The new instrument called SRBI will be issued starting Sept. 15 and they will substitute the central bank’s reverse repurchase operations for the 6, 9 and 12-month tenors, Warjiyo said in an investor call on Thursday. It will also expand on their Operation Twist, which only involved the outright selling of government bonds to push up short-term yields.The SRBI promises more attractive rates as it will be offered through variable rate tender auctions.
Backed by as much as 1,100 trillion rupiah in Bank Indonesia’s government bond holdings, the SRBI is aimed at creating a stronger anchor for the rupiah that’s been undercut by outflows, especially as the central bank expects as much as two more interest-rate hikes in the US.
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