Korean and Indonesian central banks sign bilateral transactions MoU

Agreement aims to let firms directly exchange won and rupiah without dollar conversion

Indonesian rupiah notes

The central banks of South Korea and Indonesia signed a memorandum of understanding to encourage bilateral use of their countries’ currencies for trade and investment.

They said private lenders will be able to exchange the won and the rupiah directly, without first converting the currencies to US dollars. “The cooperation will help businesses reduce their transaction costs and exposure to exchange rate risks,” they said in a joint statement on May 2.

The Bank of Korea and Bank Indonesia said

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