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FOREIGN EXCHANGE | Staff Reporter, Indonesia
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Bank Indonesia’s first FX swap auction oversubscribed

Takes in US$1.24 billion.

Bank Indonesia, the central bank, offered US$500 million on 1, 3 and 6 month tenors but was oversubscribed at US$1.24 billion. Of the total bidding, US$600 million in forex swaps were auctioned. Deputy Governor Perry Warjiyo said the FX swap strengthens monetary operations at the central bank in the management of foreign exchange and rupiah liquidity.

"This is evidence of growing market confidence in liquidity conditions on domestic markets, in particular foreign exchange liquidity," he said. "The FX Swap auction represents one way Bank Indonesia bolsters its policy mix.” Bank Indonesia firmly believes the array of measures taken to reinforce its policy mix will strengthen the rupiah’s exchange rate stability, control inflation and bolster overall financial system stability.

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