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BI urges exporters to release foreign currency
Bank Indonesia (BI) has said it is time for exporters to release their foreign currencies
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Bank Indonesia (BI) has said it is time for exporters to release their foreign currencies.
'The release of foreign currencies will help equalize the rupiah exchange rate. I think now is the time for exporters [to release their foreign currencies],' said BI Governor Agus Martowardojo as quoted by Antara at the House of Representatives compound in Jakarta on Monday.
The BI governor said that to maintain the rupiah and keep it balanced was something that required global thinking, especially with respect to imports and exports, he added.
'Therefore, foreign currencies need to be released so that the rupiah balance can be maintained. The situation may get worse if a global sell off occurs, during which the world's capital market players sell their stocks simultaneously. This will impact Indonesia,' said Agus.
He further said the rupiah exchange rate had been undervalued; thus, there must be responses taken to overcome the situation. One measure BI had taken was to carry out interventions to maintain the rupiah's balance. (ebf)(++++)
