-- Indonesia is putting several measures in place to support the rupiah after it weakened to a record low on Tuesday, The Jakarta Globe reported Wednesday.
Firstly, the country slashed the amount of US dollars people can buy from the market without supporting documents to $50,000 per month from $100,000.
Bank Indonesia is reportedly looking to further cut the limit to $25,000 per month and ensuring compliance by closely monitoring institutions with heavy dollar demand and working with the Financial Services Authority to enforce the rules on site.
Separately, the central bank is working with banks on currency swap arrangements with China, Japan and South Korea, the news outlet reported, citing Chief Economic Minister Airlangga Hartarto.
Airlangga did not provide any more details while speaking at a press conference in Jakarta, but clarified that the scheme is different from local currency transactions, according to the report.
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