JAKARTA: The plans of the Association of Southeast Asian Nations (Asean) to increase its monetary autonomy so as to reduce reliance on certain foreign currencies and payment systems reflect the de-dollarization process going on in several parts of the world, said an economist of Indonesia's Bank Central Asia (BCA).

In the Asean Finance Ministers and Central Bank Governors meeting, which ended on March 31, member countries have agreed to reinforce the use of local currencies in the region and reduce reliance on major international currencies for cross-border trade and investment.