Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Israeli media: Intense US efforts are being made to resolve differences, such as the issue of the Israeli presence on Mount Hermon and in southern Syria
Israeli media: The security agreement means amending the disengagement agreement, which will also address the Druze issue
Israeli media: Attempts to reach a security agreement between 'Israel' and Syria were among the topics discussed at the Paris meeting
Israeli media: Sheikh Muwaffaq Tarif rejected a US proposal to join the recent tripartite meeting between Tom Barrack, al-Shaibani, and Dermer
Saba News Agency: Two martyred, five injured in a preliminary toll of the Israeli aggression on the Yemeni Oil Company station on Al-Sitteen Street in Sanaa
Senior Yemeni military source to Al Mayadeen: We observed a state of confusion among the enemy's aircraft squadron after Yemeni air defenses intercepted the attack
Senior Yemeni military source to Al Mayadeen: The Yemeni air defense forces succeeded in neutralizing a squadron of enemy aircraft and prevented airstrikes on some governorates
Senior Yemeni military source to Al Mayadeen: Our air defenses and missile forces forced a formation of enemy aircraft to flee the airspace
Member of the Ansar Allah Political Bureau, Mohammed al-Bukhaiti: The Israeli aggression on Yemen will not deter us from continuing to support Gaza, no matter the sacrifices
Al Mayadeen's correspondent: The Israeli aggression targeted the Yemeni Oil Company station on Al-Sitteen Street, southwest of the capital, Sanaa, with several raids

Bank Indonesia calls against payments in US Dollars

  • By Al Mayadeen English
  • Source: Agencies
  • 15 Oct 2022 09:21
  • 15 Shares
3 Min Read

Bank Indonesia proposes to employ a two-way payment system using national currencies.

  • x
  • Bank Indonesia calls against payments in US Dollars
    Bank Indonesia calls against payments in US Dollars

Bank Indonesia has urged importers and exporters to use national currencies in international payments in order to reduce Indonesian financial markets' reliance on the US dollar, according to Tempo.co, an Indonesian news portal.

"About 90% of export-import payments are conducted in US dollars, while the share of Indonesian direct exports to the US is estimated at only 10%, and US imports account for 5%," head of the Solo Bank Indonesia Representative Office, Nugroho Joko Prastowo, told reporters, according to the report.

Prastowo proposed a two-way payment system based on national currencies, claiming that international currency settlements incur a conversion fee, which doubles in dollar payments.

China, Japan, Thailand, and Malaysia have already agreed to use the two-way payment mechanism, with Singapore and the Philippines planning to join the system, according to the economist.

CEO of financial services firm Sovereign Wealth Management, Gary Korolev,  told Sputnik on Thursday that the US dollar is on its way out of being a single reserve currency and will likely compete with the BRICS currency system.

Read next: US dollar may lose dominance due to Russian sanctions: IMF

Related News

Merz eyes new alike-thinking trade partners over US tariffs

JD Vance says 'Russians have made significant concessions' to Trump

Russian Foreign Minister Sergey Lavrov, on July 22, said Russian and African partners are working on reducing, though gradually, trade in the US dollar and the euro in mutual trade payments. 

"For sure, the current geopolitical situation requires certain adjustment of the mechanisms of our interaction: first of all, there is a question of ensuring seamless logistics and tuning the system of financial settlements to make them secure from outer interference. In cooperation with its partners, Russia takes steps to enhance the use of national currencies and payment systems. We are working to gradually reduce the share of dollar and euro in mutual trade," Lavrov said in an article to  African outlets, published by the Russian Foreign Ministry.

Russia has long advocated for the establishment of an independent and efficient financial system independent from the SWIFT system that is "proof against the potential impact from the unfriendly States."

Iran official: China, Russia dump of US dollar is 'very good progress'

What is BRICS?

The BRICS group, comprised of emerging economies, always kept among its priorities the security and safety of its energy infrastructure assets, the head of the South Africa-based African Energy Chamber (AEC), Nj Ayuk, told Sputnik on October 12.

"Security of gas and oil infrastructure has been a key priority for BRICS countries for a long time. You have to look at these pipelines because they generate the ability to have energy stability across BRICS nations," Ayuk told the Russian outlet.

BRICS is a group of five emerging economies, Brazil, Russia, India, China, and South Africa, which is an alliance of growing influence in light of the shifting balance of power in the international arena.

  • United States
  • US dollar
  • Indonesia

Most Read

Tom Artiom Alexandrovich, executive director of the defense division of the Israeli National Cyber Directorate, undated (Social media)

Israeli-born US prosecutor drops Israeli officer child sex crime

  • Politics
  • 19 Aug 2025
Displaced Palestinians walk through a makeshift camp along the beach in Gaza City, Sunday, Aug. 10, 2025 (AP)

Hamas, other factions accept Egypt-Qatar ceasefire proposal: Exclusive

  • Politics
  • 18 Aug 2025
Palestine will not be liberated by UN reports, but by pursuing a different strategic horizon: one that does not beg for recognition. (Al Mayadeen English; Illustrated by Batoul Chamas)

Economy of Genocide: Albanese's report accuses, but doesn't dismantle system

  • Opinion
  • 18 Aug 2025
Israeli soldiers stand on the top of armoured vehicles parked on an area near the Israeli-Gaza border, as seen from southern Israel, Wednesday, Aug. 20, 2025 (AP)

Palestinian fighters target Israeli soldiers, vehicles in Gaza

  • Politics
  • 21 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Israeli Prime Minister Benjamin Netanyahu speaks during a press conference at the Prime minister's office in al-Quds, Occupied Palestine, Sunday, Aug. 10, 2025 (AP)
Politics

Netanyahu deliberately derailing truce with Gaza occupation: Hamas

Irish President Michael Higgins arrives to deliver his speech during a 42nd World Food Day celebration at FAO headquarters in Rome, on Oct. 16, 2023. (AP Photo/Alessandra Tarantino)
Politics

Irish president renews call for UN military intervention in Gaza

US Ambassador to Turkey and Special Envoy to Syria Tom Barrack speaks during an interview with The Associated Press at the US Embassy in Aukar, northern suburb of Beirut, Lebanon, Monday, July 21, 2025 (AP)
Politics

US envoy, Netanyahu discuss restraining attacks on Lebanon, withdrawal

Smoke billows following Israeli airstrikes in multiple areas in Sanaa, Yemen, Sunday, Aug. 24, 2025 (AP)
Politics

Ansar Allah vow sustained Gaza support despite Israeli strikes

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS