On Monday, September 23, 2002 a delegation of the Bank of Indonesia and the Embassy of the Republic of Indonesia from Budapest visited the Croatian National Bank. On that occasion, the Vice Governor of the CNB Mr. Tomislav Presečan and the Deputy Governor of the Bank of Indonesia Mr. Aulia Thantawi Pohan signed a Memorandum of Understanding on behalf of the two central banks.

The Memorandum should contribute to a successful future development of economic and financial relations between Croatia and Indonesia, a country of more than 210 million inhabitants, which may be an interesting potential market for Croatian manufacturers, as well as a supplier of a number of products imported by Croatia. In view of that, both central banks will exchange relevant information on economic developments and policies and cooperate on other matters of mutual interest. The two banks also agreed upon the establishment of correspondent relationships between commercial banks in Croatia and Indonesia, with payment transactions settled in convertible currencies, subject to the regulations of both countries and the rules laid down by the International Chamber of Commerce.

During the meeting the representatives of the Croatian and the Indonesian central banks exchanged information on the economic developments and financial systems in both countries, monetary and exchange rate policies and the international debt and reserves management. Special attention was given to the experience in the restructuring of the banking systems and the resolution of banking crises, which both countries faced. Additional topics discussed were the progress made in the banking supervision and its adjustment with the international standards.