The MoU is targeted to provide a more structured and systematic framework of cooperation and facilitate collaboration between the two central banks in the areas of monetary policy, macroprudential policy, financial system stability, payment and settl
Jakarta (ANTARA) - Bank Indonesia (BI) and Bank of Korea (BoK) agreed to reinforce bilateral cooperation between the two central banks through the inking of a memorandum of understanding (MoU).

The agreement was realized through the signing of the MoU by BI Governor Perry Warjiyo and BoK Governor Lee Ju-yeol on a counterpart basis on Wednesday, February 16, 2022.

"The MoU is targeted to provide a more structured and systematic framework of cooperation and facilitate collaboration between the two central banks in the areas of monetary policy, macroprudential policy, financial system stability, payment and settlement systems, and so on," BI Executive Director of Communications Erwin Haryono stated here on Thursday.


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In particular, cooperation efforts in the field of payment and settlement systems encompass cross-border and digital payments and other areas related to the improvement and innovation of payments as well as market infrastructure, Haryono pointed out.

The agreement allows the two central banks to collaborate more actively in various cooperation activities through policy dialogue, technical discussions, capacity development, joint research, and other forms of cooperation.

Furthermore, the MoU enables collaboration and exchange of ideas between BI and BoK in responding to various challenges in the future while involving diverse innovations together.


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Meanwhile, Warjiyo emphasized that the signing of the MoU was an important milestone between the two central banks that are getting closer. Moreover, the expansion of international cooperation partners also opens a wider collaboration space for BI internationally, he affirmed.

In line with the spirit of the Indonesian G20 Presidency in 2022, BI continues to initiate, strengthen, and expand international strategic cooperation that is expected to solidify BI's contribution to the national economy in addition to ensuring the success of the G20 Financial Track.


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Translator: Kuntum R, Kenzu T
Editor: Fardah Assegaf
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