Jakarta (Antara) - Bank Indonesia (BI) began publishing foreign exchange transaction rate called Jakarta Interbank Spot Dollar Rate (JISDOR) on its website on Monday. JISDOR was recorded at Rp9,760 per dollar on Monday, compiled based on the weighted average of all interbank USD/IDR transactions between 08.00 - 09.45 western Indonesian time (WIB). According to the central bank's press statement, the non-mandatory reference rate is expected to provide credible supplementary information as a reference for financial market players when conducting transactions. In addition, the reference rate also serves as a tool to assist monitoring activities and assessments performed by Bank Indonesia in the development of a foreign exchange market that is sound and resilient to market shocks. To bolster domestic foreign exchange market deepening, a USD/IDR spot reference rate that accurately reflects market prices is needed, the central bank said. Previously, USD/IDR price information was only available based on bank quotations, which represent the buying and selling appetite of the respective bank and may not be realised in the actual transaction, the statement noted. "Due to their lack of foundation in actual transactions, price quotations can present information that is not totally accurate, or even create asymmetric information, ultimately leading to inefficient price setting on the market," the statement said. Against this backdrop, a credible USD/IDR spot reference rate is required to support efforts to efficiently determine market prices. JISDOR aims to meet this requirement, the statement said. JISDOR is a USD/IDR spot price based on interbank foreign exchange transactions, for which the data is accessible in real-time through the Rupiah to Foreign Exchange Transaction Monitoring System (SISMONTAVAR) at Bank Indonesia. It is compiled based on the weighted average of all interbank USD/IDR transactions between 08.00 - 09.45 WIB and announced at 10.00 WIB on Bank Indonesia's official website. The data will be updated each weekday, excluding national holidays and other designated holidays. (*)


Editor : Tunggul Susilo
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