Indonesia's Central Bank Leaving the Dollar, Aligning With BRICS

The Bank of Indonesia Governor Perry Warjiyo announced yesterday, at a press conference following their board meeting, that Jakarta has introduced transactions in the local currency to settle cross-border trades. As reported by SINDOnews, he stated: “Indonesia has initiated diversification of the use of currency in the form of LCT [local currency trading]. The direction is the same as the BRICS. In fact, Indonesia is more concrete.” Indonesia has already arranged with Thailand, Malaysia, China, and Japan to use LCT’s. South Korea is scheduled to sign a cooperation agreement with Indonesia early in May.