KUALA LUMPUR: Malaysia believed that the establishment of an international monetary cooperation mechanism should be considered to ensure a more effective, equitable financial system that is able to balance the needs of universal development.
Minister of Finance Tengku Datuk Seri Zafrul Abdul Aziz said such cooperation is not a new thing since there has been cooperation at the global level held to deal with the uncertainty of international currency market before.
"One of the examples is the Plaza Accord in 1985, which aims to depreciate the value of the US dollar against the Japanese yen and the German mark through intervention in the international currency market.
"This was followed by the Louvre Accord in 1987, which aimed to stabilise the international currency market and stop the continuous decline of the US dollar following the Plaza Accord," he said in a statement today.
Besides that, he said other collaborations that have been implemented at the world level are during the Global Financial Crisis in 2008, where central banks in developed countries worked together to prevent the financial crisis from spreading around the world.
Tengku Zafrul said multilateral institutions such as the International Monetary Fund (IMF), World Bank, Bank for International Settlement (BIS) and International Organisation of Securities Commissions (IOSCO) also need to be more proactive in helping developing countries such as Malaysia and others in this region.
"The global powerhouses need to bear the responsibility of their policy decisions," he said.
Tengku Zafrul said he would voice the matter at the IMF and World Bank's autumn meeting, which would convene in mid-October.
-- BERNAMA
Bernama
Sat Oct 01 2022
Minister of Finance Tengku Datuk Seri Zafrul Abdul Aziz said such cooperation is not a new thing since there has been cooperation at the global level held to deal with the uncertainty of the international currency market before. - Astro AWANI
Indonesia's free meals plan in the spotlight as Prabowo readies for office
Prabowo calls the programme one of the main drivers of economic growth, eventually set to add an estimated 2.5 million jobs.
Astro AWANI's revamped English news website, AWANI International, launches on Oct 21
Astro AWANI's revamped English platform delivers in-depth global news and expert analysis to keep you informed on key developments.
Israeli strikes kill 33 people in Jabalia refugee camp in Gaza, medics say
Residents of Jabalia said Israeli tanks had reached the heart of the camp after pushing through suburbs and residential districts.
Liam Payne's ex-partner calls for media restraint after 'painful' death
Cheryl Tweedy used her statement to urge the media to remember they had a seven-year-old son, Bear, who could read the reports.
Analysts: Indonesia's strong MoF leadership team to boost investor confidence
Sri Mulyani Indrawati as head of Indonesia's Ministry of Finance is expected to instil confidence among investors.
Biden offers both a carrot and a stick to Israel as his term nears an end
Israel has frequently resisted US advice and has caused political difficulties for the Biden administration.
Putin says BRICS will generate most of global economic growth
Russian President Vladimir Putin will host a summit of the group in the city of Kazan on Oct. 22-24.
ISIS Malaysia's perspective of Budget 2025
An excellent rakyat-centric budget under the overarching principle of a caring and humane economy.
Budget 2025: Record increase in STR, SARA aid initiatives
The government will provide a significant boost to the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA) initiatives next year.
Budget 2025: EPF contributions to be made mandatory for foreign workers – PM Anwar
The government plans to make it compulsory for all non-citizen workers to contribute to the Employees Provident Fund (EPF).
What policies to expect from Indonesia's new President Prabowo
Prabowo will be open to foreign investment, his aide has said, such as by offering investors management of airports and sea ports.
Budget 2025: Govt allocates RM470 mil to empower women's participation in PMKS
The Women's Leadership Apprenticeship Program will be intensified as an effort to produce more female corporate personalities.
Israel sends more troops into north Gaza, deepens raid
Residents of Jabalia in northern Gaza said Israeli tanks had reached the heart of the camp, using heavy air and ground fire.
Indonesia ramps up security ahead of Prabowo's inauguration
Prabowo Subianto will be sworn in as Indonesia's president on Sunday with Vice President-elect, Gibran Rakabuming Raka, also taking office.
Immediate allocation of RM150 mil for local authorities, DID to tackle flash floods
Datuk Seri Anwar Ibrahim said this allocation is intended to address the recent flash floods that hit the capital and several major towns.
Budget 2025: Sabah, Sarawak to continue receiving among highest allocations - PM
Sabah and Sarawak continues to be prioritised under Budget 2025, with allocations of RM6.7 billion and RM5.9 billion respectively.
NFOF will be operational in November 2024 with funding of RM1 bil
PM Anwar Ibrahim said NFOF will support venture capital fund managers to invest in startup companies with RM300 million set aside for 2025.
Minimum wage to increase to RM1,700 effective Feb 1, 2025
The Progressive Wage Policy would be fully enforced next year with an allocation of RM200 million, benefiting 50,000 workers.
Bursa Malaysia ends higher on Budget 2025 optimism
The benchmark index, which opened 1.85 points higher at 1,643.29, moved between 1,641.71 and 1,649.31 throughout the trading session.
Five important aspects relating to people’s lives in Budget 2025 - PM
The focus is on driving the MADANI Economy, speeding reforms, cutting red tape, raising wages, and tackling the cost of living.