JAKARTA – Bank Indonesia encourages wider utilisation of local currencies in bilateral transactions among ASEAN+3 countries to enhance collaboration and payment connectivity in ASEAN+3 countries. Perry Warijyo, Governor of BI, addressed the issue during the Assembly of Ministers of Finance and Governors of Central Banks of ASEAN+3 countries in Incheon, South Korea, yesterday (2/4).

Warijyo said that the biggest challenge now is dependency towards certain currencies that dominate the market in international trading and investments, which, in turn, causes vulnerability and risks in ASEAN+3’s financial stability.

“ASEAN+3 needs innovative initiatives to maintain stability amidst high inflation, strict liquidity, rigid policy, and strong influence of dollar,” Warijyo explained in the press release today (3/5).

Ministers of Finance and Governors of Central Banks of ASEAN+3 welcome said suggestion positively and acknowledge the development of cross-border payment system within ASEAN+3 countries, especially the improvement of local currencies’ utilisation in transactions, during the discussion of thematic issues within ASEAN+3 scope.

Said convention was held under the co-chairmanship of Sri Mulyani Indrawati, Minister of Finance of Indonesia; Perry Warijyo, Governor of BI; Shunichi Suzuki, Minister of Finance of Japan; and Kazuo Ueda, Governor of Bank of Japan. (LK/ZH)