Indonesia central bank intervenes in FX, bond markets amid capital outflows
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
[JAKARTA] Indonesia's central bank has intervened in the spot currency, domestic non-deliverable forward and bond markets amid outflows related to fears of the spread of Covid-19 in South Korea, an official told Reuters on Monday.
"There are outflows in the bond (market) and banks are short covering," Nanang Hendarsah, Bank Indonesia's head of monetary management said.
"Because of the jump in virus cases in Korea during the weekend. It's to do with flight to quality away from EM (emerging market) assets," he added, referring to emerging markets.
The rupiah had weakened by as much as 0.9 per cent as at 0308 GMT on Monday to trade at 13,890 per US dollar, the lowest since Jan 8.
REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
Eurokars Group introduces rental car franchises Enterprise Rent-A-Car, National Car Rental, and Alamo to Singapore
20 photos that show how dramatically Singapore has changed in two decades
Singapore’s key exports up 15.3% in March from electronics surge, exceeding forecasts
