JAKARTA, July 25 (Xinhua) -- Bank Indonesia reported on Friday that local currency transactions (LCT) surged to 11.7 billion U.S. dollars in the first half of 2025, more than double the 4.7 billion dollars in the same period last year.
The number of LCT customers grew by 45 percent year-on-year during the first half of 2025, said the central bank.
"Therefore, the National LCT Task Force will continue to encourage the use of local currencies in cross-border transactions to strengthen national economic resilience," said Bank Indonesia Deputy Governor Filianingsih Hendarta on Friday.
She noted that this achievement was supported by efforts to broaden the adoption of LCT across various regions and sectors, including by increasing the number of Bank Appointed Cross Currency Dealer participants.
South Korea and the United Arab Emirates joined the LCT framework in September 2024 and January 2025, respectively.
"Cooperation with existing partner countries such as Malaysia and Thailand is also being strengthened," she added, citing the expansion of transaction coverage to include portfolio investments starting in March 2025. ■
