Bank Indonesia sets $55 billion target for local-currency trade by 2026

Bank Indonesia announced a plan to more than double the volume of local-currency transactions to around $55 billion by 2026, compared with about $25 billion recorded the previous year. Governor Destry Damayanti explained that the increase will stem from bilateral arrangements with six to seven strategic trading partners, highlighting China as a leading source of value this year. The initiative is designed to broaden the mix of currencies used for exports, imports and investment, thereby lowering dependence on the US dollar and relieving pressure on the rupiah.

In parallel, the central bank is expanding the QRIS cross-border payment system, which is now available in seven nations. Singapore has signaled a desire to join the local-currency scheme, while India is exploring cooperation on both the LCT program and QRIS payments. The bank continues to promote QRIS adoption domestically, where micro, small and medium-sized enterprises dominate the merchant base.