Indonesia's central bank on Monday announced a number of measures intended to stabilise financial markets, including stepping up the volume of intervention, cutting reserve requirements and relaxing rules on hedging.
Governor Perry Warjiyo said Bank Indonesia would cut reserve requirements for savings in foreign currencies by 400 basis points to 4%, freeing $3.2 billion for the banking system. The measure is effective March 16.
Reserve requirement ratio in rupiah for banks that lend to exporters and importers would be cut by 50 basis points starting April 1 and effective for nine months, he said.
Warjiyo said the measures were intended to stabilise the rupiah exchange rate, which has been hit by capital outflows related to fears of the coronavirus outbreak.
(Reporting by Tabita Diela; Writing by Gayatri Suroyo)
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March 02, 2020 at 12:28AM
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Indonesia central bank stepping up intervention, cutting RRR amid coronavirus-related outflows - marketscreener.com
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