“Indonesia and Singapore have officially operationalized their bilateral local currency transaction framework, the central banks announced Monday, marking progress in ASEAN’s move away from the American dollar.”
” ‘Key features of the framework include the promotion of direct quotations between the Indonesian rupiah and Singapore dollar, as well as implementation of relevant rules and regulations to enhance the usage of local currencies,’ the statement reads.”
“They have also picked as many as 9 Indonesian banks to facilitate the local currency payments: namely BCA, CIMB Niaga, DBS, Maybank, BNI, OCBC NISP, Bank Jatim, and UOB Indonesia.”
“The list of the 3 eligible Singaporean banks is as follows: DBS Bank Ltd, Oversea-Chinese Banking Corporation Limited, and United Overseas Bank Limited.”
“Government data showed Indonesia-Singapore trade amounted to $16.9 billion in the first half of 2026, with Jakarta recording a deficit of almost $4.4 billion.”
https://jakartaglobe.id/business/bye-us-dollar-indonesia-singapore-use-local-currencies-in-trade