Oil markets have recently shown signs of stabilising after earlier pressure eased amid declining concerns over possible supply chain disruptions linked to tensions in the Middle East.
Customers can start using QRIS for different types of cross-border transactions.
The 2022 issue notes released by Bank Indonesia are Rp 100,000, Rp 50,000, Rp 20,000, Rp 10,000, Rp 5,000, Rp 2,000, and Rp 1,000.
The central bank said it targets up to 45 million small and medium enterprises (SMEs) to use the Quick Response Code Indonesian Standard, or QRIS, by 2023.
At least 15 million consumers are expected to use the method nationwide.
Through this linkage, consumers in both countries will be able to make retail payments by scanning the QRIS (Quick Response Code Indonesian Standard)or DuitNow QR codes provided by offline and online merchants.
An economics expert positively welcomes Bank Indonesias plan to issue central bank digital currency, or CBDC, as its deemed the right countermove against cryptocurrency that has been growing very rapidly in the country.
Recent survey revealed a rising optimism among Indonesians on national economic outlook. The increase is in line with the improving economic activities and income as mobility increased due to the easing of restrictions
