Jakarta, CNN Indonesia —
Governor Bank of Indonesia (BI) Perry Warjiyo fast exchange rates rupiah in November 2024 it will weaken by 0.84 percent point to point (ptp) against the US dollar from the previous month.
Perry said the weakening of the rupiah exchange rate was caused by the broad strengthening of the US dollar.
“In addition to reversing the preferences of global investors by shifting their portfolio allocations back to the US following the results of the general election in the US,” he explained at the RDG BI press conference , Wednesday (20/11).
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However, it is claimed that the depreciation of the rupiah exchange rate is still better than several currencies in neighboring countries.
Perry noted that the weakening of the rupiah was at least better than the Taiwan dollar, won by the Philippine peso and South Korea which each depreciated by 5.26 percent, 5.83 percent and 7.53 percent.
“Going forward, the rupiah exchange rate is expected to remain stable, supported by BI’s commitment to maintain rupiah exchange rate stability, attractive yields, low inflation, and Indonesia’s economic growth prospects that remain good,” said e.
In addition, the use of all monetary instruments was also optimized, including the strengthening of pro-market monetary activity strategies through the optimization of Bank Indonesia Rupiah Securities (SRBI) instruments ), Bank Indonesia Foreign Currency Securities (SVBI) and Bank Indonesia Exchange Sukuk (SUVBI). .
According to him, this policy is also intended to strengthen the effectiveness of policies in attracting foreign portfolio investment inflows and support the strengthening of the rupiah exchange rate.
On 18 November 2024, the position of SRBI, SVBI and SUVBI instruments was recorded at IDR 968.82 trillion, US$ 3.39 billion and US$ 387 million, respectively.
“The issuance of SRBI has supported efforts to increase foreign wallet inflows into the country and strengthen the rupiah exchange rate. Non-resident property in SRBI reached IDR 250.18 trillion or 25.8 percent of the total outstanding,” said Perru.
Not only that, the implementation of a Principal Dealer (PD) from May 2024 also strengthens the effectiveness of SRBI as a monetary instrument in supporting the stability of the rupiah exchange rate and controlling inflation.
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