Indonesia's central bank (BI) Governor Perry Warjiyo noted in a statement on Monday that the bilateral trade, on an average, has reached Rp58 billion per month.
"Since its implementation on December 11, 2017, the total trade transaction, under the local currency settlement framework, has shown an increase," Warjiyo remarked.
The local currency settlement (LCS) is a framework of bilateral trade transaction using local currencies.
Indonesia and Thailand had first implemented the LCS framework in December 2017. The framework is aimed at reducing both countries' dependency on the US dollar and increase the bilateral trade volume.
Implementation of the LCS became the main topic of discussion at the bilateral meeting between BI Governor Warjiyo and Governor of Bank of Thailand Veerathai Santiprabhob in Jakarta.
"The strategic meeting has discussed the development of both countries' economy, direction, and implementation of the central banks' policy, especially regarding the payment system," Warjiyo remarked.
He said the two central banks had emphasized the importance of economic and digital financing development with the latest innovations in technology, including the implementation of the quick response code (QR Code), to boost both countries' economic growth.
BI and the Bank of Thailand have mitigated the potential risk of the development of the payment system regarding the stability of the financial system as well as anti-money laundering and prevention of funding for terrorism.
"The (central banks') governors have enhanced commitment to strengthening mutual cooperation between the two central banks and continuing the bilateral meetings at the level of the central banks' leaders as well as technical meetings," he added.