Society Tends to Choose US Dollar Hold, Why?
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Officers calculated the dollar split in one of the currency exchange outlets in Kwitang, Central Jakarta, Tuesday (5/8/2018). The exchange rate of rupiah against US Dollar traded on Tuesday (8/5/2018) closed down 51 points or 0.36 percent to the level of Rp14.052 per US dollar.
© Provided by ryanelnieno
INDONESIA - In the midst of the weakening trend of the rupiah against the US dollar, people are still considered opted to hold the US dollar rather than the rupiah. Uncertain conditions in the country make them choose to be "wait and see".
© Provided by ryanelnieno
"It is unclear whether the government is willing to issue bonds in US dollars, or raise interest rates (references), or interventions, or what? It is not yet clear in the eyes of the people that they prefer to hold the dollar US, "said Binaartha Securities analyst Reza Priyambada.
According to Reza, moments like now people are still looking at many things. Moreover, the economic recovery in the United States also pushed the choice of currency to fall on the US dollar.
In a statement, Bank Indonesia is indeed open the possibility of raising interest rates. However, it is unclear whether the possibility will be implemented, let alone the time of implementation if it is so.
In fact, said Reza, the central banks of neighboring countries such as Malaysia and Singapore have raised their interest rates.
However, Reza sees that the government or Bank Indonesia should urge the public to release their US dollar and move to rupiah. It needs to be done as one way to address the fluctuation of the rupiah against the US dollar.
"At least there is effort from the government or BI to hold the US dollar increase by appealing to people to switch to rupiah," said Reza.
Based on the reference rate of Jakarta Interbank Spot Dollar Rate (Jisdor) today, the rupiah exchange rate against the US dollar is Rp 14,074. Some money changer was already set the selling rate per day for the US dollar up to Rp 14,200.
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