{
  "id": 18057367,
  "title": "Finance Ministry; Malaysia seeks wider use of local currencies in cross-border trade through BRICS cooperation",
  "url": "https://urgent.news/2026/11/04/finance-ministry-malaysia-seeks-wider-use-of-local-currencies-in",
  "topic": "world",
  "section": "World",
  "published": "2026-11-04T02:42:59.000Z",
  "source": {
    "name": "Malay Mail",
    "slug": "malay-mail-malaymail",
    "url": "https://www.malaymail.com/news/malaysia/2026/11/04/finance-ministry-malaysia-seeks-wider-use-of-local-currencies-in-cross-border-trade-through-brics-cooperation/241906"
  },
  "original_language": "en",
  "account": "KUALA LUMPUR, Nov 4 — The Malaysian Ministry of Finance (MOF) is seeking wider use of local currencies in cross-border trade and investment through cooperation with BRICS nations. The move aims to lower transaction costs and mitigate foreign exchange risks, while bolstering the country's financial resilience against external shocks and providing businesses with more options for international transactions. Wider adoption of local currencies could improve efficiency in managing foreign exchange exposure and contribute to the growth of regional foreign exchange markets. The ministry's response to Tan Sri Abdul Hadi Awang's query on reforms to the international financial system, presented to the Dewan Rakyat, highlights Malaysia's pursuit of such reforms through BRICS. Malaysia has already implemented various initiatives, including cooperation with China to facilitate the use of the renminbi and ringgit in bilateral trade, as well as the Local Currency Transaction Framework (LCTF) with Indonesia and Thailand. The ministry reaffirmed its commitment to strengthening and expanding existing channels and mechanisms to promote local currency use in cross-border trade and investment. However, it acknowledged that major currencies continue to dominate international trade and finance due to structural factors such as market size and widespread acceptance. Consequently, efforts to expand local currency use must be market-driven, supported by efficient cross-border payment infrastructure, and fostered by ongoing collaboration between nations.",
  "summary": "KUALA LUMPUR, Nov 4 — Malaysia aims to enhance the use of local currencies in cross-border trade and investm...",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}