Indonesia and South Korea to launch cross-border settlement

Bank Indonesia has been a leader in boosting the use of local currency for cross-border trade

asia pacific

The central banks of Indonesia and South Korea said they will start allowing businesses to settle cross-border trade between the two countries in their local currencies from next year. 

Bank Indonesia and Bank of Korea first signed a memorandum of understanding in May this year to set up a framework to promote bilateral transactions in the rupiah and the won. 

In a joint statement issued on December 10, the central banks said they had agreed to set up operational guidelines for the framework as a

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