On 18th February 2014, ABS Benchmarks Administration Co Pte. Ltd. (ABS Co) and The Singapore Foreign Exchange Markets Committee (SFEMC) announced an end to publishing a USD/IDR benchmark spot rate known as IDR VWAP, effective from 27th March 2014. Thereafter, the SFEMC recommends the IDR JISDOR (Jakarta Interbank Spot Dollar Rate) for market participants, published by Bank Indonesia through the official website of Bank Indonesia, as a reference from 28th March 2014. The SFEMC also recommends market players currently using contracts referring to IDR VWAP prior to 28th March 2014 as well as those maturing on 28th March 2014 or thereafter to switch to the IDR JISDOR. In its media release, The Association of Banks in Singapore (ABS) and the SFEMC stated their intention to continue cooperating in order to enhance the robustness, transparency and efficiency of financial market benchmarks in Singapore.
JISDOR is a USD/IDR spot rate based on the exchange rate of interbank foreign currency transactions against the rupiah on the domestic foreign exchange market. JISDOR provides a representative market price reference for USD/IDR spot transactions on the domestic market. JISDOR was first published on 20th May 2013. A detailed description of JISDOR is available at http://www.bi.go.id/en/moneter/informasi-kurs/Contents/Default.aspx
Bank Indonesia warmly welcomes the use of JISDOR as a USD/IDR benchmark on financial markets in Singapore, serving as recognition of the credibility of JISDOR as an established USD/IDR benchmark rate on the domestic foreign exchange market. Consequently, USD/IDR transactions on international financial markets will remain congruous with USD/IDR performance on the domestic market. Furthermore, using JISDOR as a benchmark is also expected to garner the confidence of international financial market players and hence deepen domestic financial markets.
Jakarta, 19th February 2014
Department of Communication