Indonesia gains ‘second line of defence’ from $60 billion Fed repo

Bank Indonesia
Bank Indonesia
Photo: Christopher Jeffery

Indonesia’s central bank says it has reached a $60 billion repo agreement with the US Federal Reserve to ease dollar funding pressure in the country, after intervening in the foreign exchange market to stabilise the rupiah.

The Indonesian government also sought to raise dollar funding by issuing dollar-denominated bonds, including 50-year tenor debt securities – the longest-dated US dollar bond in Asia. The dollar bond sale is aimed at fighting the coronavirus, Indonesia’s finance minister says

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