Indonesian Finance Minister Sri Mulyani Indrawati (L, front) gives a speech during the opening ceremony of the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting in Jakarta, Indonesia, Feb. 17, 2022. Indonesia will promote the use of local currency settlement (LCS) in cross-border trade and investment, as an effort to reduce dependency on the U.S. dollar, the country's Finance Minister Sri Mulyani Indrawati said Wednesday. Indrawati said she will raise the issue about the LCS scheme during the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting scheduled for Feb. 17-18. (Indonesian Finance Ministry/Handout via Xinhua)
JAKARTA, Feb. 16 (Xinhua) -- Indonesia will promote the use of local currency settlement (LCS) in cross-border trade and investment, as an effort to reduce dependency on the U.S. dollar, the country's Finance Minister Sri Mulyani Indrawati said Wednesday.
Indrawati said she will raise the issue about the LCS scheme during the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting scheduled for Feb. 17-18.
"If the LCS can be implemented at a wider global level, this could create a financial safety net among countries and could reduce the risks caused by the global economic and financial instability," Indrawati told a seminar ahead of the FMCBG meeting.
"Under the LCS, transaction costs will be lower, because traders or investors do not need to convert each country's currency into the (U.S.) dollar," she said. ■
The opening ceremony of the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting is held in Jakarta, Indonesia, Feb. 17, 2022. Indonesia will promote the use of local currency settlement (LCS) in cross-border trade and investment, as an effort to reduce dependency on the U.S. dollar, the country's Finance Minister Sri Mulyani Indrawati said Wednesday. Indrawati said she will raise the issue about the LCS scheme during the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting scheduled for Feb. 17-18. (Indonesian Finance Ministry/Handout via Xinhua)
