Top! Bank Indonesia Achieves 'Reserve Manager Of The Year', Defeating The Swiss Central Bank, Which Won Last Year

Bank Indonesia office complex in Jakarta. (Photo: By courtesy)

JAKARTA - Bank Indonesia (BI) has successfully won the Reserve Manager of the Year award from Central Banking Publications (CBP). The award was given for the success of the monetary authority which is considered successful in managing foreign exchange reserves so as to maintain the stability of the rupiah exchange rate amidst the uncertainty caused by the pandemic.

The Governor of Bank Indonesia, Perry Warjiyo said this achievement was inseparable from a change in approach that became more sophisticated through the management of a dual-tranche foreign exchange reserve portfolio with various assets and currencies.

"This achievement reflects reforms that place a new foreign exchange reserve management framework as an integral part of the Bank Indonesia policy mix", he said in an official statement, Tuesday, March 16.

Perry added that the exchange rate stabilization strategy in this policy mix played a key role in reversing the currency depreciation rapidly.

"BI's steps are accompanied by efforts to maintain the level of foreign exchange reserves in the face of unprecedented shocks due to the COVID-19 pandemic in the first half of 2020", he said.

For information, Reserve Manager of the Year is one of the categories of the Central Banking Award which aims to reward outstanding performance achievements for both individual and institutional categories in the central bank community.

The award was organized by CBP, a publication institution that focuses on discussing public policies and financial markets, with an emphasis on central banks, international financial institutions, and financial market infrastructure and regulations.

CBP has been around since 1990 and serves a community of more than 140 central banks. To note, the previous year the Reserve Manager of the Year award was won by the Swiss National Bank.