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At the recent meeting of G20 Finance Ministers and Central Bank Governors, Bank Indonesia (BI) and the Reserve Bank of India (RBI) signed a Memorandum of Understanding (MoU) to enhance cooperation between the two central banks. In the presence of BI Governor Perry Warjiyo and RBI Governor Shaktikanta Das, it was signed by BI Deputy Governor Dody Budi Waluyo and RBI Deputy Governor Michael Debabrata Patra.

“This MoU is an important milestone in the relationship between Bank Indonesia and the Reserve Bank of India. It has been a long time since we started cooperating productively, and this MoU will only ensure stronger collaboration in the future. Going forward, I am confident that such an excellent partnership will result in fruitful outcomes that will benefit both the central banks and the people of both countries,” BI Governor Perry said.

With this MoU, BI and RBI have agreed to strengthen information exchange and cooperation around central banking, including payment systems, digital innovation in payment services and a regulatory framework and monitoring for the fight against money laundering and the fight against the financing of terrorism (AML-CFT).

The MoU will be implemented by talking politics, working together on technical issues, sharing information and working together. It will also help people understand each other better, create more efficient payment systems, and connect payment systems across borders.

These initiatives will be carried out through regular interaction on recent economic and financial developments and issues, technical cooperation through joint training and seminars, and collaborative work to explore establishing cross-border retail payment linkages. .

Meanwhile, Indonesian Finance Minister Sri Mulyani Indrawati and BI Governor Perry expressed their gratitude to G20 members, guests and international organizations for their broad support. He also said that despite the difficult circumstances, the G20, as the premier forum for coordinating global economic issues, is committed to delivering concrete actions to support strong, sustainable, balanced and inclusive growth and recovery.

As the G20 Presidency, Indonesia upholds the integrity of the G20 in this difficult time by prioritizing open dialogues and focusing more on concrete actions. The country also pledged to continue discussions on the macro-financial implications of central bank digital currencies (CBDCs), which could be designed to facilitate cross-border payments while maintaining the stability of the global monetary and financial system.

Through TechSprint 2022, a joint initiative of the Indonesian G20 Presidency and the BIS Innovation Hub aims to contribute to the debate on practical and achievable solutions for implementing CBDCs.

Members discussed COVID-19 exit strategies to support a fair recovery of financial stability and adverse effects on the financial sector. He also discussed efforts to address vulnerabilities of non-bank financial institutions (NBFIs), climate-related financial risks, crypto assets, financial inclusion and digitalization, and new initiatives on the gaps in of data.

Members support efforts to strengthen the resilience of the global financial system and have called on the Financial Stability Board (FSB) to step up oversight. G20 Finance Ministers and Central Bank Governors pledge to maintain global financial stability, including by continuing to coordinate policies and implement international standards.

The G20 continues to deliberate on payment systems in the digital age to achieve faster, cheaper, more transparent and more inclusive cross-border payments, which would benefit economies around the world. Therefore, the G20 roadmap for improving cross-border payments aims to make cross-border payments faster, cheaper, more secure and more inclusive.

The Indonesian G20 Presidency reiterates that it must send a clear message to the international community that all members are working together to ensure that they have a concrete strategy to address current global challenges.