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The Jakarta Post-Apr 10, 2019

The Philippines agreed last week to join the local currency settlement (LCS) framework — which Indonesia, Thailand and Malaysia have operated over the past two years — in a bid to expand intra-ASEAN trade and investment as well as to strengthen the region’s economic integration.

The agreement between Bangko Sentral ng Pilipinas (BSP), Bank Indonesia (BI), Bank Negara Malaysia (BNM), and the Bank of Thailand (BOT) was signed on the sidelines of the ASEAN finance ministers and central bank governors meetings in Thailand last Friday. These initiatives are part of continuous efforts to promote the wider use of local currencies to facilitate and boost trade as well as investment in these countries.  Read more at: https://www.thejakartapost.com/academia/2019/04/10/asean-local-currency-deals.html