The State-Owned Enterprises (SOEs) Ministry has asked large state-owned companies to issue bonds to help shore up the flagging rupiah, which dropped sharply in recent days amid growing fears over the worsening of the economic outlook due to the COVID-19 pandemic.

SOEs Minister Erick Thohir said he had asked several state-owned firms with good ratings, such as Bank Mandiri and Bank Rakyat Indonesia (BRI), to seek funding through bond issuance to help strengthen the rupiah, which had sharply dropped in recent weeks amid worsening economic outlook.

“We only instructed state-owned firms with good ratings like Bank Mandiri, BRI and Pertamina to issue the bonds,” he said during a teleconference with the media, without detailing the currency of the bonds.

The bonds issued by large local companies, especially major state-owned companies, usually attract foreign instituti...

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