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Bank Indonesia said it will strengthen rupiah stabilisation through spot and domestic non-deliverable forward market intervention to offset US Federal Reserve rate increases and a strong dollar. It also said it will expand the placement of export proceeds and issue Rupiah Securities (SRBI) to attract foreign capital.
The statement followed the August monetary policy board meeting.
Heavy central bank intervention draws down reserves and signals policy support for the rupiah, which can slow depreciation that would otherwise make Indonesian exports, including palm oil, cheaper for buyers. The effect on commodity prices is modest.
antaranews.comMartha Herlinawati SimanjuntakAug 24, 2023Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
