Bank Indonesia Uses Monetary Policy Measures Intending to Strengthen the IDR to Pre-Pandemic Levels

Bank Indonesia (BI) has injected an additional IDR 167.6 trillion (USD 11.33 billion) to strengthen the currency and financial system, forecasting the IDR to stabilize at pre-pandemic levels.

According to the BI Governor, Perry Warjiyo, since the beginning of 2020, BI had injected a total of IDR 583.5 trillion, to conduct monetary operations to stabilize the IDR.

The IDR weakened in March 2020 to its lowest since 1998 amidst significant capital outflows, as foreign investors withdrew their investments in Indonesian assets. However, BI stated that the IDR had remained relatively steady in May 2020 with an exchange rate of IDR 14,690 per USD recorded at the close of market on the 29th...