BI 'Doesn't Sleep' Guarding Rupiah, Now Active 24 Hours a Day

In an effort to stabilise the rupiah, Bank Indonesia (BI) has entered the offshore Non-Deliverable Forward (NDF) market abroad since April 2026.

This was disclosed by Bank Indonesia Senior Deputy Governor Destry Damayanti at the Investment Forum 2026 hosted by CNBC Indonesia at the Main Hall of the Indonesia Stock Exchange (BEI) on Wednesday (15/7/2026).

“Since April, BI has made a breakthrough by entering the NDF market 24 hours a day, six days a week. We use our regional offices abroad to enter and monitor the NDF market,” said Destry.

According to Destry, BI entered the NDF market with the help of its representative offices abroad, including in Singapore, Hong Kong and New York.

“We use our overseas regional offices to enter and monitor the NDF market,” she added.

In addition, BI has also granted exemptions to the ban on offshore NDF (Non-Deliverable Forward) transactions selling foreign currency against the rupiah for certain qualifying primary dealers in the Money Market and Foreign Exchange Market (PUVA). The policy has been adopted to support rupiah exchange rate stability and the deepening of the domestic financial market.

“In the context of monetary stabilisation, selling NDF is permitted but covering purchases in the domestic NDF market is on a voluntary basis. Why primary dealers? Because they have a relationship with BI and many are also involved in local currency transactions and so on,” Destry explained.

Beyond the offshore NDF relaxation for PUVA dealers, BI has also expanded its foreign exchange monetary operations with spot and swap instruments in offshore Chinese Renminbi (CNH) against the rupiah.