Finance ministers and central bank governors from the Association of Southeast Asian Nations (ASEAN) this week discussed dropping the US Dollar, Euro, Yen, and British Pound from financial transactions and instead moving to settlements in local currencies. ASEAN includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. According to IMF figures, the combined nominal GDP of the bloc in 2023 amounts to approximately $3.9 trillion.
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