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ASEAN seeks to use local currencies on trade

05-06-2011 15:39 BJT

JAKARTA, May 6 (Xinhua) -- Economic ministers of ASEAN countries on Friday pushed the usage of local currency among the countries and between ASEAN and ASEAN plus three countries, Indonesian minister said here.

Indonesian Finance Minister Agus Martowardojo said after a meeting of ASEAN economic ministers in the 18th ASEAN Summit in Jakarta that the priority would be put on the trade with the ASEAN plus three countries, China, Japan, and South Korea, as more trade activities carried out between ASEAN and them.

"WE (ASEAN) pushes the internal trade of ASEAN to use local currencies. So, it is not necessary to use foreign currency," Martowardojo said after the meeting.

The minister said that the consequence of the new move would allow the each member countries to recommend their central banks to cooperate and to provide the bilateral swap agreement to make each countries to be able to exchange their currencies.

"So the central banks provide the liquidity," he said.

Editor:Yang Jie |Source: Xinhua

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