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Jakarta Post

What BI watchers should know about Perry Warjiyo

Jakarta   /   Tue, February 27, 2018   /  10:17 am
What BI watchers should know about Perry Warjiyo Bank Indonesia has its headquarters on Jl. MH Thamrin in Central Jakarta. (JP/Wienda Parwitasari)

On July 15, 2013, I opened my cell phone to text Bank Indonesia (BI) Deputy Governor Perry Warjiyo. I was a journalist covering the central bank and that morning, the rupiah had weakened to Rp 10,024 per US dollar. It was the first time in four years that the rupiah rate onshore was quoted in five digits, after it had hovered at around Rp 9,900 per dollar for weeks, supported by heavy intervention from the central bank. In fact, BI had burned US$7 billion of foreign exchange reserves the previous month as it tried to prevent the rupiah from breaching the Rp 10,000 per dollar psychological threshold. In his reply, Perry commented that the central bank decided to float the exchange rate to stabilize the economy. But it was his next explanation that might have defined his viewpoint on monetary policy: he expected the rising trend of interest rates would stop under his watch (at the ti...

Disclaimer: The opinions expressed in this article are those of the author and do not reflect the official stance of The Jakarta Post.