One of the Most Populous Countries in Asia Is Preparing to Use Local Currency for Settlement with Russia
Indonesian Trade Minister Budi Santoso confirmed that the country is ready to conduct transactions using local currency with Russia, i.e., using Russian rubles and Indonesian rupiah. "RIA Novosti" reported this news on October 3 (today).
The minister added that Jakarta and Moscow have started working on the development of the relevant settlement mechanism.
"Indonesia is open to such cooperation. The current negotiations are in the stage of developing the plan. We will study this mechanism together with the relevant institutions, while focusing on financial stability and mutual interests."
— said Budi Santoso.
(Note: "нацвалюты" means "local currency", and "settlement in local currency" refers to two countries conducting bilateral trade or investment without using a third-party currency (such as the US dollar or euro), but directly using their respective national currencies for payment and settlement. This helps reduce dependence on international reserve currencies and reduces the risks brought by exchange rate fluctuations; Indonesia is a populous country in Southeast Asia, ranking fourth in the world in terms of population, and is also one of the countries with high population density in Asia. Its official currency "Indonesian Rupiah" (рупия Индонезии) is also called "Indonesian Rupiah", with the currency code IDR.)
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