JAKARTA : Indonesia's central bank launched on Thursday a foreign exchange (FX) term deposit instrument aimed at persuading exporters to keep their proceeds at home longer and shoring up the country's FX reserves.Bank Indonesia (BI) said in a statement that twenty banks, including foreign banks, will part
JAKARTA : Indonesia's central bank launched on Thursday a foreign exchange term deposit instrument aimed at persuading exporters to keep their proceeds at home longer and shoring up the country's FX reserves.
Exporters could place their deposit with an agent bank, which would then pass on the funds to BI to be placed in a term deposit with a 1-, 3-, or 6-month tenure. "We hope to make the best use of these export earnings to support the national economy, the sufficiency of FX reserves and the stability of the rupiah," Warjiyo said.
Due to this trend, Southeast Asia's largest economy did not see a significant rise in FX reserves last year despite its exports hitting a record high of $292 billion.
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