BRICS: De-Dollarization Spreads, Indonesia Looks to Ditch US Dollar
The de-dollarization efforts kick-started early this year are spreading across the globe among developing countries. The BRICS alliance is not the only group of nations that is looking to cut ties with the US dollar. Indonesia is following the BRICS path of de-dollarization and is now looking to ditch the US dollar for global trade. Indonesia ’s President Joko Widodo has directed the creation of a National Task Force to look at avenues to promote their local currency, the Indonesia n Rupiah . Also Read: 2 BRICS Countries To Be Ahead of U.S. GDP in 2075 Indonesia is inspired by BRICS de-dollarization efforts and is finding ways to cut ties with the US dollar. The National Task Force is tasked to widen the use of local currency transactions (LCT) among partner countries. Indonesia ’s Central Bank aims to increase payments in Rupiah for bilateral transactions. Developing countries are going nationalistic with their native economies by putting local currencies ah...