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Bank Indonesia moves to boost currency
October 15th, 2008

Indonesia’s central bank has unveiled new measures to ease downward pressure on the rupiah, after the national currency fell to its lowest level in three years last week.

Bank Indonesia will extend the maximum period for foreign exchange swaps to one month, up from one week.

The bank’s governor, Boediono, says it will reduce the amount of foreign exchange reserves that commercial banks must hold in the central bank to one percent of total foreign currency deposits, down from an earlier figure of three percent.

He says these new policies are aimed at ensuring the supply of dollars in the domestic market.

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