M'sia's Central Bank-Bank Of Thailand MOU Will Lead To Success Of AEC - Second Finance Minister

PUTRAJAYA (Malaysia), Aug 29 (Bernama) -- The memorandum of understanding (MOU) signed between Malaysia's Central Bank (BNM) and Bank of Thailand Thursday is an important step for greater financial and economic integration that will eventually lead to the success of the ASEAN Economic Community (AEC). In a statement Friday, Malaysia's Second Finance Minister, Ahmad Husni Hanadzlah, said the MOU signified the solid commitment of ASEAN member countries to reinforce ties and enhance the economic, trade and investment cooperation in the ASEAN region. The MOU was signed Thursday for the establishment of a framework for cooperation to promote the settlement of bilateral trade and direct investment in their local currencies. He said the MOU also signified the close relationship of ASEAN member countries to cooperate in achieving the common goal of strengthening economic growth and promote financial stability. "It follows from the MOU signed between Bank Negara Malaysia (BNM) and the People's Bank of China on renminbi clearing arrangements in Malaysia last November. "Both MOUs are positive steps towards building resiliency against the volatility of global settlement currencies," he said. He said AEC was a major joint initiative to achieve deeper regional economic integration and create a large integrated market to allow for seamless flow of goods, services, investment and freer flow of capital and skilled workers. -- BERNAMA