Experience Weakening, BI Ensures Rupiah Exchange Rate Is Maintained

Illustration (Photo: Doc. Antara)

JAKARTA Bank Indonesia (BI) stated that the increase in global financial market uncertainty caused the rupiah exchange rate in September 2023 (until September 20, 2023) point-to-point to weaken by 0.98 percent compared to the level at the end of August 2023.

BI Governor Perry Warjiyo said year-to-date (yoy), the rupiah exchange rate rose 1.22 percent from the level at the end of December 2022.

"We ensure that the rupiah exchange rate is maintained in line with the stabilization policy taken by Bank Indonesia," he said, quoted Friday, September 22.

Perry explained that the results achieved by the rupiah were better than the exchange rate of other developing countries in Southeast Asia.

"This can be seen from Indian rupees, Philippine reso, and Thai baht, which have depreciated 0.42 percent, 1.92 percent, and 4.03 percent, respectively," he said.

Perry also revealed that in the future Bank Indonesia predicts that the stability of the rupiah exchange rate will be maintained in line with investor positive perceptions of Indonesia's economic prospects.

"With the support of low inflation, and attractive domestic financial asset yields," he added.

For information, Bank Indonesia continues to strengthen its policy of stabilizing the rupiah exchange rate through intervention in the foreign exchange market.

"Bank Indonesia will also increase the effectiveness of implementing instruments for the placement of the Natural Resources Export Result Foreign Exchange (DHE SDA) in line with PP Number 36 of 2023, and continue the issuance of SRBI," concluded BI Governor Perry Warjiyo.