National Task Force Formed to Expand De-Dollarization Efforts in Indonesia

National Task Force Formed to Expand De-Dollarization Efforts in Indonesia


Indonesia’s Push for De-Dollarization

Bank Indonesia (BI) has established a National Task Force to encourage the use of the local currency in transactions with partner countries. The task force was formed during the ASEAN Summit in Jakarta and includes numerous ministries and Government agencies along with BI. The initiative intends to enhance the implementation of local currency transactions (LCT) and reduce reliance on the United States dollar.

Indonesia has already implemented LCT agreements with Malaysia, Thailand, Japan, and China, and has signed participation agreements with Singapore and South Korea to develop an LCT framework. The country’s de-dollarization efforts are in line with the BRICS economic bloc’s decision to promote   the use of national currencies in international trade and finance.

As a member of ASEAN, Indonesia is working with other Southeast Asian countries to encourage the use of local currencies for economic and financial transactions.

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Hot Take

Indonesia’s establishment of a National Task Force to enhance the use of local currency transactions demonstrates its commitment to de-dollarization. By promoting the use of the Indonesian rupiah in international transactions, the country aims to lower its dependence on the United States dollar and strengthen its economic sovereignty. This move aligns with the BRICS economic bloc’s decision to promote   the use of national currencies, and shows Indonesia’s active participation in regional efforts to encourage financial independence. As the use of local currencies becomes more widespread, it might lead to greater stability in the worldwide financial system and reduce the dominance of the United States dollar.

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