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Thursday, 20 Sep 2018

Governor of BI says that the weakening of Rupiah currently due to the fall of Turkish Lira

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News24xx.com - Rupiah continues to fall through the level of IDR 14,600 per dollar since the beginning of this week. And on Wednesday, August 15th 2018, it was at IDR 14,621.

The weakening was mentioned by Bank Indonesia (BI) due to the financial crisis in Turkey. Quoted from Republika, BI Deputy Governor, Dody Budi Waluyo in Jakarta said, "In general, BI saw the influence of the weakening of Turkish lira caused all of this. Besides due to other factors such as the issue of tension trade and yuan devaluation."

BI's expectation of this weakening is temporary or momentary sentiment. It was considered that the domestic economy was still strong, which was indicated by the still high growth of Gross Domestic Product (GDP) and low inflation.

BI through Dody continues to strive to stabilize Rupiah exchange rate with the steps implemented.

"As has been done so far, namely a combination mell, dual intervention in the forex market and bond market, rising interest rates, and rupiah gradual depreciation in accordance with its fundamental value" explained Dody.

BI began opening foreign exchange swap auctions for banks this afternoon. The goal is to help reduce pressure on the rupiah.

 

 

 

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