Bank Negara Indonesia Optimizes LCS Transaction Services in Yen

- 12 January 2022 14:27 WIB
BBNI, PT Bank Negara Indonesia (Persero) Tbk opened up the possibility of acquiring a bank as a strategic step to support digital transformation, which the company is actively pursuing.
BBNI, PT Bank Negara Indonesia (Persero) Tbk opened up the possibility of acquiring a bank as a strategic step to support digital transformation, which the company is actively pursuing.

JAKARTADAILY.ID – Indonesia's central bank, Bank Indonesia established cooperation on local currency settlements, or LCS, implementation with Japan and China last year, following Malaysia and Thailand.

The use of LCS in Yen was recorded as the largest in terms of the transaction value.

The central bank noted that of the four countries that have collaborated on the use of LCS, the use of the Yen currency has an average transaction value of US$109.4 million per month. LCS transactions in Malaysian Ringgit amounted to US$45.3 million per month, and in Thai Baht reached US$17 million per month. Meanwhile, LCS with China, since being implemented in September 2021, has recorded transactions of US$15.1 million per month.

Also Read: BNI Launches Ibuprenuer Friends to Commemorate Mother's Day

Seeing this data, PT Bank Negara Indonesia (Stock Code: BBNI) together with the BI Tokyo Representative Office, the Embassy of the Republic of Indonesia Tokyo intensively promoted the use of the LCS.

Highest in the world

The Indonesian Ambassador to Japan, Heri Akhmadi, assessed that the potential for the use of SCS is still very large. Moreover, he continued, the value of transactions related to LCS with Yen is quite large compared to several other countries that have signed this cooperation agreement.

"Among Indonesia's LCS, Japan has the highest score, but there are still a lot of open opportunities," he said last week.

Also Read: BNI Entrusted with Rp 38 Trillion for the People's Business Credit Program

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Editor: Suksmajati Kumara

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