ASEAN plans special fund

ASEAN plans special fund

KUALA LUMPUR, Malaysia (AP): Southeast Asian nations will set up a special fund to help nations hurt by the recent fall of their currencies, according to Malaysian Finance Minister Anwar Ibrahim.

The Malaysian ringgit, the Thai bhat, the Filipino peso and Indonesian rupiah are among regional currencies that have depreciated recently.

Anwar, who is also deputy prime minister, did not give details of the fund in his comments Sunday night at a dinner for visiting Indonesian Finance Minister Mar'ie Muhammad.

But he welcomed the fund planned by the Association of Southeast Asian Nations, or ASEAN, a regional trade group. Its members are Indonesia, Malaysia, Thailand, Brunei, Singapore, Myanmar, Vietnam, Laos and the Philippines.

Anwar said ASEAN members cooperated during the recent fall of the currencies of several Southeast Asian countries.

The ringgit fell from 2.52 to the U.S. dollar seven weeks ago to about 2.78.