Indonesia Urges BRICS to Use Local Currencies in Transactions

RRI.CO.ID, Jakarta – Bank Indonesia (BI) is encouraging the strengthening of concrete cooperation among BRICS countries. BI Governor Destry Damayanti delivered this message at the BRICS Finance Ministers and Central Bank Governors Meeting (BRICS FMCBG) held on September 9–10, 2026, in Mumbai, India.

“Indonesia sees a strategic opportunity for BRICS to transform various challenges into shared resilience through strengthened concrete cooperation, including Local Currency Transactions (LCT) and cross‑border payment connectivity,” Destry said in Mumbai, as quoted on Sunday, September 12.

Destry emphasized that the use of LCTs must consider each country’s development stage and national priorities. She also highlighted the importance of maintaining stability while strengthening sources of growth to address geopolitical tensions and economic fragmentation.

During the meeting, BRICS member countries agreed to strengthen economic and financial cooperation and enhance resilience in facing global challenges. The agreement followed discussions on several strategic issues related to resilience and growth, including digital transformation and AI, cross‑border payment connectivity--including LCT--cybersecurity, and sustainable finance.

BRICS also agreed on the importance of strengthening the global financial architecture, including through reforms to the governance of the International Monetary Fund (IMF). Such reforms are considered crucial for improving the voice and representation of developing countries.

In addition to Destry, Deputy Minister of Finance Juda Agung also attended the meeting. While in Mumbai, Destry held a bilateral meeting with Reserve Bank of India (RBI) Governor Sanjay Malhotra to discuss accelerating cooperation on the Indonesia–India LCT and the Local Currency Bilateral Swap Arrangement (LCBSA).

Destry also discussed cooperation with India on cross‑border payment connectivity via QR codes. “This cooperation is part of the BRICS commitment to economic and financial connectivity that benefits both countries,” she said.

Looking ahead, Indonesia views maintaining dialogue and building bridges amid global fragmentation as essential. Destry added that Indonesia will continue contributing to the international cooperation agenda to support national economic and financial resilience. (Gusti Panji)