Malaysia, Thailand to promote trade, investment in local currencies
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Bank Negara Malaysia and Bank of Thailand today signed a Memorandum of Understanding (MoU) on the establishment of a framework for cooperation to promote the settlement of bilateral trade and direct investment in their local currencies - ringgit and baht.
According to the central banks of the two countries, this arrangement is aimed at enhancing the bilateral trade and investment flows between Malaysia and Thailand. It would reduce the risks of exposure to the volatility of global settlement currencies and also to lower transaction costs for businesses.
