Jakarta to bolster rupiah with forex swaps
JAKARTA: Indonesia's central bank plans to make a currency swap deal with South Korea in addition to one it is expected to sign next week with China, Industry Minister M.S. Hidayat said yesterday.
He said it also would try to increase one it recently signed with Japan to add to its arsenal to defend the rupiah, which is Asia's worst performing currency after falling some 16 per cent this year.
But the director-general of the Bank of Korea's international department, Ryoo Sang-dai, denied thre was any deal.
Last Friday, another industry ministry official said the swap with China would be signed during President Xi Jinping's visit to Jakarta and be for US$15 billion (RM48.26 billion), a figure Hidayat repeated.
In 2009, the People's Bank of China approved a 100 billion yuan (RM 52.53 billion) bilateral swap deal with Indonesia, which expired last year. Reuters