Indonesia's central bank extends time for overnight FX deposit auction

[JAKARTA] Indonesia's central bank extended the window of its auction for overnight deposits in foreign currency to optimise banks' foreign exchange liquidity management, Bank Indonesia said on Friday.

The duration was stretched to 2-4 pm from 2-3 pm every working day, according to a statement by the central bank.

"(The extension) is to add more alternatives to banks' forex liquidity deposit after daily transactions so that banks can optimise their forex liquidity management," the statement added.

Indonesia's rupiah is one of emerging Asia's worst-performing currency, weakening more than 8 percent so far this year to trade at 17-year lows.

REUTERS