Indonesia Latest To Denounce U.S. Dollar

Indonesia set to replace USD with local currency for global trade.

Like other BRICS nations, Indonesia is also planning to replace USD with an alternate mode of payment for global trading.

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The country plans to rely less on USD and introduce the Indonesian Rupiah to settle cross-border transactions.

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The President of Indonesia, Joko Widodo has urged the finance ministry to diversify Rupiah for trading with Asian countries.

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“Indonesia has initiated diversification of the use of currency in the form of LCT (local currency trading). The direction is the same as the BRICS. In fact, Indonesia is more concrete,” according to Bank of Indonesia Governor Perry Warjiyo.

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Indonesia will implement the LCT with countries such as Thailand, Malaysia, China, and Japan, and most probably India and South Korea as well.

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The BRICS countries have already started to take a diversion against the U.S. dollar by either trading in Yuan or their local currencies.

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Saudi Arabia is also assisting BRICS nations in their venture to dethrone the dollar from the global stage.

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