Bank Indonesia (BI) reported that Indonesia has posted over EUR 1.8 billion worth of transactions under the framework of the local currency settlement (LCS) in the first four months of 2023. The LCS enables countries to conduct bilateral transactions using their own currencies in a bid to cut dependence on the US dollar. The Ministry of Trade’s data shows that Indonesia and the countries with the LCS cooperation is witnessing growth in their bilateral trade. BI reported that the value of trade and investment transactions in the local currency with China, Japan, Malaysia, and Thailand had reached EUR 1.9 billion between January to April 2023. In that period, the transactions mostly came from neighbouring countries such as Malaysia.  “Throughout last year, the LCS transactions with the four countries amounted to EUR 3.8 billion, growing by fivefold from the EUR 741.8 million posted in 2020,” said BI’s monetary policy official, Mr. Indra Astrayuda on Tuesday (27/6). Indonesia-China trade increased from EUR 102.3 billion in 2021 to EUR 124.3 billion in 2022. Meanwhile, Indonesia’s trade with Japan also witnessed a 29.2 percent growth from around EUR 30.2 billion in 2021 to EUR 39 billion in the following year.Link di fonte: https://jakartaglobe.id/business/local-currency-settlements-hit-21b-in-janapril-bank-indonesia (ICE GIACARTA)

Fonte notizia: Jakarta Globe - 27 June 2023