Bank Indonesia and Monetary Authority of Singapore Operationalise Local Currency Transaction Framework for Bilateral Trade Transactions

Bank Indonesia (BI) and the Monetary Authority of Singapore (MAS) have operationalized a framework for settling bilateral transactions in their respective local currencies, aiming to support bilateral trade and ASEAN financial integration by reducing exchange rate risks and costs. This framework, following an MoU in August 2022 and operational guidelines in April 2026, promotes direct quotations between the Indonesian Rupiah and Singapore Dollar.