DPR Deputy Speaker Applauds BI's Move to Strengthen Rupiah and Reduce US Dollar Dependence

Deputy Speaker of the House of Representatives (DPR), Sufmi Dasco Ahmad, has expressed appreciation for Bank Indonesia’s efforts to strengthen the rupiah exchange rate by establishing a Bilateral Currency Swap Arrangement (BCSA) with the People’s Bank of China (PBOC). Dasco assessed that the agreement, which includes cross-border QRIS usage, can reduce dependence on the US dollar.

The signing of a Memorandum of Understanding (MoU) expands the Local Currency Transaction (LCT) framework to include Hong Kong. The agreement also covers the establishment of a Renminbi Clearing Arrangement in Indonesia to support the development of a domestic RMB ecosystem by providing adequate Renminbi liquidity for trade, investment, and financial activities.

“The agreement allows transactions between Indonesia, mainland China, and Hong Kong to be conducted using rupiah or renminbi without having to rely on the US dollar,” Dasco said on Sunday (14/6/2026).

Dasco noted that a cross-border QRIS system between Indonesia and China has been agreed upon, enabling transactions between Chinese and Indonesian businesses using the inter-country QRIS. This system already involves 191 service providers in China and 24 in Indonesia, all interconnected.

“With the agreement signed between Bank Indonesia and the People’s Bank of China, Indonesia-China export-import transactions, which reached US$154.5 billion in 2025, can now use the LCT framework, namely rupiah and renminbi, without depending on the US dollar anymore,” Dasco stated.

Dasco also mentioned that the agreement allows bilateral export-import transactions to be conducted using the LCT scheme in rupiah and renminbi. This effort, he said, can reduce dependence on the US dollar. “This is a very serious effort to reduce the need for US dollars in trade transactions, including the use of cross-border QRIS between Indonesia and China. Bank Indonesia is doing this to strengthen the rupiah,” he added.