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Bank Indonesia expects 10% rise in annual LCS transactions
The central bank expects transactions using local currency settlement (LCS) facilities to rise after implementing them with major trading partners China, Malaysia, Thailand and Japan.
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The Bank Indonesia (BI) logo is seen on the gate of its headquarters in Jakarta on Feb. 4, 2011. (AFP/Romeo Gacad)
B
ank Indonesia (BI) is expecting transaction values using the local currency settlement (LCS) framework to grow by at least 10 percent in 2022 from a year earlier as more and more individuals and companies take the facility.
BI reported that transactions using the LCS facility reached US$2.53 billion in 2021, more than double the value recorded in 2020.
After establishing the framework with four countries, the central bank is planning to continue expanding this cooperation to promote trade and investment, said BI Governor Perry Warjiyo.
“We expect [LCS transactions to] continue increasing in Indonesia,” Perry said in a virtual side event of the Group of 20 forum on Thursday.
