Rupiah Stability Indicators (3rd April 2020) - Bank Sentral Republik Indonesia
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October 01, 2020
Reflecting current economic conditions, Bank Indonesia regularly publishes rupiah stability indicators, especially since the COVID-19 outbreak. The main indicators in question are the exchange rate and inflation, as follows:
A.     Exchange Rate Developments 30th March - 2nd April 2020
End of Thursday, 2nd April 2020:
1.      The rupiah depreciated to close at a level of Rp16,470.
2.      10-year benchmark SBN yield increased to 8.00%.
3.      DXY (Dollar Index) strengthened to a level of 100.18.
4.      10-Year US Treasury Note yield decreased to a level of 0.583%.
Friday Morning, 20th March 2020
1.      The rupiah opened stronger at a level of Rp16,450.
2.      10-year benchmark SBN yield increased to 8.08%.
Foreign Capital Flows (1st Week of April 2020)
1.      5-year Indonesia Currency Default Swap (CDS) Premium increased to 235.64bps as of 2nd April 2020 from 200.11bps on 27th March 2020, stoked by concerns of a global economic recession as cases of COVID-19 continue to rise.
2.      Based on transaction data from 30th March - 2nd April 2020, non-residents booked a net buy in the domestic financial markets totalling Rp3.28 trillion, with a net buy recorded in the SBN market of Rp4.09 trillion and a net sell the stock market of Rp0.82 trillion.
3.      Based on settlement data from 30th March - 2nd April 2020, non-residents booked a net buy in the domestic financial markets totalling Rp0.77 trillion.  In 2020 (ytd), non-residents have recorded a net sell in the domestic financial markets totalling Rp143.99 trillion.
B.     Inflation in 2020 Controlled and on Target
1.      Based on the Price Monitoring Survey, inflation stood at 0.20% (mtm) in the first week of April 2020, increasing on the previous period and bringing the rate this calendar year to 0.96% (ytd) and 2.80% (yoy) annually.
2.      The main contributors to inflation in the reporting period were shallots (0.08%), gold jewellery (0.07%), oranges (0.05%), granulated sugar (0.02%), raw tofu, water spinach, tempeh, leaf amaranth, rice, bird’s eye chilli, bottled water and filtered clove cigarettes, which each contributed 0.01% (mtm).  In contrast, several major commodities experienced price corrections, namely red chili (-0.09%), purebred chicken meat (-0.03%) and airfares (-0.01%). Bank Indonesia will continue to coordinate with the Government and OJK to carefully monitor the dynamics of COVID-19 transmission and the economic impact on Indonesia over time, including the coordinated policy measures required to maintain macroeconomic and financial system stability, while supporting solid and resilient national economic growth.
Editor's Notes:
1.      DXY or Dollar Index is an index of the value of the United States dollar relative to a basket of six other global currencies (EUR, JPY, GBP, CAD, SEK, CHF).
2.      UST or US Treasury Notes are government debt securities issued by the United States Department of the Treasury with tenors of 1-10 years.
3.      Currency Default Swap (CDS) is an indicator of money market vulnerabilities showing rupiah exchange rate movements against other currencies.


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