Bank Indonesia and the Monetary Authority of Singapore have operationalized a framework for settling bilateral transactions in Indonesian rupiah and Singapore dollars. Appointed Cross Currency Dealers will facilitate settlement for current account transactions, direct investment transactions and cross-border payments, expanding local-currency options for businesses and other users while reducing exchange-rate risks and costs. The framework promotes direct quotations between the two currencies and applies supporting rules intended to increase local-currency use. Nine banks in Indonesia and three banks in Singapore have been appointed as dealers under the framework, which follows operational guidelines agreed by the central banks in April 2026.
2026-08-31Monetary Authority of Singapore
Bank Indonesia and Monetary Authority of Singapore operationalize rupiah-Singapore dollar settlement framework
Bank Indonesia and the Monetary Authority of Singapore have operationalized a framework for settling bilateral transactions in rupiah and Singapore dollars. Nine Indonesian banks and three Singaporean banks will facilitate current account transactions, direct investment transactions and cross-border payments as appointed dealers.