The central bank (BI) in talks with the United States (US) Federal Reserve on the potential currency swaps. Currently, the Bank has a bilateral swaps with China worth of US$30 billion, Japan $22.7 billion, around $10 billion with Singapore and an undisclosed amount with Australia and other central banks.
Until end of March, BI’ forex reserves recorded $130.4 billion and having pumped Rp172.5 trillion to buy government bonds in the secondary market, as capital outflows reached Rp145.1 trillion in the first quarter of the year with investors worldwide selling off risky assets. So far, BI has been stabilizing the Rupiah through its “triple market intervention” measures, as the exchange rate depreciated around 15% so far this year.
