BRICS’ Indonesia, Russia in Talks to Use Local Currencies for Trade
“Russia’s exemption from the SWIFT has made it very difficult for us to use financial settlements in American dollars. That’s why we should find appropriate ways to use national currencies. This is something that the Russian and Indonesian financial institutions are working on. … So yes, we are already discussing the [local currency] systems,” Russian Ambassador to Indonesia Sergei Tolchenov said in an interview with The Jakarta Globe.
“Indonesia is already using local currencies when trading with China and Japan, as well as ASEAN neighbors Malaysia and Thailand. Bank Indonesia already secured a memorandum of understanding (MoU) for a similar deal with the central bank of fellow BRICS member India in 2024. The MoU would pave the way for the use of Indian rupee and rupiahs for cross-border transactions.”
Full article on The Jakarta Globe.