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Bans on Forex Usage Strengthens Rupiah: Analyst

Translator

Editor

29 April 2016 14:22 WIB

ANTARA/Wahyu Putro A

TEMPO.CO, Jakarta - Bank Indonesia regulation requiring domestic transactions to use rupiah has successfully reduced the frequency of foreign currency usages.

Eric Alexander Sugandi, senior economic analyst with Kenta Institute, said on Thursday, April 28, 2016 that the decreasing trend of using foreign currencies in domestic transactions had resulted in lower demands for foreign currencies in the domestic foreign exchange market and the appreciation of rupiah.

The appreciation of rupiah, Eric added, would ease the inflation rate caused by price changes overseas and imported inflation. Erik said that the appreciation of rupiah had not negatively affected the country’s export performance, since the currency was not yet overvalued.

Rupiah’s year-to-date exchange in March 2016 strengthened by 3.96 percent to Rp 13.260 per US dollar. The favorable trend was supported by increasing foreign exchange supplies of export-oriented domestic corporations, in addition to easing risks in the global financial market.

Earlier, BI reported that foreign exchange usages declined to US$2.5 billion pe rmonth from US$8 billion. Under Bank Indonesia Regulation No. 17/3/PBI/2015, BI is authorized to impose sanctions against companies insisting on using foreign currencies in their transactions.

BI senior deputy governor Mirza Adityaswara said that unnecessary demands on US dollar could be reduced, so that stabilization efforts would provide positive sentiments to the economy.

BISNIS.COM



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