Economics
Indonesia to Step Up Intervention as Currency, Bonds Slide
- Central bank to hold three forex swap auctions this week
- Rupiah slumps to 31-month low; bond yield at 14-month high
Photographer: Graham Crouch/Bloomberg
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Indonesia’s central bank pledged to continue its intervention in the currency and bonds market to ease volatility, and said it will boost forex liquidity as the rupiah slumped to a fresh 31-month low.
Bank Indonesia will hold three forex swap auctions to ensure sufficient liquidity in the interbank market, Nanang Hendarsah, executive director for monetary management, said in a text message on Monday. The bank, which usually holds two auctions a week, has been holding additional sales to ensure the market is well supplied, he said.