KATADATA ? One of the efforts to maintain the stability of the Rupiah exchange rate against the US dollar is to increase foreign currency savings in banks.
Higher foreign currency third party funds will ease foreign exchange liquidity. Bank Indonesia (BI) was advised to facilitate prospective customers, especially foreign nationals to open foreign currency accounts in domestic banks.
BI can issue Bank Indonesia Certificates (SBI) in foreign currency to attarct foreign customers. ?This is good to attract foreign funds. What we need now is domestic US dollar liquidity,?said acting Head of Deposit Insurance Corporation (LPS) Fauzi Ichsan during a discussion with journalists in Jakarta, on Wednesday (9/9).
He said that only 18 percent or US$60 billion out of ID4,300 trillion of third party funds in domestic banks that are denominated in foreign currencies. ?That?s the money in Indonesia. It excludes the funds belonged to Indonesian nationals in overseas (banks). In Singapore, Switzerland,? said former economist at Standard Chartered Bank .
Economist at LPS Dody Arifianto said that BI should optimally use foreign currency third party funds to maintain inflation and the Rupiah stability.
?For instance, BI can issue SBI in foreign currency and then offer an interest rate of 1.5 percent which will surely attract liquidity and boost forex reserves. But the question is whether BI is willing to offer an interest rate of 1.5 percent or not,? he said.
Dapatkan pengalaman membaca lebih nyaman dan nikmati fitur menarik lainnya lewat aplikasi mobile Katadata.
