March 26, 2020 / 10:56 AM / 7 days ago

Indonesia has no plan for capital controls, to ramp up fiscal stimulus

JAKARTA, March 26 (Reuters) - Indonesian central bank governor Perry Warjiyo on Thursday said the country has no plan to implement capital control measures to stop outflows due to coronavirus fears, saying that its foreign exchange reserve is more than enough to prop up the currency.

“I have to stress that our assessment so far, we want to ensure the proper market mechanism, the proper flows - inflows and outflows - and so far we’ve managed to do that,” he said in a teleconference with investors.

The Indonesian rupiah is the worst hit currency in emerging Asia, losing around 14% so far this year as virus fears prompt emerging markets outflows.

Meanwhile, Suahasil Nazara, vice finance minister said the government is preparing to “upgrade” its fiscal stimulus to cushion the economy from the virus outbreak disruption. (Reporting by Fransiska Nangoy, Tabita Diela; Editing by Toby Chopra)

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