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Bank Indonesia has indicated limited scope for further interest rate cuts due to global risks stemming from political developments in the US, which are affecting fund flows into the dollar and putting pressure on the rupiah. Governor Perry Warjiyo announced that the benchmark BI-Rate will remain unchanged at 6%.
Indonesia's central bank has stepped in to stabilize the rupiah as it approaches the critical level of 16,000 per dollar. The intervention includes actions in the spot currency market, domestic non-deliverable forwards, and the government bond market, according to Executive Director Edi Susianto, who noted that dollar supply remains adequate.
Asian authorities are taking steps to protect their currencies amid a surge in the dollar driven by election volatility. Bank Indonesia is prepared to intervene in currency and bond markets, while state-owned banks in China have sold significant amounts of dollars to support the yuan.
Bank Indonesia is optimistic that the rupiah will endure short-term financial market volatility, with expectations of strengthening despite potential fluctuations. Edi Susianto, an executive director at the central bank, noted that pressures are primarily driven by sentiment related to the Federal Reserve's policy rate adjustments and the upcoming US election results.
Bank Indonesia has stepped in to stabilize the rupiah amid rising concerns over a potential Donald Trump victory in the US elections and a slower easing approach from the Federal Reserve. The central bank is actively intervening in both the spot market and domestic non-deliverable forwards to mitigate volatility, marking its second intervention in two weeks.
PT Krom Bank Indonesia Tbk
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