November 2, 2018 / 6:30 AM / 10 months ago

Indonesia plans to add Islamic bonds as monetary instrument

JAKARTA, Nov 2 (Reuters) - Bank Indonesia (BI) plans to issue short-term Islamic bonds as its new monetary instrument that it would use to manage liquidity in the financial system, BI governor said on Friday.

“Bank Indonesia will enrich sharia instruments so it can be used to mobilise larger fund,” Perry Warjiyo told reporters.

The new sukuk will be issued with 2-week, 1-month and 3-month tenors and will be backed by the government’s Islamic bonds, he said.

The plan will be discussed at BI’s upcoming policy meeting on Nov. 14-15, he said. (Reporting by Maikel Jefriando; Writing by Tabita Diela and Gayatri Suroyo; Editing by Gopakumar Warrier)

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