Indonesia's Central Bank Strengthens Oversight of Forex Trading at Seven Banks on June 12

According to sources, Indonesia's central bank strengthened its oversight of forex trading by Wall Street banks and local financial institutions on June 12 to support the rupiah amid recent depreciation pressure. The central bank has been monitoring seven major forex trading banks and pressuring international banks to bring more dollars into the country to ensure transactions are based on commercial purposes rather than speculation.

The measure is part of broader efforts to address the rupiah's recent weakness, which reflects wider selling of Indonesian assets amid market concerns about economic policies.