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Indonesia, S. Korea central banks ink partnership deal
Bank Indonesia and Bank of Korea have signed a memorandum of understanding (MoU) to strengthen cooperation.
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The facade of Bank Indonesia (BI) headquarters in Jakarta on May 8, 2014. (AFP/Romeo Gacad)
Bank Indonesia (BI) and Bank of Korea signed on Wednesday a memorandum of understanding (MoU) to work closer together on monetary-related issues.
The MoU covers policy dialogue, technical discussions, capacity building, joint research and other relevant forms of cooperation in the area of monetary and macroprudential policy, financial system stability and payment and settlement systems, among other things. The latter issue includes jointly developing cross-border and digital payment infrastructure.
“Going forward, the cooperation also provides a strong framework for partnership in responding to the future challenges and in embarking on various innovations,” BI communication head Erwin Haryono in a statement.
Read also: BI, UAE central bank cooperate on cross-border payments, financial crime
The announcement of the MoU came just a day before the Group of 20 (G20) Finance Ministers and Central Bank Governors Meeting.
The MoU adds to the central bank’s long list of cooperation with other central banks and is the second to be signed during Indonesia’s G20 presidency that started on Nov. 1 last year.
"The MoU is expected to serve as an opportunity to substantially strengthen future cooperation with Indonesia, the largest economy in the ASEAN region and one with high growth potential," said Bank of Korea in a statement.
