REPUBLIKA.CO.ID, JAKARTA -- Bank Indonesia (BI) will impose transaction system of Real Time Gross Settlement (RTGS) multicurrency. It becomes a necessity in future to welcome ASEAN Economic Community (AEC).

RTGS is an online funds transfer system with settlement per individual transaction. RTGS currently can only be applied in a currency.

"AEC requires this system, so that all central banks in the world must prepare it. For example, we are ready if Bank of Malaysia wants to use RTGS system to transact in Indonesia," BI Deputy Governor, Ronald Waas said as reported by Satya Festiani.

Until now, export and import transaction in Indonesia are still through respondent banks. RTGS business has to improve its infrastructures. BI will provide options to customers to use respondent banks or central banks.

RTGS multicurrency will be implemented in middle of the year. Later, RTGS multicurrency will be integrated to government securities.

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