Bank Indonesia announces 5 measures to support rupiah amid market rout

first_imgBank Indonesia (BI) announced Monday five measures to stabilize the rupiah as foreign investors sold off Indonesian financial assets from stocks to bonds and after Indonesia officially reported its first coronavirus cases.First, starting March 16, the requirement for banks to store their dollar funds at BI, called the US$ reserve requirement ratio (RRR), would be lowered to 4 percent from 8 percent at present. Second, the rupiah RRR is also being lowered by 50 basis points (bps), but only for banks with clients engaged in export and import activities, starting April 1.“Lowering the foreign exchange RRR will boost banks’ liquidity by $3.2 billion while lowering the rupiah RRR will support export and import activities,” BI Governor Perry Warjiyo told a news conference in Jakarta on Monday after President Joko “Jokowi” Widodo announced the first coronavirus cases in the country. Topics : “We’ve increased the volume [of intervention] so the market is assured and confident that BI is always in the market to guard the market,” Perry said. “BI will intensify intervention in the financial market through triple intervention to stabilize the rupiah to follow its fundamental [value].”Read also: ‘Triple market intervention’: BI buys bonds, rupiah to prop up prices amid viral routFourth, the central bank now allows foreign investors who sell rupiah bonds but place their proceeds in Indonesian banks to turn them into underlying transactions in the domestic non-deliverable forward (DNDF) market. Therefore, foreign investors no longer need to hedge to offshore indexes.“This will enable investors to commit to Indonesia, which would be strong in the future,” Perry said.Fifth, BI also encourages foreign investors to use domestic banks as custodians for investment activities.“The measures could be effective to stabilize the rupiah from the supply-side of the US dollar and anchor the thin domestic foreign exchange market,” Bahana Sekuritas economist Satria Sambijantoro said.“So far, BI’s intervention to support rupiah and bond yields – including daily reverse-auctions over the past few days, amounting to Rp 2 trillion today – is focusing to resolve the demand-side problem.”Exporters of commodities such as palm oil and coal are natural foreign exchange suppliers in the spot currency market, but recently their earnings dried up due to disruption in shipments to China, Satria explained.Meanwhile, massive sell-offs in bond and equity markets have seen foreign investors converting their US dollars to rupiah, disrupting demand for the local currency, he added.Read also: Disappearing act: Market braces for volatile March after $2.4b vanishes in a week Read also: BI cuts reserve ratio, frees up $3.2b liquidity in local banks amid market sell-offJokowi announced on Monday morning that two Indonesians had tested positive for COVID-19. The two people, a 64-year-old and her 31-year-old daughter, had been in contact with a Japanese citizen who tested positive in Malaysia on Feb. 27 after visiting Indonesia in early February. Worldwide, more than 84,000 people have been infected with the virus and more than 3,000 have died with new cases increasingly emerging outside the country in which it is believed to have originated.Third, BI was conducting “triple intervention in the financial market”: stabilizing the rupiah in the domestic non-deliverable forward (DNDF) and spot markets, as well as buying government bonds (SBN) on the secondary market.The central bank has bought Rp 103 trillion (US$7.24 billion) worth of SBNs, Rp 80 trillion of which followed its assessment that the novel coronavirus may pose risks to Indonesia’s economy. Last week, foreign investors sold a net Rp 33.6 trillion (US$2.36 billion) in both Indonesian stocks and bonds, as $5 trillion was wiped off stock markets around the world in the worst week for global shares since the 2008 financial crisis.Over the week, the benchmark stock index, the Jakarta Composite Index (JCI), fell 7.3 percent to 5,452 and the rupiah depreciated by 4.1 percent to 14,234 per US dollar. Ten-year Indonesian government bond yields, which indicate investment risk, rose 35 basis points last week to 6.83 percent, the third-biggest increase after Turkey and Russia.last_img read more

NBA trade rumors: Kevin Love is available, so which teams could target Cavs star?

first_imgThe Cavaliers are ready to listen to offers for Kevin Love, sources tell @wojespn.Here’s Woj on the trade market for Love:— SportsCenter (@SportsCenter) December 7, 2019TRADE RUMORS: Raptors interested in Cavs’ Tristan ThompsonLove has found himself at the center of trade rumors nearly every season since he was traded from the Timberwolves to the Cavs in 2014, yet he somehow outlasted Kyrie Irving and LeBron James, the other members of Cleveland’s championship “Big Three.” With the Cavs in the middle of a major rebuild, it makes sense that he would finally be thrown into a deal, allowing the organization to gather assets for the future.There are hurdles, of course. Love has three years and approximately $90 million remaining on his contract beyond 2019-20, creating significant salary-matching problems. He also has an alarming injury history, so contenders may be hesitant to send back draft picks or promising prospects.It’s a strange situation because the Cavs could argue Love is a valuable complementary piece for a team (17.0 points, 10.1 rebounds, 37.4 percent on 3-pointers from 2014-19), while a trade suitor could say it is helping Cleveland by taking his money onto its books. Knowing that issue is at the center of trade talks, here’s a breakdown of possible destinations for Love. (Getty Images) Kevin Love to the Celtics?Love would be an offensive upgrade over Daniel Theis, Enes Kanter, Robert Williams, Semi Ojeleye and Grant Williams in the frontcourt. His shooting and passing would fit well with Brad Stevens’ egalitarian system, and using Love as the screener in the pick-and-pop with Kemba Walker would be a nightmare for opposing defenses.This one can be ruled out pretty quickly, though. Boston’s two huge contracts (Walker and Gordon Hayward at over $32 million each) aren’t going anywhere, and every other player is under $13 million. Marcus Smart holds the only middle-of-the-road deal ($12.5 million), and he’s been integral to the team’s success. Plus, the Celtics aren’t exactly struggling with the fourth-best winning percentage in the Eastern Conference through the first quarter of the season, and Gordon Hayward just returned from injury.The Celtics are always floating around the trade rumor mill, but this feels like a reach.Kevin Love to the Heat?Similar to Boston, the Heat would gladly slide Love into their power forward spot. Imagine Love as a better version of Meyers Leonard next to Bam Adebayo in the starting lineup. Miami also possesses a number of contracts (Goran Dragic, James Johnson, Justise Winslow, Kelly Olynyk) that could be used to match Love’s number.Here’s the thing: Would the Heat eliminate the potential opportunity to use 2021 cap space on a marquee free agent? Remember, Love isn’t on an expiring deal — he is signed through the 2022-23 season. Does he put the Heat over the top right now?Miami is doing fine with its current group, not far behind Milwaukee in the standings. Heat president Pat Riley could be aggressive ahead of the February trade deadline, but chasing Love seems short-sighted.Kevin Love to the Jazz?The Jazz have been pretty disappointing through 20-plus games following the offseason additions of Mike Conley and Bojan Bogdanovic. Utah is sputtering in the scoring department with a bottom-10 offensive rating, so Love would provide a boost on that end. With reigning Defensive Player of the Year Rudy Gobert lurking near the basket, Love wouldn’t be as much of a defensive liability.It’s too early for the Jazz to panic — they are in playoff position despite their struggles — but this is a team worth monitoring as the deadline approaches. If Utah slides a little too close toward the eighth seed, could the front office consider building a package around Dante Exum and a draft pick?Kevin Love to the Suns?This is a sneaky-good spot for Love. After nearly a full decade of basketball without a postseason appearance, the Suns are right in the thick of the race for one of the final playoff spots in the Western Conference. Ricky Rubio (reunited from the Timberwolves days!), Devin Booker, Kelly Oubre, Love and Deandre Ayton (or the suddenly spectacular Aron Baynes) — there would be some defensive breakdowns on the back end, but that’s a strong starting five on a nightly basis.Tyler Johnson’s expiring contract ($19.2 million) makes the math less difficult, but would Phoenix be forced to relinquish a youngster like Mikal Bridges in order to push a deal through? Maybe put a draft asset on the table, and Cavs general manager Koby Altman would at least pick up the phone.Kevin Love to the Trail Blazers?Love will always be attached to the Trail Blazers because he grew up in Lake Oswego, Ore., and he is exactly the kind of stretch-4 that Portland has been lacking for years. Love’s presence as a spot-up shooter and screener would create more opportunities for ball-dominant guards Damian Lillard and CJ McCollum, and Hassan Whiteside (or Jusuf Nurkic when healthy) could operate as a rim protector behind Love. (That would require Whiteside being consistently engaged, which… yeah, can’t bank on that.) The Cavaliers were reportedly resistant to the idea of moving star forward Kevin Love amid the free agency chaos of this past summer. It appears their stance has changed.Cleveland is now willing to listen to trade offers for Love, according to ESPN’s Adrian Wojnarowski. The team is preparing for the market to expand on Dec. 15, the day when players who signed contracts during the offseason are eligible to be traded. Portland could start with Kent Bazemore’s expiring deal ($19.2 million) and fill in the salary from there. Anfernee Simons is probably unavailable, but it’s not a huge stretch to put together a trade to boost the Blazers’ playoff chances this season. The real problems would arrive down the road.The Blazers would be locked into the Lillard-McCollum-Love trio through 2023 with little room to improve. Next year alone those players would cost more than $90 million. That doesn’t have the look of a championship-caliber squad, even in a post-Warriors universe.This could come down to Portland’s level of desperation.last_img read more

Osage man faces numerous charges after high speed pursuit in Worth County

first_imgNORTHWOOD — An Osage man is under arrest after a high speed pursuit through Worth County.The Worth County Sheriff’s Department says a deputy attempted to conduct a traffic stop on a vehicle on Pheasant Avenue just south of Highway 105 just outside of Northwood on Tuesday. A pursuit then started heading south on Pheasant then east on 458th Street, south on Quince Avenue, and then east on 450th Street, with speeds exceeding 80 miles per hour. The pursuit ended with the truck being blocked in on Vine Avenue just north of 420th Street. 25-year-old Kaleb Sellers was arrested and faces numerous traffic violations including eluding, speeding and multiple counts of failing to obey a stop sign. He was transported and booked into the Worth County Jail.last_img read more

Soccer: Sultana, Upland top seeds

first_imgSan Bernardino County will be represented well in the CIF-Southern Section Division V boys soccer playoffs, which begin Wednesday. Sultana (17-2-6) is seeded first and Colton (13-4-5) is seeded second. Sultana, champions of the Mojave River League, will play the winner of Wednesday’s Citrus Hill-Victor Valley game on Saturday at Jay Reed Field. Colton, champs of the San Andreas League, will take on visiting Verbum Dei on Saturday. Out of the 228 boys teams in the six tournament brackets, Sultana and Colton are the only county boys teams to be seeded among the top four. Citrus Belt League champion Rialto will host Valley View on Saturday, either at 3 or 5 p.m., which is preferred by Rialto coach Jimmie Danesh. The Knights are still without leading scorer Jose Gonzalez, who broke his foot Jan. 4 against Carter. However, center-midfielder Thomas Gail is back from a two-game suspension (two red cards) and will play forward to help boost the Knights’ offense. Gail has seven goals. Asked if his team has a chance to win it all, Danesh said, “Definitely. We’ve looked at the teams in D2 and we’ve beaten quite a few of them. Saddleback won it last year and we beat them in the Millikan tournament.” Upland (23-0-2) is the only county girls team to be top-seeded, drawing the No. 1 spot in Division I. The Highlanders, champions of the Baseline League, will meet visiting Woodbridge on Friday. center_img In D4, Desert Sky League champion Granite Hills (18-2-4) is seeded second and will play host to the winner of Wednesday’s Century-Orange match. Another county top-four seed is Arrowhead Christian (19-6-0). The Christian League champions will meet the winner of Azusa and CAMS. Citrus Belt League champion Redlands East Valley will host Chaparral on Friday in D2 action. SAL champ Cajon will play host to Riverside Poly on Friday in D3. There are two top-four seeded county teams in the six-tournament girls’ water polo field. Sierra League champion Ayala (19-4) is seeded second in D3. The host Bulldogs meet the winner of today’s Riverside King-Rancho Cucamonga wild-card match on Thursday. Citrus Belt League champion Redlands (20-6) is seeded third in D5. The Terriers will take on visiting Norco on Thursday. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more