Four ASEAN Central Banks Sign MoU to Strengthen Local Currency Transaction Framework

Bank Indonesia (BI), Bank Negara Malaysia (BNM), Bank of Thailand (BOT), and the Bangko Sentral ng Pilipinas (BSP) signed a Memorandum of Understanding (MoU) on November 13, 2026, to enhance cooperation under the Local Currency Transaction (LCT) Framework. This initiative aims to promote the use of local currencies in bilateral transactions, improving cross-border settlement efficiency, reducing conversion costs, and offering greater flexibility in managing foreign exchange risks.