Jakarta, Indonesia (News Today) - Bank Indonesia Thursday introduced five-month non-tradable term deposits to absorb excess liquidity, in a bid to gradually replace its tradable securities which are sought after by foreign investors.“Starting today, we will offer five-month term deposits,“ a central banker, who declined to be named, told Dow Jones Newswires.
Bank Indonesia has been trying to reduce inflows of so-called hot money, including by introducing a one-month holding period for its tradable money market securities, called Sertifikat Bank Indonesia.
However, the central bank has been trying to avoid stringent capital controls, as this could hurt the country's chances of a ratings upgrade.
Source : kompas
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