Hold On To Foreign Export Result Foreign Exchange, BI Promises Attractive Results For Exporters And Banks

Illustration (Photo: Doc. Antara)

JAKARTA Bank Indonesia (BI) is known to have prepared a special plan to hold back foreign exchange (DHE) from being in the country longer. BI Governor Perry Warjiyo said that the central bank would issue a new foreign exchange monetary operation.

"We will issue a new instrument where banks can fast on deposits of DHE from exporters to Bank Indonesia with an attractive market and interest rate mechanism," he said when answering reporters' questions on Thursday, December 22.

According to Perry, this new scheme is expected to hold DHE back from staying in the country.

"In this press conference, we would like to convey that the interest rates that exporters and banks will get that will facilitate will get interesting results," he said.

If this strategy goes according to plan, it is believed that foreign exchange export results, especially those from the natural resources (SDA) sector, can contribute positively to liquidity and the process of national economic recovery.

"Including in it is an effort to stabilize the rupiah exchange rate," said Perry.

For information, indications of DHE being recorded in foreign exchange reserves in October 2022 which decreased to USD 130.2 billion before increasing again in November 2022 to USD 134 billion.

Quoting Bank Indonesia Regulation (PBI) Number 21/14/PBI/2019 it is stated that all foreign exchange export results (specifically natural resources) are required to go through domestic banks.

"We believe this will increase the supply of foreign currency in the country and support macroeconomic stability," concluded BI Governor Perry Warjiyo.