ASIATODAY.ID, JAKARTA – Indonesia’s transactions with partner countries or local currency transactions (LCT) have grown significantly.
Bank Indonesia (BI) noted that the value of LCT transactions in 2023 will reach $6.3 billion.
“By the end of 2023, LCT was recorded at $6.3 billion. This figure is an increase of 53 percent compared to the previous period in 2022 of $4.1 billion,” said BI Senior Deputy Governor Destry Damayanti in Jakarta, Wednesday, February 21 2024.
The transaction value has increased significantly compared to its initial implementation in 2018, which was recorded at only $348.5 million.
As for January 2024, the LCT transaction value was recorded at $444 million. The number of LCT perpetrators has also increased to 3,530 currently. Until now, Malaysia has been LCT’s main partner.
“The number of perpetrators has increased quite significantly, where in January there were 3,530 perpetrators compared to last year’s average of only 2,602,” he said.
LCT is Indonesia’s collaboration with several trading partner countries such as Malaysia, China and Thailand to agree to use each country’s local currency in trade and payment transactions.
Thus, transactions between the two countries no longer need to be converted into US dollars. (ATN)
Check out other news and articles at Google News