Indonesia's central bank adopts Refinitiv Auctions for domestic NDFs

Refinitiv Auctions facilitated over $1.23t in 2019.

Bank Indonesia (BI) had adopted Refinitiv Auctions for domestic non-deliverable forwards (NDFs), an announcement revealed.

With this partnership, the Indonesian Rupiah-settled NDFs auctions are now run on a daily basis over Refinitiv Auctions to support a stable exchange rate.

“The solutions automates BI’s processes and ensures a secure environment,” the press release stated.

Domestic NDFs are a monetary policy instrument employed by the central bank to enhance financial markets. It also provides an alternative hedging instrument for market participants.

Refinitiv Auctions facilitated over $1.23t in 2019 along with a 27% YoY increase in customers. It is now used by central banks and corporates in Europe, Western Asia (the Middle East), Africa and Asia.