JAKARTA - Bank Indonesia (BI) is making efforts to strengthen the Jakarta Interbank Spot Dollar Rate (Jisdor) in order to increase the credibility of the domestic foreign exchange market and support exchange rate stability in Indonesia.

BI Financial Market Development Department Head Donny Hutabarat said this step was an effort to deepen the financial market.

"Jisdor itself represents the rupiah exchange rate against the US dollar from interbank transactions on the foreign exchange market, including transactions with overseas banks," he said in a webinar Wednesday, February 3.

To that end, Donny said the monetary authority has prepared two aspects of strengthening which will take effect on April 5.

First, the monitoring period for the transaction of the Jisdor establishment has changed from 08.00 WIB to 09.45 WIB to 08.00 WIB up to 16.00 WIB.

"These changes make Jisdor more reflective of spot transactions that occur throughout the day," he said.

Second, adjustments for the issuance time of Jisdor from 10.00 WIB to 16.15 WIB. In the period of adjusting the operational time of the domestic foreign exchange market during a pandemic, the timeframe for Jisdor calculations will be carried out from 09.00 WIB to 15.00 WIB and Jisdor will be published at 15.15 WIB.

"Strengthening Jisdor is part of an effort to realize the vision of developing the money market and in line with best practices," he added.

He added that this strengthening is needed to build a credible pricing reference in accordance with the vision of developing the money market.

In addition, Jisdor's strengthening is in line with the benchmark reform initiatives taking place on global financial markets, namely the establishment of an exchange rate reference that represents daily exchange rates based on transactions supported by best practice methodologies.

"In relation to this strengthening, Bank Indonesia will continue to coordinate with various stakeholders, especially Jisdor users such as market players and business players, so that implementation can run effectively and smoothly," concluded Donny.


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