Bank Indonesia bolsters FX settlement with Japan and Malaysia
BI continues to promote local currencies in a bid to “reduce dependence on the US dollar”
Bank Indonesia (BI) is expanding its collaboration with Japan’s Ministry of Finance to facilitate rupiah-yen settlement, one year after the exchange framework launched.
The authorities now allow foreign exchange transactions up to $500,000 between Indonesia and Japan, double the previous cap, BI announced on August 5. To carry out larger transactions, “underlying documents” are required.
The enhanced framework also deepens the toolbox for hedging FX risks, adding cross-currency swaps and
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