Antara News·Indonesia·Saturday, September 12, 2026 at 04:45 AM

Bank Indonesia promotes local currency use among BRICS nations

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Rizka Khaerunnisa, Yashinta Difa

Jakarta (ANTARA) - Bank Indonesia (BI) has called on BRICS member nations to deepen financial integration by accelerating local currency transactions (LCT) and enhancing cross-border payment connectivity to shield regional economies from geopolitical risks and global market fragmentation.

Speaking at the 2nd BRICS Finance Ministers and Central Bank Governors Meeting (BRICS FMCBG) held September 9–10 in Mumbai, India, BI Governor Destry Damayanti stressed the need to maintain stability while fostering new growth sources amid escalating geopolitical tensions.

"Indonesia sees a strategic opportunity for BRICS to transform various challenges into mutual resilience by strengthening concrete cooperation, including local currency transactions and cross-border payment connectivity, while still paying attention to the stages of development and national priorities of each country," Damayanti said in a statement on Friday.

On the sidelines of the summit, Damayanti met with Reserve Bank of India (RBI) Governor Sanjay Malhotra to accelerate Indonesia-India financial integration.

Their discussions focused on expanding the Indonesia-India Local Currency Transaction framework, establishing a Local Currency Bilateral Swap Arrangement (LCBSA), and linking cross-border QR code payment systems between the two nations.

According to BI, the bilateral dialogue serves as a concrete step to translate BRICS commitments into practical economic and financial connectivity that delivers mutual benefits.

Deputy Finance Minister Juda Agung represented Indonesia alongside Damayanti.

The high-level gathering convened central bank chiefs and finance ministers from BRICS members, including Indonesia, Brazil, Russia, India, China, South Africa, Egypt, the United Arab Emirates, Ethiopia, and Iran.

Delegates concluded the summit by adopting a joint statement reflecting a shared commitment to addressing global economic challenges through strategic cooperation in digital transformation, artificial intelligence, cyber resilience, sustainable finance, and local currency adoption.

BRICS also reaffirmed its push for broader global financial architecture reforms, specifically advocating for International Monetary Fund (IMF) governance restructurings that elevate the voice and representation of developing countries.

Looking ahead, BI stressed the necessity of fostering dialogue and serving as a bridge builder in an increasingly fragmented global landscape.

Through the synergy of BI and the government, Indonesia will continue contributing to the international cooperation agenda to deliver inclusive, tangible outcomes that reflect national priorities and reinforce long-term economic and financial stability.

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