Bank Indonesia has called on importers and exporters to use national currencies in international payments to reduce the dependence of Indonesian financial markets on the fading US dollar.

According to the Head of the Solo Bank Indonesia Representative Office, Nugroho Joko Prastowoout, 90% of export-import payments are conducted in US dollars, while the share of Indonesian direct exports to the USA is estimated at only 10%, and US imports account for 5%.

Prastowo proposed to employ a two-way payment system using national currencies, saying that a conversion fee applies to the settlements in international currency, and that in dollar payments the charge doubles.

China, Japan, Thailand and Malaysia have already agreed to use the mechanism of two-way payments, with Singapore and the Philippines planning to join the system.

On Thursday, CEO of the financial services firm Sovereign Wealth Management, Gary Korolev, told Sputnik that the US dollar is currently on the path of moving away from being a single reserve currency, and it will likely be competing with the BRICS currency system.

Sputnik / ABC Flash Point News 2022.

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Lola Lopez
Lola Lopez
15-10-22 12:55
15-10-22 13:18

This is the start of international realization of the control the US exerts over the financial world whereby the US dollar is used to control /sanction and stealing a independent countries USA banked deposits is at an end.

In their grasping -obsessive greed they could never work out the consequences of their actions and have dug a hole for themselves they can never get out of except do what is left -self destruct.