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 starting from April 2026. This was revealed by Bank Indonesia Senior Deputy Governor Destry Damayanti at the Investment Forum 2026 held by CNBC Indonesia in 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, 6 days a week. We are using our overseas representative offices to enter and monitor the NDF,” said Destry. According to Destry, BI entered the NDF market with the assistance of its overseas representative offices, including those in Singapore, Hong Kong, and New York. “We are using our overseas representative offices to enter and monitor the NDF,” she added. Furthermore, BI has also granted an exemption on the prohibition of selling foreign exchange NDF transactions against the rupiah in the offshore market for certain qualifying primary dealers of the Money Market and Foreign Exchange Market (PUVA). This policy was pursued to support rupiah exchange rate stability and deepen the domestic financial market. “In the context of monetary stabilisation, they can sell NDFs but cannot buy cover in the Domestic NDF; this is voluntary in nature. The reason it involves primary dealers is because of their relationship with BI and many are also involved with Local Currency Transactions and so forth,” Destry explained. In addition to the offshore NDF relaxation for PUVA dealers, BI is also expanding its foreign exchange monetary operation instruments to include spot and swap instruments in the Offshore Chinese Renminbi (CNH) against the rupiah.