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Khaled Mohamed Balama, governor of the Central Bank of the UAE, received Judha Nugraha, ambassador of the Republic of Indonesia to the UAE, at the bank’s headquarters in Abu Dhabi on Sunday. The meeting brought together assistant governors and senior officials from both sides to review avenues for strengthening financial and banking relations. Discussions focused on interconnecting payment systems to enable seamless cross-border transactions that are advanced, fast, efficient, transparent and cost-effective while aligning with the development objectives of both nations.
According to a report from the Emirates News Agency, the two sides also considered mechanisms to accelerate digital financial innovation in support of expanding trade and investment between the UAE and Indonesia. Balama stated, “In line with the vision of our wise leadership to solidify the UAE’s leading position as a global financial hub, and reflecting the deep-rooted strategic ties between the UAE and Indonesia, the CBUAE is committed to anchoring mutual cooperation in the financial and banking sectors. We aim to develop innovative and secure digital payment solutions that enhance economic resilience and support bilateral trade and joint investments.” The Central Bank of the UAE emphasised that such steps would contribute to economic growth and the broader strategic partnership.
Nugraha praised the UAE’s advancements in digital payments infrastructure during the talks. He noted that the 50th anniversary of diplomatic relations between Indonesia and the UAE this year presents a timely platform to deepen cooperation between the two central banks. The ambassador expressed hope that the implementation of Local Currency Transactions, enhanced cross-border payment connectivity and continued knowledge exchange would further bolster bilateral trade, investment and the overall strategic partnership.
Bilateral trade between the UAE and Indonesia has grown steadily in recent years. Figures from the Indonesian Trade Ministry reported by the Jakarta Globe show that commerce increased from $5 billion in 2024 to $6.4 billion in 2025, with the first two months of 2026 alone recording $1.5 billion in trade volume. The expansion follows the entry into force of a comprehensive economic partnership agreement in September 2023 that progressively eliminates import duties on most goods.
The Abu Dhabi meeting forms part of the Central Bank of the UAE’s wider engagement with regional partners on financial infrastructure. Last month Balama hosted Khalid Humaidan, governor of the Central Bank of Bahrain, for talks on similar themes including expertise exchange, banking system stability and innovation in financial services. Those discussions also featured a review of the CBUAE’s initiatives in digital transformation and financial stability.
