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Jakarta Post

RI seeks to reduce dollar dependency

  • Mustaqim Adamrah

    The Jakarta Post

JAKARTA   /   Fri, March 27 2009   /  09:49 am

Indonesia has joined a growing list of countries calling for concerted efforts to reduce dependency on the US dollar amid the global drying-up of liquidity.

“There should be attempts by all countries to ease their dependency on United States dollars in their transactions … this is a global issue,” Bank Indonesia governor Boediono said Wednesday at the State Palace. “I myself, and some others too, have proposed that the most practical thing (we can do) now is to expand the availability of SDRs — Special Drawing Rights. This will eventually become a global currency,” he added.
SDRs are a basket of major currencies used in international trade and finance, usually by multilateral agencies.
China has earlier this week called for a new global currency controlled by the IMF, as part of a reform of the world’s financial system which is ...