Indonesia, South Korea Agree to Promote Local Currency Transactions

Reuters are reporting that the central banks of Indonesia and South Korea signed a memorandum of understanding on Tuesday to cooperate on promoting the use of their currencies for bilateral transactions, such as current account transactions and direct investment.

The cooperation will help businesses reduce their transaction costs and exposure to exchange rate risks by enabling the direct exchange rate quotation between the Korean won and the Indonesian rupiah in interbank trading, the central banks said in a joint statement.

Reuters say that the agreement was signed by the governors of the two central banks on the sidelines of the ASEAN+3 Finance Ministers and Central Bank Governors Meeting in Incheon, South Korea.

Source: Reuters

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Ridwan is one of Indonesia’s top executives with a long and illustrious career in the financial world. He holds several professional certifications including being a Certified Business Valuer (CBV) issued by the Australian Academy of Finance and Management; Broker-Dealer Representative (WPPE); and The Directorship Certification for Directors and Commissioners, issued by the Indonesian Institute of Commissioners and Directors.

His experience includes being the Managing Director at one of the top investment banking groups in the region, the Recapital Group, the CFO at State-owned enterprises in fishery industry and the CEO at Tanri Abeng & Son Holding. He’s also been an Independent Commissioner in several Financial Service companies and on the Audit and Risk Committee at Bank BTPN Tbk, Berau Coal Energy Tbk, Aetra Air Jakarta as well as working for Citibank, Bank Mandiri and HSBC. His last position was as CFO at PT Citra Putra Mandiri – OSO Group.

Ridwan has won a number of prestigious awards including the Best CFO Awards 2019 (Institute of Certified Management Accountant Australia-Indonesia); Asia Pacific Young Business Leader awarded by Asia 21 Network New York USA (Tokyo 2008); UK Alumni Business Awards 2008 awarded by the British Council; and The Most Inspiring Human Resources Practitioners’ version of Human Capital Magazine 2010.

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