Indonesia’s central bank injects 32.7 billion USD into financial system
The Bank Indonesia (BI) has injected 503.8 trillion Rp (around 32.7 billion USD) into banks and the debt market to stabilise the rupiah and help support the government’s financing needs to combat the economic shocks of the COVID-19 pandemic.
The headquarters of the Bank Indonesia (Photo: //www.thejakartapost.com/)
Jakarta (VNA) – The Bank Indonesia (BI) hasinjected 503.8 trillion Rp (around 32.7billion USD) into banks and the debt market to stabilise therupiah and help support the government’s financing needs to combat the economicshocks of the COVID-19 pandemic.
BI GovernorPerry Warjiyo said that banks would be obliged to buy government bonds afterthe central bank freed up 102 trillion Rp in liquidity. Starting on May 1, the reserve requirement ratio will belowered by 200 basis points (bps) for commercial banks and 50 bps for shariabanks.
BI’s policy torevoke banks’ obligation to fulfil the Intermediary Macroprudential Ratio (RIM)would add another 15.8 trillion Rp of liquidity, said Perry.
This is inaddition to the 386 trillion Rp worth of liquidity freed by the central bank since the beginningof the year to support the country’s crashing currency and boost banks’liquidity, Perry said.
The centralbank has bought 166.2 trillion Rp worth of government bonds in the secondary market as investorsdumped Indonesian assets over fears about COVID-19, resulting in a slump in thevalue of the rupiah, which depreciated as much as 18.5 percent in early March.
The rupiah hasstarted to gain against the greenback over the last few weeks, strengthening to15,394 Rp per USD as per 11 a.m. on April29 from this year’s low of16,625 per US dollar, according to Bloomberg data./.
Bank Indonesia (BI) said on April 3 that it is in talks with the US Federal Reserve (Fed) about potential currency swaps, while also preparing bilateral swaps with the central banks of China and Australia.
Indonesia will receive loans worth about 7 billion USD from the World Bank, the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB) to finance its fight against the raging COVID-19 pandemic.
The Indonesian government has announced that it will provide interest subsidies for small borrowers in banks and finance companies to help them cope with the effects of the COVID-19 pandemic.
Bank Indonesia (BI) has directly purchased 1.7 trillion Rp (108 million USD) worth of sharia sovereign bonds during an auction held by the government in its first such purchases in the primary market.
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The headquarters of the Bank Indonesia (Photo: //www.thejakartapost.com/) 
