KUALA LUMPUR: Malaysia aims to enhance the use of local currencies in cross-border trade and investment transactions through BRICS cooperation.
In doing so, Malaysia hopes to reduce transaction costs and foreign exchange risks, said the Finance Ministry.
It said the move also aims to strengthen the country's financial resilience against external shocks while providing businesses with more options for conducting international transactions.
It added that wider use of local currencies could improve the efficiency of foreign exchange exposure management and support the development of regional foreign exchange markets.
