Malaysia, Indonesia central banks to cooperate on innovation in payments and digital financial services
The central banks of Malaysia and Indonesia have agreed to cooperate closer on innovation in payments and digital financial services, Bank Negara Malaysia (BNM) said in a statement on Friday.
The two central banks signed a memorandum of understanding to reaffirm their commitment in supporting the development of payment systems and digital financial innovations, as well as surveillance on anti-money laundering and counter financing of terrorism, said BNM.
The agreement was signed during a bilateral meeting in Kuala Lumpur on Friday.
BNM said the meeting also discussed “recent economic and financial developments” including in Islamic finance, social financing and financial market development.
BNM and Bank Indonesia also signed a local currency bilateral swap agreement for the exchange of local currencies between the central bank of up to 8 billion ringgit or 28 trillion rupiah (around $2 billion).
The agreement is to support wider usage of local currencies to facilitate cross-border economic activity between Malaysia and Indonesia. It will be in force for three years and can be extended by mutual agreement of the two central banks.
|
READ ALSO |
© Salaam Gateway 2019 All Rights Reserved
