Bank Indonesia intervenes as rupiah hits record low; Q1 GDP grows 5.6%
The central bank has tightened rules on cash purchases of foreign currency to help stabilise the rupiah; government spending in Q1 helped spur the country's strongest GDP in several years.
As the US-Iran conflict drags on, in order to try to halt the fall in the value of the Indonesian rupiah (IDR), on May 5, Bank Indonesia tightened rules on cash purchases of foreign currency (without support documents) by lowering the cap to $25,000 from $50,000.
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