TheJakartaPost

Please Update your browser

Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.

Jakarta Post

Rupiah at 1998 crisis level pressures reserves, debt

  • Adrian Wail Akhlas and Made Anthony Iswara

    The Jakarta Post

Jakarta   /   Sat, March 21 2020   /  12:17 am
Stacks of cash: Wearing a protective suit, a worker arranges rupiah bills at state-owned lender Bank Mandiri’s cash center in Jakarta on Friday. (JP/Dhoni Setiawan)(JP/Dhoni Setiawan)

Stacks of cash: Wearing a protective suit, a worker arranges rupiah bills at state-owned lender Bank Mandiri’s cash center in Jakarta on Friday. (JP/Dhoni Setiawan)The rupiah breached 16,000 against the United States dollar on Friday, the weakest since the 1998 crisis, taking its toll on central bank reserves, corporate debt obligations and import-reliant industries as the COVID-19 pandemic prompts an Indonesian asset selloff.Bank Indonesia (BI) Governor Perry Warjiyo said on Friday that the central bank had spent Rp 163 trillion (US$10.1 billion) to buy government bonds in the secondary market to stabilize the rupiah as foreign investors exited the market.“The stabilization efforts that we’ve taken focus on providing a supply of dollars, which we will continue doing through intervention,” Perry told a teleconferenced press briefing, referring to the central bank’s bond buying ...