Avoiding use of the US dollar, Indonesian companies recently signed countertrade deals with Philippine business partners worth $350 million. Jakarta encourages cross-border barter as a way to tackle exchange rate risks, but the measure will do little to help the ailing rupiah, experts note.

The weakening rupiah, now trading around Rp18,000 per U.S. dollar, is increasing pressure on import-dependent businesses.

In a statement, the central bank said this was also a "pre-emptive measure" to maintain inflation within the government's target range of 1.5% to 3.5%.

Avoiding use of the US dollar, Indonesian companies recently signed countertrade deals with Philippine business partners worth $350 million. Jakarta encourages cross-border barter…