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Indonesia, Malaysia, Thailand Boost Local Currency Payments
(MENAFN) Bank Indonesia, Bank Negara Malaysia, and Bank of Thailand have appointed new Appointed Cross Currency Dealers (ACCDs) to boost the use of local currencies in bilateral transactions among the three countries, according to a statement released by Bank Indonesia on Tuesday.
These newly designated ACCD banks will support cross-border payments related to trade in goods and services, as well as direct and portfolio investments. The expansion is intended to increase consumer access to local currency liquidity, extend the reach of cross-border financial services, and provide businesses with more options for settling transactions in local currencies between Indonesia, Malaysia, and Thailand.
This move is part of ongoing efforts under the Local Currency Transaction Framework (LCTF), following a joint operational harmonization agreement signed on February 17, 2025.
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