Indonesia moves to push de-dollarisation

Ilustrative image (Photo:sindonews.com)

Jakarta (VNA) - Indonesia is following the lead of BRICS (an acronym for five leading economies: Brazil, Russia, India, China, and South Africa) in de-dollarisation and seeking ways to stop paying for global trade in the US dollar.

According to the SINDOnews, the country plans to introduce the IDR to settle cross-border transactions with the aim of relying less on the USD and promote its currency for international trade.

President Joko Widodo has urged the finance ministry to diversify trade transactions in rupiah with Asian countries.

The Bank of Indonesia Governor Perry Warjiyo said that Indonesia aims to create local currency trading (LCT) transactions to diversify payments on the international stage.

Indonesia will implement the LCT with countries such as Thailand, Malaysia, China, and Japan. It also plans to add the Republic of Korea and India for local currency trading in the coming months./.