Tribratanews.polri.go.id - Indonesian government formed national task force for Local Currency Transaction (LCT) with the signing of Memorandum of Understanding during the side event of ASEAN Indo-Pacific Forum (IPF). The task force will involve 10 state institutions and ministries including Bank Indonesia, Financial Services Authority, and Deposit Insurance Corporation. “The task force is aimed to support economic stability by pushing the use of local currency for ASEAN bilateral transaction,” quote the statement of Bank Indonesia. The cooperation of LCT is part of the deal of the 42nd ASEAN Summit in Labuan Bajo back in May 2023. The use of local currency previously has been explored and studied by Bank Indonesia with countries as India, Saudi Arabia, and Singapore. The currency is aimed to ease the transaction of inter-state on trade, investment, and retail. Indonesia progressively committed to reduce the reliance on international transaction currency of USD. “LCT provides an ease for the community to shop in another state using their own currency of rupiah,” wrote the release of Bank Indonesia.