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Tuesday, February 7, 2023

Asean pushes back against King Dollar

Region making strides in reducing dependence on US currency

(Photo: Reuters)

Southeast Asia, like much of the rest of the world, is losing patience with King Dollar.

The weaponisation of the world’s reserve currency, for example through sanctions on those deemed to be bad actors — such as Russia for its war in Ukraine — has pushed even typically diplomatic Southeast Asians to warn the United States of the consequences. 

In a conference in Singapore on Tuesday, former officials spoke about de-dollarisation efforts under way and what economies in the region should be doing to mitigate the risks of a still-strong dollar that has weakened local currencies and become a tool of economic…

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