Indonesia to intervene aggressively to protect local currency after US’s new tariff
Bank Indonesia (BI) announced on Monday that it will intervene aggressively in the domestic foreign exchange market to protect the local currency, following U.S. President Donald Trump’s announcement of a 32% reciprocal tariff on goods imported from the Southeast Asian nation.
The Rupiad of Indonesia. Photo courtesy of VnEconomy.
The Indonesian central bank said in a statement that the intervention will come in the spot and non-deliverable forward markets, as well as in secondary bond markets, adding that it had already intervened offshore in Asia, European and New York markets.
The bank’s statement said it will also intervene aggressively in the domestic foreign exchange market, after opening on Tuesday, while purchasing government securities (SBN) in the secondary market.
On the same day, Indonesian President Prabowo Subianto said the country will negotiate with Washington to ask for a better deal related to the tariff issue.
Indonesian markets, closed since March 28 for public holidays, are set to reopen on April 8, with the IDR at its lowest level against the US dollar since the 1998 Asian financial crisis.
The U.S. is now one of Indonesia's largest trading partners.
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