BI confident rupiah exchange rate will hike to Rp 15,000 per USD by end of year
JAKARTA - Bank Indonesia (BI) Governor Perry Warjiyo said that the rupiah exchange rate is currently at an adequate level, and will likely stabilise and strengthen up to Rp 15,000 per US dollar.
"In our view, the rupiah exchange rate is stable and adequate, and even undervalued," said Mr Warjiyo in a press conference broadcast on BI's official YouTube channel, Thursday (2/4).
"Bank Indonesia will continue to take measures to stabilise the rupiah exchange rate, and with established confidence from investor and the markets there is a possibility that the rupiah exchange rate will not only stabilise, but also strengthen to Rp 15,000 per US dollar by the end of the year."
This, said Mr Warjiyo, is related to the central bank's effort in coordination with the Ministry of Finance and Financial Services Authority (OJK) in maintaining economic stability amid the coronavirus (Covid-19) pandemic. As of Thursday, the rupiah exchange rate is recorded at Rp 16,687 per US dollar.
In addition, Mr Warjiyo affirmed that BI and relevant authorities including OJK and the Indonesia Deposit Insurance Corporation (IDIC) are making the utmost effort to prevent Indonesia's economic growth to slump over 2.3% through fiscal stimuli.
"We are trying very hard to prevent our economic growth from falling by over 2.3%... Thus, joint cooperation from all parties including market players, the financial world, and exporters are needed to maintain economic stability," he concluded. (MS)