Post by : Jyoti Gupta

Southeast Asian countries, known as ASEAN, have made a new plan to use their own money for trading with each other instead of always using the US dollar. This plan will start in 2026 and go until 2030. The goal is to make their economies stronger and safer from sudden changes in the value of the US dollar.

Right now, most trade between these countries is done using US dollars. But sometimes, when the value of the dollar goes up or down quickly, it can cause problems for their businesses. By using their own currencies, ASEAN countries hope to avoid these problems and save money on extra fees when they send money across borders.

The plan also includes making it easier for people and companies to move money and do business in the region. They want to connect their payment systems so that sending money from one country to another becomes faster and cheaper.

This change will not happen overnight. ASEAN will slowly use less US dollars and more of its local money for trade. This could make their own currencies stronger and help their economies grow. However, the US dollar is still very important around the world, and it will take time before local currencies can fully replace it in trade.

The 10 ASEAN countries working on this plan are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam.