Indonesia Introducing New National Payment System to Protect Against ‘Geopolitical Consequences’

Indonesia Sets up National Payment System in De-Dollarization Push, Protection Against 'Geopolitical Consequences'Indonesia is introducing a new national payment system as the country furthers its de-dollarization efforts and protection against “possible geopolitical consequences.” The new payment system will replace Visa and Mastercard in state-owned institutions and companies, a top central bank official said. “We expect that very soon it will become widespread.” Indonesia Establishes New National Payment […]

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10 Southeast Asian Nations Challenge Dollar Dominance With Push for Local Currencies

Southeast Asian Nations Challenge Dollar Dominance with Push for Local CurrenciesThe leaders of 10 Southeast Asian nations, members of the Association of Southeast Asian Nations (ASEAN), have agreed to “encourage the use of local currencies for economic and financial transactions.” The group comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. This move will help them reduce their reliance on the U.S. […]

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Indonesia Is Following BRICS De-Dollarization Lead, Says Central Bank Governor

Indonesia Is Following BRICS De-Dollarization Lead, Says Central Bank GovernorIndonesia is following the BRICS’ lead in de-dollarization and shifting away from the U.S. dollar in trade settlements and financial transactions, according to the country’s central bank governor. The BRICS nations are working on creating a common currency to reduce their USD reliance. Indonesia’s De-Dollarization Efforts Bank of Indonesia Governor Perry Warjiyo said Friday that […]

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India to Facilitate International Settlements in Rupees to Reduce Dependence on the US Dollar

indian rupee indiaThe government of India has announced that it will facilitate the settlement of international transactions using its national currency, the rupee. As part of its foreign trading policy framework implemented on April 1, the country introduced this measure to facilitate payments for countries experiencing a U.S. dollar crush. India to Offer Rupee-Based Settlement Options for […]

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