JAKARTA - Bank Indonesia (BI) issued Rupiah Bank Indonesia Securities (SRBI) and Bank Indonesia Securities (SVBI) as foreign exchange monetary instruments with an initial auction on November 21, 2023, received positive sentiment from the market.
Governor of Bank Indonesia (BI) Perry Warjiyo said that SRBI and SVBI monetary instruments are pro-markets in order to strengthen efforts to deepen the money market and support efforts to attract portfolio inflows, by optimizing SBN assets and foreign exchange securities owned by Bank Indonesia as underlying.
BI noted that the SRBI Auction offer until November 21, 2023, had reached IDR 168.81 trillion, which was driven, among other things, by the flow of foreign portfolio investment of IDR 27.25 trillion.
Meanwhile, SVBI's bid at its inaugural auction reached 266.5 million US dollars, higher than the targeted indicative auction of 200 million US dollars.
"The market welcomes the issuance of SVBI, as reflected in the high offer of US$266.5 million, higher than the targeted indicative auction of US$200 million," he said at the Press Conference on the Results of the Board of Governors' Meeting (RDG), Thursday, November 23.
Perry said the SVBI tenor that had been offered was for 1 and 3 months. Furthermore, SVBI will also be offered with a longer tenor, namely tenor 6, 9, and 12 months in the future.
VOIR éGALEMENT:
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"The needs of the market there [short-term tenor], Alhamdulillah, oversubscribe. Later it can be increased to tenors 6, 9, and 12 months," he said Perry.
Furthermore, Bank Indonesia plans to issue Sukuk Valas Bank Indonesia (SUVBI) with the first auction on November 28, 2023.
These various instrument innovations are expected to support a 'pro-market' monetary operation strategy and can attract incoming capital flows to strengthen Indonesia's external economic resilience from the impact of global rambatan.
Perry emphasized that Bank Indonesia continues to strengthen innovation to increase the effectiveness of monetary policy in ensuring controlled inflation and the stable exchange rate of Rupiah.
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