BI Boss Said The Phenomenon Of The Raibnya Dollars From The Exporting Bag

Senior Deputy Governor of Bank Indonesia Destry Damayanti (Photo: Capture BI Youtube screen)

JAKARTA Senior Deputy Governor of Bank Indonesia Destry Damayanti admitted that the increase in export value that occurred over the past year was not accompanied by the entry of foreign capital flows, especially dollars, significantly into the country.

"Indeed, our exports in 2022 are very high, 291 billion US dollars with our trade balance of around 55 billion. At that time there was a sense, why did these funds not enter our banks," he said when answering reporters' questions on Thursday, January 20.

According to Destri, after tracing this anomaly, it is closely related to the global situation which is still filled with continuing uncertainty.

"It turned out that at that time at the same time as the period of strengthening the dollar and all other countries needed dollars, so there was competition between countries, this was not just between banks (which made exporters save their money abroad)," he said.

Due to this condition, the central bank then tried to ensure the stability of the exchange rate with a sufficient supply of dollars.

"We issued a new term deposit (TD) instrument, which is actually almost the same as our operations in the monetary market, namely through bilateral cooperation with banks that have exporter customers," he explained.

For information, BI has implemented the TD monetary operation instrument for the Foreign Exchange of Export Results (DHE) as an instrument for placing DHE by exporters through banks to Bank Indonesia.

In this way, the central bank will provide fees to national banks that have managed to collect deposits in dollars from exporters. The fee is given if banks immediately forward their dollar deposits to Bank Indonesia.

In addition, BI also made a policy that this dollar deposit was not considered a third party fund (DPK) so that banks did not have obligations in terms of minimum mandatory demand deposits (GWM).

Meanwhile, BI's way of attracting Indonesian exporters to place their dollars domestically is through setting competitive interest rates according to market mechanisms.