Indonesia Singapore launch local currency transactions to reduce U.S. dollar reliance

Bank Indonesia (BI) and Singapore's MAS have launched a framework letting the Rupiah and Singapore Dollar settle trade directly, no US dollar needed.

It follows a 2022 MoU and 2026 operational guidelines. Appointed banks like BCA, Mandiri, and DBS will handle the settlements.

The framework aims to cut exchange rate risk and support ASEAN financial integration.