JAKARTA, Aug. 25 (Xinhua) -- Transactions using local currencies between Indonesia and Japan reached 5.1 billion U.S. dollars from January to July this year, more than double the 2.23 billion dollars recorded in the same period last year, Bank Indonesia said in a statement on Monday.
The use of local currencies, the Indonesian Rupiah and the Japanese Yen, also showed steady growth among users, with an average of 2,072 customers per month this year compared to 1,360 per month last year.
Under the direct settlement scheme, trade and investment can be conducted in Rupiah and Yen without relying on third-party currencies. This arrangement reduces foreign exchange conversion costs and enhances transaction efficiency, the statement said.
The Indonesia-Japan Local Currency Transaction cooperation was agreed upon in 2019 and came into effect in 2020. ■
