ASEAN Dollar Domino Effect: What Will Happen If Thailand Ditches USD?
The ASEAN bloc is now actively working on ways to move away from the US dollar. This development entails ASEAN nations collectively curating their own currency system, which is set to rival the US dollar’s growing prestige. However, as easy as it sounds, with the USD’s reputation as a global reserve currency, it might be harder for the bloc to embrace a new currency without encountering certain negative implications. Thailand, an export-based economy, has relied on the US dollar for holistic trade. If the bloc ditches the dollar, the nation can suffer international severe trade and commerce complications. Also Read: ASEAN: Malaysia Advances De-Dollarization Agenda Ditching the US Dollar: Is That a Good Idea? Thailand had expressed its desire to reduce its dependence on the US dollar. To explain it further, the nation reiterated how it expects to reduce its reliance on USD, mainly in intra-regional trade payments. At the same time, the news of the ASEAN bloc working in sync to form...