South Korea and Indonesia set up currency transactions framework
Move is latest regional effort to bolster use of local currencies for settling trades
Bank Indonesia, the Bank of Korea and South Korea’s Ministry of Economy and Finance have launched a framework to support the wider use of local currencies for cross-border transactions from September 30.
The authorities announced the framework in a joint statement on August 30.
Under the new framework, the two central banks have selected 21 Indonesian and South Korean banks as appointed cross-currency dealers. The selected banks will facilitate current account transactions between the two
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