Southeast Asian countries have decided to reduce their dependence on Western currencies, especially, the US dollar, which dominates the international market. The member countries of the Association of Southeast Asian Nations (ASEAN) have also agreed to reinforce the use of local currencies in the region. The decision was taken during a two-day meeting between the finance ministers and central bank governors from ASEAN nations in Indonesia’s Bali in the last week of March. The Indonesian president warned that the sanctions imposed on Russia exposed the vulnerability of countries that rely on foreign payment systems. He stressed the need to prepare Indonesia for the possibility of facing similar sanctions in the future. How does ASEAN plan to switch to local currency for trade? Have US sanctions on Russia backfired on the West? Watch for details.

#aseana #usdollar #russiaukrainewar #localcurrency #ASEANditchesUSD #indonesia #business #RussianRuble #WorldNews



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