During the 10th ASEAN Finance Ministers and Central Bank Governors Meeting in the Indonesian capital Jakarta, the Bank of Indonesia signed a memorandum of understanding with the Bank of Malaysia and the Bank of Thailand on local currency transactions to reduce its dependence on the US dollar.。It is understood that Indonesia has previously established local currency settlement cooperation with ASEAN members Thailand and Malaysia.。The newly signed agreement is an expansion of local currency settlement, that is, the use of their respective currencies for trade and direct investment, enterprises do not need to use the United States dollar as an intermediary.。Bank Indonesia Governor Perry Vagillo said Indonesia and the two countries want to use their currencies for purposes other than trade and investment。As part of the new memorandum of understanding, Indonesia, Malaysia and Thailand have agreed to promote more efficient cross-border payments, and the three countries will also use local currencies for financial asset transactions, including government bonds and stocks, Perry said.。