South Korea, Indonesia c.banks agree to promote local currency transactions

The cooperation will help businesses reduce their transaction costs and exposure to exchange rate risks by enabling the direct exchange rate quotation between the Korean won and the Indonesian rupiah in interbank trading, the central banks said in a joint statement.

The agreement was signed by the governors of the two central banks on the sidelines of the ASEAN+3 Finance Ministers and Central Bank Governors Meeting in Incheon, South Korea.