Asean to Move Towards De-dollarization

The calls for de-dollarization have been met with concrete government actions. In addition to strengthening partnerships and coordination within Asean, policymakers have established a dedicated team to promote the use of local currency, reducing reliance on the US dollar.

Maria Elena & Tegar Arief Fadly

6 Sep 2023 - 19.14
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Asean to Move Towards De-dollarization

An employee shows United States (US) dollar bills in Jakarta, Tuesday (5/9/2023). Bisnis/Eusebio Chrysnamurti

Bisnis, JAKARTA — The calls for de-dollarization have been met with concrete government actions. In addition to strengthening partnerships and coordination within Asean, policymakers have established a dedicated team to promote the use of local currency, reducing reliance on the US dollar.

During the 43rd Asean Summit, Indonesia, as the chair, took the opportunity to advance the cause of de-dollarization by establishing a National Local Currency Transaction (LCT) Task Force.

While the task force initially focuses on cooperation with countries like Malaysia, Thailand, Japan, and China, the signing of the memorandum of understanding signifies Indonesia's commitment to promoting local currency transactions.

Indonesia's establishment of the LCT Task Force is a direct response to the commitment made by Asean leaders during the 42nd Asean Summit in Labuan Bajo, East Nusa Tenggara. During that summit, Asean leaders pledged to enhance payment connectivity between regional countries and promote the use of local currencies in transactions.

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.