No. 28/186/DKom
Global economic uncertainty has prompted BRICS countries to strengthen cooperation concerning the use of local currencies and cross-border payment connectivity. These efforts are aimed at fostering concrete economic and financial cooperation that delivers tangible benefits. This was discussed at the 2nd BRICS Finance Ministers and Central Bank Governors Meeting (BRICS FMCBG), held on 9-10th September 2026 in Mumbai, India. Indonesia was represented by the Governor of Bank Indonesia, Destry Damayanti, and Deputy Minister of Finance of the Republic of Indonesia, Juda Agung. The meeting was also attended by central bank governors and finance ministry officials from BRICS member countries, namely Indonesia, Brazil, Russia, India, China, South Africa, Egypt, the United Arab Emirates, Ethiopia and Iran.
Governor Destry emphasised the importance of maintaining stability, while strengthening sources of growth to address geopolitical tensions and economic fragmentation. Bank Indonesia advocates stronger cooperation among BRICS members, including through the use of local currency transactions and cross-border payment linkages. “Indonesia sees a strategic opportunity for BRICS countries to transform various challenges into collective resilience by strengthening concrete cooperation, including local currency transactions and cross-border payment connectivity, while taking into account each country's respective stage of development and national priorities," Governor Destry said.
At the meeting, BRICS member countries committed to strengthening economic and financial cooperation as well as enhancing resilience in the face of global challenges. The commitment was reached following discussions on several strategic issues relating to strengthening resilience and growth, digital transformation and AI, cross-border payment connectivity, the use of local currencies, cyber resilience and sustainable finance. BRICS members also underscored the need to strengthen the global financial architecture, including by reforming IMF governance to strengthen the voice and representation of developing countries. In line with this agreement, Indonesia emphasised the importance of leveraging the diverse characteristics of member countries as a strength in building cooperation that complements one another that creates shared added value.
As part of the series of meetings in Mumbai, Governor Destry held a bilateral meeting with the Governor of the Reserve Bank of India (RBI), Sanjay Malhotra. The meeting discussed accelerating cooperation on Indonesia-India Local Currency Transactions (LCT), the Local Currency Bilateral Swap Arrangement (LCBSA), as well as payment connectivity through cross-border QR payments. Such cooperation represents one of the steps towards translating BRICS commitments into economic and financial connectivity that delivers benefits for both countries.
The 2nd BRICS FMCBG Meeting agreed on a Joint Statement reflecting the shared commitment to address global economic challenges. Going forward, Indonesia believes it is essential to maintain dialogue and foster cooperation amid global fragmentation. Through synergy between Bank Indonesia and the Government, Indonesia will continue contributing to the international cooperation agenda to deliver concrete and inclusive measures aligned with national priorities, thereby supporting economic and financial resilience in Indonesia.
Jakarta, 11th September 2026
Communication Department
Ramdan Denny Prakoso
Executive Director
