Official: Bank Indonesia will remain in the market to stabilize market amid China’s coronavirus scare

Bank Indonesia (BI) will remain in the market to stabilize the market to counter the negative impact of rapidly spreading China’s coronavirus outbreak internationally, an official at the Indonesian central bank said on Tuesday.

Additional Quotes:

The impact on the coronavirus epidemic in China to its economy is small.

BI maintains a 5.1%-5.5% 2020 growth outlook.

On Monday, Nanang Hendarsah, Head of monetary management at BI said that the central bank intervened in spot fx, domestic NDF and bond markets to stem the rupiah’s decline.

FX Implications:

The rupiah stages a solid comeback from a four-week low of 13,775 vs. the US dollar, tracking the rebound in the Chinese yuan and Asian equity markets. At the press time, USD/IDR trades 0.07% lower at 13,730 levels.