BI targets US$55 billion in local currency transactions in 2026

We continue to pursue a bilateral approach, as this has proven to be the most effective method under current conditions,

Jakarta (ANTARA) - Bank Indonesia (BI) aims to increase the value of local currency transactions (LCT) to US$55 billion in 2026, up from approximately US$25 billion recorded last year.

Speaking in Jakarta on Monday, BI Governor Destry Damayanti said the increase would be driven by strategic partnerships with six to seven key trading partners, with China serving as one of the main contributors to this year’s transaction value.

“We are currently collaborating with about six to seven countries, using our respective local currencies for transactions with these key partners. This year, we estimate the total value of these transactions will reach US$55 billion, a significant increase from approximately US$25 billion last year,” Destry said.

Diversifying the currencies used for exports, imports, and investment is intended to reduce reliance on the US dollar and help ease pressure on the rupiah.

Alongside the LCT initiative, BI continues to expand cross-border payment cooperation through the Quick Response Code Indonesian Standard (QRIS), which is now available in seven countries.

International interest in these initiatives is also growing. Singapore has expressed interest in joining the LCT scheme, while India is exploring cooperation in both LCT and cross-border QRIS payments.

“We continue to pursue a bilateral approach, as this has proven to be the most effective method under current conditions,” Destry said.

Domestic QRIS adoption is also continuing to grow. According to BI data for the third quarter of 2026, the number of QRIS users reached 70.6 million, while the number of merchants accepting QRIS stood at 49.4 million.

Micro, small, and medium-sized enterprises (MSMEs) accounted for 97 percent of these merchants. QRIS transaction volume grew by 75.8 percent year-on-year during the same period.

Related news: BI plans to use QRIS data for MSME credit scoring

Related news: Beyond cash: How Digital Rupiah shapes Indonesia's economy

Translator: Bayu Saputra, Yashinta Difa
Editor: M Razi Rahman
Copyright © ANTARA 2026