Bank Indonesia governor, Perry Warjiyo rated, the current Rupiah level is sufficient for the country - Photo by Bank Indonesia.

JAKARTA (TheInsiderStories) – Bank Indonesia (BI) governor, Perry Warjiyo rated, the current Rupiah level is sufficient for the country. This morning the local exchange rate transacted in the range 16,330 to 16,400 against the US Dollar.

“We will maintain the exchange rate so that the worst levels are not happening. BI will continue to be committed to safeguarding the Rupiah,” he told media in a media briefing today (04/01).

Since the beginning of this year, he added, the central bank has injected Rp300 trillion (US$18.75 billion) in liquidity in the form of government bond purchases Rp166 trillion in the secondary market. Then, the lowered of statutory reserve requirement for foreign exchange with worth of $3.2 billion and Rp22 trillion in Rupiah denomination, also repos.

He assured, even the Bank has intervened the market with big funds, the amount of foreign exchange reserves is sufficient to stabilize the exchange rate movement. Warjiyo also rated, the global panic in the world now is slowing down, but BI will continue to monitor it.

The food prices also stable in the middle of pandemic. Based on BI monitor, until third week of March, monhtly inflation was kept low at 0.11 percent compared to prior month and in annual basis at 2.98 percent.

COVID-19 spread rapidly throughout and become a global problem. Last night, the finance minister and central bank governors of Group 20 (G20) has talked joined with international institutions, such as International Monetary Funds (IMF), World Bank, OECD and United Nations.

Warjiyo stated, all countries are stepping up the pandemic prevention measures through joint actions. The policymakers also agreed to provides more fiscal and monetary stimulus in their countries to help the public and curb the capital market panic by adding liquidity to financial markets and banks.

The Group are scheduled to meet again on Sunday to discusses a further joint collective action for the global economy.

US$1: Rp16,000

Written by Staff Editor, Email: theinsiderstories@gmail.com