Rupiah Weakens, Valas Savings Increases 6.13 Percent

An illustration of the Rupiah dollar (Photo: dock. Antara)

The weakening of the Rupiah exchange rate against the United States (US) dollar did not reduce foreign exchange deposits or foreign exchange in Indonesia. The Deposit Insurance Corporation (LPS) revealed that foreign exchange savings experienced positive growth reaching 6.13 percent.

Chairman of the LPS Board of Commissioners Purbaya Yudhi Sadives said that foreign exchange savings in Indonesia grew 6.13 percent on an annual basis or year on year (yoy) in September 2023 to 78.17 billion US dollars.

"If you think the foreign exchange savings dropped completely, but if you look at the data, it's not like that. Voidal savings in September 2023 grew 6.13 percent yoy to reach 78.17 billion US dollars," he said at a press conference on the Financial System Stability Committee (KSSK), Friday, November 3.

In fact, Purbaya said the growth of this savings was faster than in August 2023.

"This is growing faster than August. Unexpectedly, people actually rose a little faster," he said.

Furthermore, Purbaya explained, the exchange Loan to Deposit Ratio (LDR) was 80.33 percent. He said, indicating that the liquidity of foreign exchange in the domestic market is quite strong.

"Then if we look at the new LDR, it has reached 80.33 percent. This indicates that the liquidity of foreign exchange in the domestic market is quite strong, the space is enough to provide additional credit to the real sector if needed," he said.