Indonesia, Singapore central banks implement use of local currencies in bilateral transactions
People count rupiah bank notes at a money changer in Jakarta, Indonesia, June 25, 2026.
PHOTO: Reuters file
JAKARTA - The central banks of Indonesia and Singapore said on Monday (Aug 31) they were now implementing a framework for settling bilateral transactions in their respective local currencies.
"The framework is expected to provide businesses and other users with greater flexibility in conducting transactions in the local currency pair, while reducing their exchange rate risks and costs," they said in a joint statement.
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