Another country has joined the de-dollarization movement

Indonesia has joined a number of countries actively promoting the de-dollarization of their economies. The country has established a National Task Force to strengthen the use of the local currency, the Indonesian rupiah, in transactions. 

The Bank of Indonesia believes that this will have a positive impact on the stability of the currency and strengthen the domestic financial market.

The National Task Force will serve as a coordinating body that strengthens the synergy of policy decisions between various ministries and government departments. The aim is to expand the use of the rupee in bilateral transactions between Indonesia and its key trading partners.

This step corresponds to the global trend of abandoning the US dollar in international transactions. Countries such as China, Russia and India are already taking similar measures by concluding trade agreements with settlements in national currencies. The BRICS bloc goes even further, considering the possibility of organizing joint tenders that are not related to the dollar.