Indonesian Deputy Speaker Applauds Bank Indonesia's Efforts to Strengthen Rupiah

Sufmi Dasco Ahmad, Deputy Speaker of the Indonesian House of Representatives (DPR RI), has expressed appreciation for Bank Indonesia's (BI) concrete steps to bolster the value of the Indonesian rupiah. These initiatives aim to reduce the nation's reliance on the US dollar for international transactions.

A significant development highlighted by Dasco is the Bilateral Currency Swap Arrangement (BCSA) signed on June 11, 2026, between the governors of Bank Indonesia and the People's Bank of China (PBOC) in Shanghai. This agreement allows for transactions between Indonesia, mainland China, and Hong Kong to be conducted using either rupiah or renminbi, bypassing the need for US dollar conversion.

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The agreement allows transactions between Indonesia, mainland China, and Hong Kong to be conducted using rupiah or renminbi without having to depend on the US dollar.

Further strengthening this financial cooperation, a Memorandum of Understanding (MoU) on Local Currency Transaction (LCT) was expanded to include Hong Kong. The MoU was co-signed by the Chief Executive of the Hong Kong Monetary Authority (HKMA), Eddie Yue. The agreement also facilitates QRIS (Quick Response Code Indonesian Standard) cross-border payments between Indonesia and China, connecting 191 service providers in China and 24 in Indonesia.

Dasco emphasized that these measures are crucial for facilitating Indonesia's export-import activities with China, which reached $154.5 billion in 2025. By utilizing LCT, the rupiah and renminbi can be used directly, lessening dependence on the US dollar. He concluded that these efforts by Bank Indonesia are a serious attempt to strengthen the rupiah.

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This effort is very serious to reduce the need for US dollars for trade transactions. Including the use of cross-border QRIS between Indonesia-China. This is done by BI to strengthen the rupiah.