ASEAN Advances Regional Financial Stability Through Currency Collaboration
Rio de Janeiro, Brazil – July 5, 2025 – At the BRICS Business Forum, Prime Minister Anwar Ibrahim highlighted ASEAN’s proactive measures to bolster regional financial resilience and reduce reliance on single-nation economic dominance. These efforts center on increasing intra-ASEAN trade and, crucially, expanding the use of local currencies in commercial transactions.
Shifting Towards Regional Currency Use
While acknowledging that a complete move away from the US dollar – frequently enough termed “de-dollarization” – remains a long-term objective, the Prime Minister emphasized the importance of current initiatives. Malaysia is collaborating with key partners including Indonesia, Thailand, and China to facilitate trade settlements in their respective currencies. Initial steps involve utilizing local currencies for 10-20% of trade volume, a move seen as a foundational shift towards greater financial autonomy.
this pragmatic approach, Anwar stated, is essential. “Progress demands action, not just discussion,” he asserted, speaking at the forum titled “Bridging Continents, Building Future: A Shared Agenda for Sustainable Progress.” The event was attended by prominent figures including Brazilian President Luiz Inácio Lula da Silva, Vice-President Geraldo Alckmin, and Ricardo Alban, president of the Brazilian Confederation of National Industry.
ASEAN Centrality and Concrete Action
Anwar underscored the importance of ASEAN maintaining its central role in the region, advocating for a policy of broad engagement and support for equitable global practices. He cautioned against empty promises and stressed the need for