The use of local currencies in cross-border transactions among ASEAN member states soared to US$14.1 billion between January and July 2025, marking a 112 per cent year-on-year increase. The figure already accounts for 87 per cent of the total transactions recorded in 2024, underscoring rapid progress in regional financial cooperation.
According to Indonesia’s central bank, the initiative to expand local currency settlement is proving instrumental in making trade and investment flows more efficient, reducing issues associated with exchange rate fluctuations, and supporting the development of deeper financial markets across Southeast Asia.
From the perspective of users, adoption has accelerated significantly: in 2025, the number of customers using local currency transactions rose to an average of 7,568 per month, compared with 5,020 per month last year.
Regional counterparts have also highlighted the growing momentum. Officials from Thailand and Malaysia stressed that enhanced collaboration between ASEAN central banks is not only strengthening bilateral trade but also laying the foundation for inclusive economic growth.
The initiative, first launched in 2016, was formally implemented in 2018 and has since expanded to six partner countries. This is reported by
VNA, a partner of TV BRICS.
Observers note that the scope for further expansion of local currency settlement remains vast.
Photo: Oleg Petrjakov /
iStock
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