Search
Back
About Us  
Contact Us  
Forward30  
Leadership  
Group Structure  
Our Rich Heritage  
Corporate Data  
Regulatory Information  
Our Journey  
Our Roadmap  
Our Priorities  
Our Publications, News and Events  
Our Latest Sustainability Report  
For Individuals  
For Businesses  
Overview  
Company Announcements  
Annual Reports  
Credit Ratings  
Capital and Debt Instruments  
Dividends  
Shareholding Information  
Other Information  
Annual General Meeting 2025  
Working at CIMB  
The CIMB Way  
Students  
Fresh Graduate  
Experienced Professionals  
CIMB Alumni Network  

14 March 2016

Paves the way for greater currency cooperation and economic integration between both countries  

 

Kuala Lumpur: Bank Negara Malaysia (“BNM”) and Bank of Thailand (‘BOT”) have respectively appointed CIMB Bank and CIMB Thai as Appointed Cross Currency Dealers (“ACCD”) for the settlement of ringgit-baht trade under the newly launched Local Currency Settlement Framework.

 

The Local Currency Settlement Framework had been jointly established by BNM and BOT to promote the use of Malaysian ringgit and Thai baht between Malaysia and Thailand to settle cross-border trade and direct investments. This marks the first bilateral currency settlement framework within ASEAN, aimed at providing an alternative settlement framework for the USD 22 billion trade between Malaysia and Thailand. The framework would, among other things, benefit businesses by reducing the risks associated with the volatility of global settlement currencies as well as lowering transaction costs.

 

Tengku Dato’ Sri Zafrul Aziz, Chief Executive, CIMB Group said, “We are honoured to be part of this inaugural bilateral currency settlement framework within ASEAN and to be amongst the first banks in the region to offer the direct settlement of Ringgit and Baht. This is indeed a milestone to boost investment development and foster closer economic ties between the two countries.”

 

“This appointment is a validation of CIMB’s value proposition as a leading ASEAN universal bank, through our strong network in both countries, represented by 298 branches in Malaysia and 123 branches in Thailand. As such, we are well positioned to support the myriad of business needs of our customers and facilitate the currency cooperation effort. We look forward to participate in future cross currency arrangements with the other ASEAN countries in the future”, Tengku Zafrul concluded.