South Korea, Indonesia central banks agree to promote local currency transactions
Reuters
Published May 01, 2023 09:09PM ET
SEOUL (Reuters) - The central banks of South Korea and Indonesia signed a memorandum of understanding on Tuesday to cooperate on promoting the use of their currencies for bilateral transactions, such as current account transactions and direct investment.
The cooperation will help businesses reduce their transaction costs and exposure to exchange rate risks by enabling the direct exchange rate quotation between the Korean won and the Indonesian rupiah in interbank trading, the central banks said in a joint statement.
The agreement was signed by the governors of the two central banks on the sidelines of the ASEAN+3 Finance Ministers and Central Bank Governors Meeting in Incheon, South Korea.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.