The economic bloc of developing nations has been working on establishing a new reserve currency Indonesia is following the lead of the BRICS group of developing nations in its policy of shifting away from the US dollar in trade and financial transactions, according to the country’s central bank. Jakarta has introduced transactions in the local currency to settle cross-border trades, the portal SINDOnews has reported, citing Bank of Indonesia Governor Perry Warjiyo. “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. I
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