RI, PNG Sign MoU on Border Currency

Jakarta (Antara Bali) - The central banks of Indonesia and Papua New Guinea have signed a Memorandum of Understanding (MoU) on the use of currency in the border areas between the two countries.

Bank Indonesia Deputy Governor Ronald Waas and Bank of Papua New Guinea Deputy Governor Benny BM Popoitai recently signed the MoU.

"This cooperation confirms the commitment of Bank Indonesia and Bank of Papua New Guinea to jointly boost the economy in the Indonesia-Papua New Guinea border areas," Ronald Waas stated in a press release published on the Bank Indonesia's website on Wednesday.

He emphasized that through this cooperation, the two central banks agreed to step up the role of financial institutions, including banks and money changers in the two countries, in order to boost the border economy by ensuring a smooth and reliable payment system.

They also agreed on promoting awareness among the local people on the need to exchange currency, make trade transactions in foreign currency in the border areas, encourage joint research on the use of currency and other economic activities, and establish partnership with the government agencies in the two countries to improve the mutual understanding of economic issues in the border areas. (*/DWA)