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Market Chatter: Bank Indonesia Introduces US Dollar Buying Limit

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Bank Indonesia introduced a new cap on the purchase of US dollars, in a bid to make the rupiah less dependent on the US dollar, The Jakarta Globe reported Wednesday.

Individuals and entities will, effective Tuesday, June 2, only be permitted to buy up to $25,000 per month, according to the report.

Another measure in the same direction includes facilitating cross border transactions in local currencies, Bank Indonesia spokesperson Ramdan Denny Prakoso told the news outlet.

"The cooperation has currently been established with China, Japan, Malaysia, Thailand, South Korea, and the United Arab Emirates," Ramdan reportedly said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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