KONTAN.CO.ID - JAKARTA. Indonesia's foreign exchange reserves dropped by some $9 billion in March, the central bank governor said on Thursday, as Bank Indonesia (BI) intensified market intervention to manage the depreciation in the rupiah currency amid capital outflows. The rupiah lost 14% of its value against the dollar in March as investors rushed to liquidate riskier assets amid fear of rapid spread of the coronavirus. BI officials have said they had stepped up intervention in the spot foreign exchange and domestic non-deliverable forward markets, as well as snapping up bonds dumped by foreign funds, operations Governor Perry Warjiyo has dubbed the "triple intervention".
Indonesia's FX reserves drop by some $9 bln amid capital outflows
KONTAN.CO.ID - JAKARTA. Indonesia's foreign exchange reserves dropped by some $9 billion in March, the central bank governor said on Thursday, as Bank Indonesia (BI) intensified market intervention to manage the depreciation in the rupiah currency amid capital outflows. The rupiah lost 14% of its value against the dollar in March as investors rushed to liquidate riskier assets amid fear of rapid spread of the coronavirus. BI officials have said they had stepped up intervention in the spot foreign exchange and domestic non-deliverable forward markets, as well as snapping up bonds dumped by foreign funds, operations Governor Perry Warjiyo has dubbed the "triple intervention".