Blessings For Exports Soaring, BRI Controls 11 Percent Of Domestic Forex Market

Illustration (Photo: Doc. Antara)

JAKARTA - PT Bank Rakyat Indonesia Tbk. (BRI) recorded an increase in the volume of foreign exchange transactions by 46 percent year-on-year at the end of the third quarter of 2021. The book succeeded in boosting the company's market share to 11.07 percent of the total domestic foreign exchange transactions.

BRI's Senior Executive Vice President Treasury and Global Services Achmad Royadi stated that the results achieved were the company's active commitment to maintaining economic stability, including in the monetary operations of Bank Indonesia (BI) and the domestic foreign exchange market.

"In the midst of global market volatility and the ongoing recovery in the world economy, BRI was able to maintain its dominance in the Indonesian foreign exchange market," he said in a press statement, Tuesday, December 28.

According to Achmad, the solid performance of foreign exchange transactions was also supported by the strengthening of export and import transactions of customers.

"We continue to strengthen export-import services involving Indonesian business actors through mentoring, product development, and superior pricing strategies. The wide coverage of correspondent banks and a network of work units at home and abroad are also our added values," he said.

For information, until the end of September 2021, BRI's export-import transactions recorded a growth of 40 percent yoy with the largest growth in the retail segment at 96 percent and the corporate segment at 34 percent. This achievement made a positive contribution to the increase in spot and derivative profits from foreign exchange transactions which grew by 65 percent yoy.

Then, throughout 2021, BRI repo transactions recorded a growth of 114.63 percent yoy. This increase in repo transactions was also accompanied by the expansion of counterparty repo transactions through the signing of the GMRA.

"As a form of commitment to support the acceleration of the deepening of the repo market, BRI is also actively synergizing and collaborating with money market players in Indonesia," he said.

To note, this little bank is also listed as an active participant in the reverse repo auction and BI Term Deposit. Until the end of the third quarter of 2021, the volume of BRI transactions with BI on a yoy basis has grown by 152.11 percent for reverse repo transactions and 87.87 percent for Rupiah Term Deposit transactions.

"In the future, BRI will continue to be BI's strategic partner in maintaining our country's monetary stability," concluded Achmad.