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South Korea, Indonesia central banks agree to promote local currency transactions

Published 05/01/2023, 09:09 PM
Updated 05/01/2023, 09:11 PM
© Reuters. A South Korea won note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration/File Photo

© Reuters. A South Korea won note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration/File Photo

SEOUL (Reuters) - The central banks of South Korea and Indonesia signed a memorandum of understanding on Tuesday to cooperate on promoting the use of their currencies for bilateral transactions, such as current account transactions and direct investment.

© Reuters. A South Korea won note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration/File Photo

The cooperation will help businesses reduce their transaction costs and exposure to exchange rate risks by enabling the direct exchange rate quotation between the Korean won and the Indonesian rupiah in interbank trading, the central banks said in a joint statement.

The agreement was signed by the governors of the two central banks on the sidelines of the ASEAN+3 Finance Ministers and Central Bank Governors Meeting in Incheon, South Korea.

Latest comments

So even our colony South Korea is pushing to get away from using $? Time for Biden to send South Korea president a serious warning.
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