KUALA LUMPUR, March 24 — Malaysia recorded RM82.1 billion in trade and investment payments with China, Thailand and Indonesia settled in local currencies as at November 2025, a sharp rise from just RM3.6 billion in 2009.

Finance Minister Datuk Seri Anwar Ibrahim revealed the figures in a written reply to Bagan MP Lim Guan Eng, who had asked about alternatives to the US dollar-dominated SWIFT system.

Anwar said Bank Negara Malaysia (BNM) has taken proactive steps to promote local currency use in cross-border trade, reducing exposure to exchange rate volatility and strengthening financial resilience. With China, settlement in renminbi and ringgit surged to 25.6 per cent of total trade by late 2025, while similar frameworks with Thailand and Indonesia have also boosted local currency transactions.

He added that Malaysia is exploring new approaches through central bank digital currencies, including participation in Project Dunbar, which tests cross-border payments using wholesale CBDCs.

“The government and BNM will continue to strengthen and diversify local currency settlement channels to facilitate trade and investment, supporting the sustainability of the regional financial system,” Anwar said.