which expanded by 6 countries and is encouraging trade without the USD as intermediary. New members include Saudi Arabia, UAE, Egypt, and Iran, so now the Middle East is covered.

[placnx]

3 hours ago, generealty said:

With the Brics trading bloc just adding 6 more countries with KSA, IRAN and UAE all big oil producers, is chipping away at the USD calling for trade between the bloc using their own currencies. With a further 40 countries waiting to join, I think it is the start of a shift away from the dollar. Over 50% worlds population, more gdp than G7 and 27% of oil production. Difficult to ignore. Maybe the USA should stop sanctioning countries and seizing their assets. The world is turning against a weaponised financial system using the Greenback.

Already with 11 members the group could become unwieldy, so 40 more is unlikely. 

[Jelli]

7 hours ago, Bangkok Barry said:

I don't think the $US has much to worry about from three very minor Asian countries. They have little to no influence with the wider world.

What about the total output of palm oil between all three?

 

Rubber

 

 

[retarius]

Great news. Let's hope it spreads and the world rids itself of the weaponised dollar in ASEAN.

[retarius]

On 8/26/2023 at 1:22 PM, Bangkok Barry said:

I don't think the $US has much to worry about from three very minor Asian countries. They have little to no influence with the wider world.

I think you are missing the point.....this is the beginning of the process. But take a look at forecasts for 20 years hence, and BRICS will be a much bigger deal, and if Saudi ditches the petrodollar (which it will), the US loses its ability to finance its wars by printing money. The end is nigh.

[CartagenaWarlock]

On 8/26/2023 at 3:36 AM, generealty said:

With the Brics trading bloc just adding 6 more countries with KSA, IRAN and UAE all big oil producers, is chipping away at the USD calling for trade between the bloc using their own currencies. With a further 40 countries waiting to join, I think it is the start of a shift away from the dollar. Over 50% worlds population, more gdp than G7 and 27% of oil production. Difficult to ignore. Maybe the USA should stop sanctioning countries and seizing their assets. The world is turning against a weaponised financial system using the Greenback.

It will take time but I do believe within two decades, the dollar will be used in less than 50% of world trade transactions from its current value of approximate 90%

[Bangkok Barry]

43 minutes ago, retarius said:

I think you are missing the point.....this is the beginning of the process. But take a look at forecasts for 20 years hence, and BRICS will be a much bigger deal, and if Saudi ditches the petrodollar (which it will), the US loses its ability to finance its wars by printing money. The end is nigh.

I'll leave the world to it. I'll be dead by then. Meanwhile, a lot can and will happen in the coming years which could make any predictions pointless.