Amidst Global Conflict, BI Ensures Rupiah Exchange Rate Stabilization

JAKARTA, BALIPOST.com – To maintain the stability of the rupiah exchange rate, amidst the current escalation of global conflict, Bank Indonesia (BI) Governor Perry Warjiyo emphasized that his party will always be in the market.

Perry conveyed this after attending a limited meeting on developments in the global situation, together with the government at the Presidential Palace, Jakarta, as quoted by Antara news agency, Tuesday (16/4).

“BI is always in the market and we will ensure that exchange rate stabilization will be maintained, we will continue to intervene both in spot and Non Delivery Forward (NFD),” said Perry at the Presidential Palace in Jakarta.

Perry said that BI would continue to coordinate with the government as the fiscal authority, to maintain monetary and fiscal stability. “We make sure we are in the market to carry out stabilization steps,” said Perry.

As previously reported, Bank Indonesia (BI) stated that it was taking a number of important steps to maintain the stability of the rupiah after the Eid holiday and amidst the escalating conflict in the Middle East and the dynamics of economic development in the United States (US).

“During the Eid holiday, the offshore IDR non-deliverable forward (NDF) market also reached above IDR 16,000 or around IDR 16,100, so the rupiah opened around that figure,” said Head of BI’s Department of Monetary Management (DPM) Edi Susianto.

The steps taken by BI to stabilize the rupiah exchange rate, namely by maintaining the supply-demand balance of foreign exchange (forex) in the market through triple intervention, especially in spot and domestic non-deliverable forward (DNDF). (Kmb/Balipost)