South Korea and Indonesia set up currency transactions framework
Move is latest regional effort to bolster use of local currencies for settling trades
Bank Indonesia, the Bank of Korea and South Korea’s Ministry of Economy and Finance have launched a framework to support the wider use of local currencies for cross-border transactions from September 30.
The authorities announced the framework in a joint statement on August 30.
Under the new framework, the two central banks have selected 21 Indonesian and South Korean banks as appointed cross-currency dealers. The selected banks will facilitate current account transactions between the two
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com
More on Payments
Central bankers weigh up prospects for Project Nexus
Policy-makers from Asean states, India and EU discuss goals for multilateral cross-border payments link
Bank of Thailand governor plays down case for retail CBDC
Sethaput says Asean countries already have good retail payments infrastructure
CBDCs may need to replace stablecoins – Treasury committee
US advisory body calls for creation of unified ledgers under central bank auspices
Crashing the nth party: how third-party service provider risks compound
Cross-border collaboration may help deal with risks from multiple layers of outsourcing
Three plans for digital payments: India, UK, and BIS
Das, Bailey, and Carstens discuss complementary tech, commercial bank innovation, and common platforms
BIS shows how to automate cross-border payment compliance
Innovation Hub completes proof of concept with Asia-Pacific countries
Central bankers reflect on wins and challenges of mBridge
Multi-CBDC project’s transaction value has grown, but regulatory and operational issues remain
Governors differ on cross-border payments
Officials from Europe, Africa and Asia diverge over whether bilateral or multilateral links are best