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Jakarta Post

BI injects $18.19 billion into markets, banks

  • Adrian Wail Akhlas

    The Jakarta Post

Jakarta   /   Fri, March 27 2020   /  01:45 am

Bank Indonesia (BI) has continued to inject up to Rp 300 trillion (US$18.19 billion) into the financial markets and banks to help support the country’s crashing currency as foreign investors sell off Indonesian assets over COVID-19 fears.

BI Governor Perry Warjiyo said the central bank had bought back government bonds worth Rp 168.2 trillion this year, with bank repurchase agreements (repos) to provide another Rp 55 trillion. The central bank’s policy of lowering the reserve requirement ratio will also free up another Rp 75 trillion for banks to finance businesses, he added.

“We are injecting liquidity to make sure the rupiah is able to meet banks’ needs and foreign exchange is adequate in the money market,” Perry told reporters on Tuesday. “The central bank will continue to intervene through the spot market, domestic non-deliverable forward and bonds if needed....