Asean bid to push local currencies

By SUCHEERA PINIJPARAKARN 
THE NATION

 

BOT, TWO OTHER CENTRAL BANKS SIGN MOU TO INCREASE USE FROM 15% AT PRESENT

 

A LOCAL-CURRENCY framework by three Asean central banks – Bank Indonesia, Bank Negara Malaysia and the Bank of Thailand – will help increase the usage of local currencies for Thai trades from 15 per cent currently, said BOT assistant governor Chantawan Sucharitkul.

 

The US dollar is the major currency for Thai trades, at 85 per cent, but local currencies will increase after the three central banks agreed to support the use of local currencies, she said.

 

Full story: http://www.nationmultimedia.com/news/business/EconomyAndTourism/30302748

 

 

 

-- © Copyright The Nation 2016-12-24

A stealth attack in the making. Nano moves to bypass the Greenback. It amazes me when governments float bonds that people are dumb enough to buy an instrument with a zero degree of interest. Bury it in the back yard. 

19 minutes ago, elgordo38 said:

A stealth attack in the making. Nano moves to bypass the Greenback. It amazes me when governments float bonds that people are dumb enough to buy an instrument with a zero degree of interest. Bury it in the back yard. 

 

It's really weird to see the ordinary people in neighbouring countries put such emphasis on using their own currency rather than US dollars. 10 years ago if you tried to pay in anything other than US dollars in places like Cambodia and Laos they used to laugh at you and their local currencies were regarded as a bit of a joke.

Now there is even a pharmacy in Sihanoukville in Cambodia prominently displaying a sign saying they will only accept Riel and won't accept dollars and then in Luang Prabang in Laos they wont accept US dollars at the National Museum and they actually make you go to the bank and come back with a few hundred thousand Kip.

so much faith in fiat crap

Edited December 24, 20169 yr by Asiantravel

Just now, Asiantravel said:

 

It's really weird to see the ordinary people in neighbouring countries put such emphasis on using their own currency rather than US dollars. 10 years ago if you tried to pay in anything other than US dollars in places like Cambodia and Laos they used to laugh at you and their local currencies were regarded as a bit of a joke.

Now there is even a pharmacy in Sihanoukville in Cambodia prominently displaying a sign saying they will only accept Riel and won't accept dollars and then in Luang Prabang they wont accept US dollars at the National Museum and they actually make you go to the bank and come back with a few hundred thousand Kip.

so much faith in fiat crap

Well I'll be Kippered. Eh!! a kindred spirit. Enlightening to say the least. If there are statues around of the original members of the Federal Reserve maybe they should do a Saddam Hussein rope trick on them. Yes the walls will come tumbling down. 

Run that past me again!!

As strong as the Thai baht is against world currencies I doubt other Asean  countries will want to trade in Baht.

A relief to know that ASEAN do not appear to be making the same mistake as the EU of adopting a common currency (the euro, which is now looking increasingly doomed by the day)!

Thai Baht  is  not  all  that  strong!!

  How  can  I  say  it,   ummmm,  honestly....

I  just  cannot  believe  everything  that I  read  these

days,  I must  be getting  paranoid, or  something.

Oh  my  rose colored glasses....  where  are  my  rose

colored glasses!