April 25, 2018 / 1:09 AM / 10 months ago

Indonesia c.bank urges firms to increase forex hedging to help stabilise rupiah

JAKARTA, April 25 (Reuters) - Indonesia’s central bank is urging companies to hedge their foreign exchange needs beyond the minimum requirement of 25 percent of forex liabilities to reduce dollar demand in the spot market, an official said on Wednesday.

The rupiah touched a two-year low of 13,899 a dollar in spot trading on Tuesday and Bank Indonesia Governor Agus Martowardojo said the central bank had been intervening with “quite a sizeable amount” to defend the currency.

“Even though BI will continue to maintain stability of the currency, we need the support of many parties to maintain this through hedging schemes,” Nanang Hendarsah, a senior BI official, said. (Reporting by Gayatri Suroyo Editing by Shri Navaratnam)

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