Indonesia to cut dollar reliance with rupiah near 2-year low

Indonesia to cut dollar reliance with rupiah near 2-year low

2 months ago

JAKARTA: Bank Indonesia seeks to reduce the country’s reliance on the US dollar, with plans to allow domestic transactions of non-deliverable forwards in other currencies and to strike more agreements on local-currency settlement.

The central bank could offer non-US dollar-denominated domestic NDFs next year, Edi Susianto, executive director for monetary management, said in interview on Thursday.

The monetary authority is also seeking local-currency settlement deals with South Korea and Australia while pushing to conclude talks for an agreement with China, its largest trading partner.

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