JAKARTA (TheInsiderStories) – Indonesian central bank will announce the foreign exchange (forex) reserves data today. Last month, the forex reserves recorded worth of US$123.8 billion, up 2.9 percent compared to May, 2019 which amounted to $120.3 billion.
At the same day, the new senior deputy governor Destry Damayanti will inaugurate to run her job until 2024 to replace Mirza Adityaswara. Previously, the lady work as a member of Indonesian Deposit Insurance board of commissioners since 2015.
British Prime Minister Boris Johnson has called President of Indonesia Joko Widodo and welcomed the close ties between the two countries. Both leaders agreed on the importance of the trading relationship between United Kingdom (UK) and Indonesia and the opportunities to strengthen this when the the country leaves the European Union.
They also committed to continuing to work together to address challenges such as the Rakhine crisis in Myanmar, and to build on the bilateral links between our countries through the UK – Indonesia Partnership Forum.
On Tuesday, ministry of finance has conducted an auction of Sharia bond or SUKUK and absorbed funds worth Rp8.03 trillion (US$561.54 million) from the total incoming bids of Rp18.05 trillion.
At the one ceremony at the State Palace, Indonesian president Joko Widodo threatened to sack military and police officers fighting forest fires if they fail to extinguish the flames. He also promised to prepared government funds for high-tech equipment like drones to help tackle the blazes.
In this year, Indonesia has recorded the highest number of hot spots devastating fires since 2015 and faces global pressure to put an end to slash-and-burn clearance of land. The president noted complaints about haze were once again making headlines in neighboring countries.
Based on New and Renewable Energy law draft, the government has an opportunity to bear additional subsidies with a minimum value of Rp21 trillion (US$1.47 billion) per year to develop new and renewable energy in the future. The House of Representatives targeting to be signed the law in this year.
While, Indonesian Nickel Miners Association says it has sent a letter to President Joko Widodo asking the government to allow low-grade nickel ore exports for all miners and to regulate domestic price for the minerals. The group also wants local smelters to be required to buy some low grade ore.
Currently, the government only allows miners that are investing in nickel smelters to export ore with less than 1.7 percent of nickel content. Indonesia aims to end exports of unprocessed mineral ore in 2022
United States Department of Agriculture attache in Jakarta said in a report, Indonesia’ palm oil production during 2019 – 2020 is expected to reach 43 million tons from 2018 – 2019 period at 41.5 million tons due to expanding mature area. Recently, agriculture ministry data for planted area has been contradicted by data from other government agencies.
Yesterday, People’s Bank of China (PBoC) announced to sell RMB30 billion (US$4.27 billion) worth of Yuan-denominated securities in Hong Kong on August 14. The policy has been taken to improve the yield curve the bonds.
It said, the operation would commence with the issuance of central bank bills. The issue includes RMB20 billion three-month and RMB10 billion one-year bills, said PBoC in an official statment.
The Bank also declared, in consideration of reasonably adequate liquidity in the current banking system decided not to conduct reverse repo operations on Tuesday.
The Jakarta Composite Index (JCI) continue weakened to 6,119.47, or dropped 0.91 percent compared to Monday. But Indonesian Rupiah rebounded to green zone up 0.07 percent to 14,260 over the Greenback.
For today, the analysts sees the composite index and local currency still volatile, waiting for American President Donald Trump’ policy on China and the economy data. JCI is estimating move in the range 6021 – 6288.
Stocks to be wacth are PT Astra International Tbk (IDX: ASII), PT Sri Rejeki Isman Tbk (IDC: SRIL), PT Telekomunikasi Indonesia Tbk (IDX: TLKM), PT HM Sampoerna Tbk (IDX: HMSP), PT Bank Negara Indonesia Tbk (IDX: BBNI), PT Bank Central Asia Tbk (IDX: BBCA), and PT XL Axiata Tbk (IDX: EXCL).
May you have a profitable day!
Written by Linda Silaen and TIS Intelligence Team, Please Read Our Insight to Get More information about Indonesia