Currencies
India, Indonesia Plan Local Currency Trade, Payments Links
- New Delhi pushing to internationalize the rupee currency
- Indonesia wants to tap fast-growing Indian commodity demand
This article is for subscribers only.
Indonesia and India are planning to settle bilateral transactions in local currencies and link up their fast payments systems to spur cross border fund transfers, according to a senior Indian government official.
India’s Finance Minister Nirmala Sitharaman and her Indonesian counterpart Sri Mulyani Indrawati discussed the proposals ahead of meetings among the Group of Twenty countries in India, said the official who asked not to be identified as the plans are not public. The talks are advanced and an announcement could come once officials complete formalities, the official added.