Bank Indonesia steps in to stem rupiah fall
Rupiah falls to lows not seen since the Asian financial crisis
Bank Indonesia intervened in the forex market today (September 3) after the rupiah fell to a 20-year low.
“Bank Indonesia has instituted a range of stabilisation measures,” the central bank said in a statement.
The central bank increased the volume of its foreign exchange market trading and begun purchasing tradable government securities in the secondary market.
In addition, the central bank has stepped up forex swap auctions. Today’s auction targeted $400 million, the central bank said.
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