JAKARTA, March 14 — Asean Secretary-General Kao Kim Hourn on Monday said a common currency and monetary union for the region are not a priority right now, as there are many other agendas that need attention.
Speaking at a public lecture at Universitas Pelita Harapan in Tangerang, Indonesia, he highlighted that post-pandemic recovery is the top priority in Asean today.
He said the idea of a monetary union has been discussed over the past 20 years but there’s still a long way to go, reported Vietnam News Agency (VNA).
In addition to post-pandemic recovery, the other current priorities are Asean connectivity, the blue economy agenda, and increasing intra-Asean trade, he emphasised.
Indonesia, which is serving as the Asean chair this year, has proposed the development of regional payment connectivity for supporting cross-border payments in the region.
The central banks and financial authorities of five countries – Thailand, Indonesia, Malaysia, the Philippines, and Singapore – have signed a memorandum of understanding on boosting regional cross-border payments. The QR code systems of the five countries are expected to be linked to achieve this.
— Bernama
