Indonesian, Malaysian banks expand local currency settlement framework
Bank Negara Malaysia (BNM) and Bank Indonesia (BI) on August 2 agreed on the expansion of the ringgit-rupiah settlement framework between the two countries in accordance with a Memorandum of Understanding that was signed in 2016.
A view of Bank Negara Malaysia (BNM) (Photo: //www.thestar.com.my/)
Jakarta (VNA) – Bank Negara Malaysia (BNM) andBank Indonesia (BI) on August 2 agreed on theexpansion of the ringgit-rupiah settlement framework between the twocountries in accordance with a Memorandum ofUnderstanding that was signed in 2016.
Thisexpansion, which became effective from August 2, is part of thecontinuous effort to facilitate wider use of local currencies for settlement oftrade and direct investment between Malaysia and Indonesia.
BNMsaid in a statement that the expanded framework now includes direct investment,income and transfer, in addition to trade, as eligible underlying transactions.
It also includes expansion of eligible users of the framework,such as individuals, and additional foreign exchange policy flexibility, suchas simpler documentation requirements, to facilitate the operationalisation ofthe framework.
Giventhe expansion, BNM and BI have also appointed additional qualified commercialbanks in both countries to support the operationalisation of the expandedringgit-rupiah settlement framework.
The appointed banks are experienced in facilitating trade anddirect investment between the two countries, have a wide customer base and haveestablished strong business relationships with banks in the counterpartycountry./.
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A view of Bank Negara Malaysia (BNM) (Photo: //www.thestar.com.my/) 
